The relaxation of account opening policies will enable companies to open bank accounts in a few days rather than wait months for central bank approval.
Lawmakers are pushing for greater oversight of credit reference agencies following the discovery of security loopholes in TransUnion's online service for credit reports.
The currency conversion system that delayed the launch of the Shanghai-London Stock Connect last month has now been completed.
The majority of banks' clients pose low money laundering risks, and should not be subject to the same level of scrutiny as high risk clients, said FSC chairman Wellington Koo.
M&A activity between domestic brokerages is set to increase, says S&P Global. Consolidation may help local players better compete against foreign entrants.
An HKMA investigation found that JPMorgan Hong Kong failed to establish and maintain effective controls for handling wire transfers, conducting CDD and monitoring business relationships.
ISDA will proceed to develop fallbacks based on the 'compounded setting in arrears rate' and the 'historical mean/median approach to the spread adjustment'.
The 14-point plan includes conditional equivalence for UK CCPs and CSDs as well as delegated regulations to facilitate the novation of OTC derivatives contracts.
First phase of bank culture self-assessments will cover about 30 institutions, including all major retail banks and selected foreign bank branches.
The SFC has reviewed brokers' internal control systems and found they are not adequately protecting client assets, supervising their staff or incentivising good compliance culture.
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