ICBC (Asia), UBS, CCB (Asia) and CTBC Bank were fined a combined HK$44.2mn for deficiencies in customer monitoring, periodic reviews and due diligence.
The FSDC says allowing SPACs to list in Hong Kong will help to bolster the city's status as a fundraising hub for the healthcare and biotech sectors.
One former representative effected discretionary trades in clients’ accounts without authorisation. The other traded his own stocks from a client’s accounts.
HKEX proposes to only allow Holiday Trading Participants access to Holiday Trading Products, i.e. non-HKD futures and options, even on regular business days.
Phase 1 connectivity supported exports to Hong Kong and imports from the Mainland, while phase 2 will cover exports to the Mainland and imports from Hong Kong.
The most common auditing irregularities involved failures to perform engagement quality control reviews adequately, and to obtain sufficient audit evidence.
In a new chapter of its code of practice, the HKMA sets out its expectations on the arrangements banks must have in place to maintain operational continuity in resolution.
Under Hong Kong's existing regime, estate agents who exclusively sell overseas properties are currently exempt from licensing requirements.
The issuance is aimed at encouraging the private sector to issue similar products and develop of other HONIA-linked instruments.
The guidance has been published to help listed companies prepare for TCFD-aligned climate change reporting, which will become mandatory in Hong Kong by 2025.
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