Hong Kong

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    AML / KYC

    HK ADCC Prevented Nearly HK$12bn of Fraud Losses in Six Years

    By Mark Johnston | 22/07/2023

    HK’s Anti-Deception Coordination Centre has prevented HKD 11.79 billion from falling into the hands of fraudsters since the unit was set up about six years ago.

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    Market Infrastructure

    Hong Kong to Launch New eMPF Platform in Q2 2024

    By Sanday Chongo Kabange | 19/07/2023

    Software development was largely completed in June. Testing will be completed within this year. Migration will commence in Q2 2024.

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    Capital / Liquidity

    Hong Kong Proposes to Raise Bank Deposit Protection

    By Sanday Chongo Kabange | 14/07/2023

    The Deposit Protection Board proposes to raise the bank deposit protection limit from HK$500,000 to HK$800,000.

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    Enforcement

    SFC, AFRC to Jointly Target Misconduct By Listed Issuers

    By Sanday Chongo Kabange | 14/07/2023

    The SFC and AFRC will work together to address misconduct involving dubious loans issued by listed companies to third parties.

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    Enforcement

    SFC Fines Fund Manager for Failing to Segregate Client Funds

    By Sanday Chongo Kabange | 14/07/2023

    The fund manager also issued inaccurate statements of accounts and failed to provide statements of accounts to clients within the prescribed time limit.

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    Big Picture

    HKIMR Report Urges Focus on Financial Inclusion and Sustainable Innovation

    By Editors | 13/07/2023

    The report highlights the need for continuous investments in human capital and skills development to foster innovation.

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    HK Privacy Commissioner Issues Guidance on Data Breach Handling

    By Editors | 13/07/2023

    The guidance emphasises the need for organisations to develop comprehensive data breach response and post-incident action plans.

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    Hong Kong Enacts Amendments to Facilitate Electronic Submissions to Official Receiver

    By Editors | 12/07/2023

    The focus of the amendments is to facilitate the electronic submission of specific documents to the Official Receiver, allow for electronic proxies, and introduce other improvements.

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    Capital / Liquidity

    HKMA Announces Orderly Exit from Loan Holiday Scheme

    By Editors | 12/07/2023

    The Pre-approved Principal Payment Holiday Scheme has “fulfilled its purpose and an orderly exit should commence”.

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    Securities / Derivatives

    Hong Kong SFC Bans Former RaffAello Officer over IPO Sponsor Failures

    By Ranamita Chakraborty | 12/07/2023

    The Securities and Futures Commission (SFC) found that a former responsible officer and sponsor principal at a financial advisory firm had “failed to exercise due skill, care and diligence” in handling a listing application.

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