Hong Kong

The ICAC has arrested the former joint head of IPO vetting for HKEX, and two others, for "suspected corruption and misconduct" in relation to the vetting of listing applications.

The SFC has ordered more brokers to stop dealing with and processing assets linked to suspected market manipulation of Ding Yi Feng shares.

Under the rules, authorised institutions are subject to a statutory limit of 25% of capital on financial exposure to any one person or group of related persons.

Under the new arrangement, northbound Stock Connect investors will be able to hedge yuan exposures using the onshore exchange rate for the first time.

The report on the APG-FATF joint assessment is expected to be published in September, and show that Hong Kong still has some work to do.

The initiative will promote efficiency and reduce costs and legal risks by offering standardised forms for agreements among underwriters and between underwriting syndicates.

The SFC is working to introduce an investor identification regime for southbound Stock Connect trading in mid-2019, and considering adopting a market-wide circuit breaker mechanism.

The banker disclosed deal information to two associates in 2017, allowing them to profit from inside information related to Cosco Shipping's acquisition of Orient Overseas.

Credit Suisse has been fined $2.8m for failing to disclose investment banking relationships and market making activities in research reports on Hong Kong-listed securities.

HSBC will remove below-balance, counter transaction and annual fees for most personal savings accounts as it braces for incoming competition from newly approved virtual banks.