Report shows Hong Kong has biggest credit-GDP gap and the highest debt service ratio among 9 APAC economies.
The Committee also published an assessment handbook and self-assessment questionnaire to help member jurisdictions prepare for future RCAP assessments.
The bank was fined $15.2mn and intends to appeal its 18-month suspension from IPO underwriting; possible disciplinary action on eight other firms.
Completion of reform implementation and greater transparency needed for OTC derivatives market; resolution framework can be improved.
Rather than comply with new rules on beneficial owner registration and due diligence, many trusts are likely to simply leave Hong Kong for less onerous jurisdictions.
SFC’s recent newsletter on enforcement priorities details concern on false financial statements, IPO fraud and other sponsor failures.
Criminal charges laid by securities regulator nearly tripled in last nine months of 2018, although investigations started and concluded declined.
For the first time, visitors to Hong Kong will soon have to declare cash they bring in. But money laundering will continue to flourish.
Client facilitation traders must be segregated from agency traders to protect client information and avoid conflicts of interest.