Hong Kong

HKMA Concludes First Phase of Front Office Incentives Review

By Manesh Samtani | 22/11/2021

Preliminary observations from the review show that banks are increasingly considering both financial and non-financial factors when designing incentive systems.

Market Infrastructure

HKEX Finalises Changes to Listing Regime for Overseas Issuers

By Manesh Samtani | 21/11/2021

From 1 January 2022, overseas issuers without WVR structures will have lower minimum market cap requirements to secondary list in Hong Kong.

Enforcement

HKMA Penalises Four Banks for AML Violations

By Editors | 21/11/2021

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.

Securities / Derivatives

HK FSDC Proposes Measures to Advance Biotech Hub Ambitions

By Manesh Samtani | 18/11/2021

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.

Enforcement

SFC Bans Two Ex-Licensees Over Use of Client Accounts

By Editors | 12/11/2021

One former representative effected discretionary trades in clients’ accounts without authorisation. The other traded his own stocks from a client’s accounts.

Market Infrastructure

HKEX Proposes April 2022 Launch of Derivatives Holiday Trading

By Manesh Samtani | 09/11/2021

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.

Fintech / Regtech

HK, Mainland Expand Connectivity of Trade Finance Platforms

By Editors | 09/11/2021

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.

Hong Kong FRC Continues to Find Auditing Irregularities

By Sanday Chongo Kabange | 09/11/2021

The most common auditing irregularities involved failures to perform engagement quality control reviews adequately, and to obtain sufficient audit evidence.

Capital / Liquidity

HKMA Finalises Guidance on Implementing OCIR Arrangements

By Sanday Chongo Kabange | 08/11/2021

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.