Though the CLSA-CITIC fallout was characterised as a cultural clash, this narrative frays against the other challenges facing stock brokers and investment bankers, says Peter Guy.
China Merchants Securities was a joint sponsor with UBS – fined in March – for the 2009 IPO of China Metal Recycling, which was found to have fabricated financial information.
Trading in a Hong Kong listed company will be suspended if the auditor issues a disclaimer or adverse opinion for any financial year commencing on or after 1 September 2019.
The SFC has clarified aspects of the new disclosure obligation, but concerns remain over logistical and administrative burdens, say ASIFMA and Herbert Smith Freehills.
HKEX is reviewing its ESG reporting framework to ensure it remains fit for purpose and is up to date with investor and stakeholder expectations and international best practice.
Herbert Smith Freehills says the HKMA push for adoption of the Ethical Accountability Framework in FinTech development represents a broader movement toward regulating artificial intelligence.
Given the similarities between Hong Kong and China's KYC frameworks, cross-border onboarding and account opening has become less of a challenge, say Synpulse’s Prasanna Venkatesan, Gregory Achache and Marina Mai.
A former sales representative of DBS Bank in Hong Kong was last week sentenced to 14 months' imprisonment for defrauding the bank of loans and commissions.
The new arrangement enabling Hong Kong-seated arbitrations to seek interim measures from mainland courts represents a step forward for China's offshore financiers.
The Financial Reporting Council will commence its role as the independent oversight body for auditors of listed companies from 1 October this year.
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