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.

HK to Introduce Licensing System for Agents Selling Foreign Property

By Editors | 08/11/2021

Under Hong Kong’s existing regime, estate agents who exclusively sell overseas properties are currently exempt from licensing requirements.

Market Infrastructure

Hong Kong to Issue First HONIA Floating Rate Notes

By Manesh Samtani | 08/11/2021

The issuance is aimed at encouraging the private sector to issue similar products and develop of other HONIA-linked instruments.