Hong Kong

    Fintech / Regtech

    HK Consumer Council Warns of Inadequate BNPL Protections

    By Editors | 18/10/2022

    The Consumer Council is calling on non-bank BNPL service providers to apply for a Money Lenders Licence and to implement consumer protection measures “as soon as possible”.

    AML / KYC

    HSBC Suspends Investment Services for Russian Clients in Hong Kong

    By Editors | 18/10/2022

    HSBC has reportedly sent a letter to most of its Russian retail clients in Hong Kong saying it is unable to provide them investment services because of sanctions imposed by the EU.

    HKMA Revises Return Templates to Streamline Bank Reporting

    By Editors | 18/10/2022

    Banks are no longer required to report their top ten non-bank Mainland China exposures on an aggregate basis.

    ESG / Sustainability

    HKMC Publishes Social, Green, Sustainability Financing Framework

    By Editors | 17/10/2022

    The framework will be used as the basis to structure and issue social, green and/or sustainability bonds and asset-backed securities, the HKMC said.

    AML / KYC

    Hong Kong Seeks Status as Global Hub for Virtual Assets

    By Manesh Samtani | 17/10/2022

    A new policy statement to be issued at Hong Kong FinTech Week may spell out plans to include retail investors in the city’s VASP regime.

    Enforcement

    Hong Kong Court Convicts Former Fulbright Securities AE

    By Editors | 17/10/2022

    The former account executive, banned for life in 2017, pleaded guilty to employing a fraudulent scheme involving securities transactions in eight stocks.

    Hong Kong Launches Sustainable Finance Internship Initiative

    By Editors | 13/10/2022

    A centralised repository has been launched offering information about green and sustainable finance internship openings offered by FIs and other companies.

    Enforcement

    SFC Fines Asset Manager Over European Rule Breaches

    By Editors | 12/10/2022

    ARCM failed to implement adequate systems and controls to monitor its short position and ensure it was properly reported and disclosed to the public.

    Hong Kong Financial Secretary Defends City’s Hub Status

    By Editors | 12/10/2022

    Paul Chan outlines the competitive advantages Hong Kong enjoys, offering financial market statistics on how the city compares to Singapore.

    Capital / Liquidity

    HKMA Consults on Market Risk, CVA Risk Frameworks

    By Editors | 12/10/2022

    HKMA is consulting on proposed BCR changes and two new SPMs for implementation of the revised market risk and CVA risk frameworks.

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