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Hong Kong
Hong Kong Gazettes Commencement Notice for Bankruptcy Legislation
By Sanday Chongo Kabange | 20/10/2023
The Commencement Notice seeks to appoint 29 December 2023 as the commencement date for amendments to the Bankruptcy and Companies Legislation.
Enforcement
ICAC Arrests Three in Joint Operation with SFC, AFRC
By Manesh Samtani | 20/10/2023
The case involves suspicions of corporate fraud, corruption, and a conspiracy between a ramp-and-dump syndicate and two listed companies.
Market Infrastructure
NDRC, HKMA to Promote Mainland Bond Issuance in Hong Kong
By Manesh Samtani | 19/10/2023
The MoU was signed at the Belt and Road Forum, where 100-plus other agreements were also signed and Xi Jinping unveiled further plans to support the initiative.
HKMA Takes Issue With Rate Setting Practices in Premium Financing
By Sanday Chongo Kabange | 17/10/2023
Some AIs changed the interest rates they charged for premium financing facilities without ensuring customers knew such changes were possible.
Enforcement
HK Investment Banks Face Naked Short Selling Fines in Korea
By Manesh Samtani | 16/10/2023
The FSS said it uncovered illegal short selling by two global investment banks. The banks were identified by local media as BNP Paribas and HSBC.
AML / KYC
HKMA Announces Enhancements to Anti-Fraud Initiatives
By Manesh Samtani | 15/10/2023
FMLIT expanded to include more AIs; FINEST to cover more banks; FPS to gain pre-transaction alert mechanism.
Enforcement
Hong Kong: ICAC Arrests 20 for MPF Withdrawal Fraud
By Mark Johnston | 14/10/2023
The ICAC arrested 20 people, including an insurance agent, for allegedly using forged documents to withdraw MPF balances early.
Big Picture
REITs Connectivity Will Boost Mainland and Hong Kong: HKEX
By Sanday Chongo Kabange | 13/10/2023
Expanding market connectivity to include REITs will increase Hong Kong’s attractiveness and promote the internationalisation of the Mainland capital market.
AML / KYC
HK ICAC Hosts First Belt & Road Anti-Corruption Training
By Sanday Chongo Kabange | 13/10/2023
The ICAC said it is contributing to building a “Clean Silk Road” by providing anti-corruption training to Belt and Road countries.
Enforcement
SFC Bans Investment Banker for Seven Years for Sponsor Failures
By Editors | 12/10/2023
The SFC said there was a need to send a “strong deterrent message” that failures of sponsors and sponsor principals will not be tolerated.
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