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Securities / Derivatives
Hong Kong Enacts Framework for Uncertificated Securities Market
By Editors | 13/06/2021
The SFC will consult the market on the subsidiary legislation in due course to prescribe the detailed rules and implementation timetable.
Capital / Liquidity
HKMA Defers Implementation of Basel III Capital Standards
By Editors | 11/06/2021
Banks have an additional six months to implement the revised frameworks on credit risk, operational risk, output floor and leverage ratio. The market risk and CVA risk frameworks are also deferred.
Enforcement
SFC Suspends GEO Securities Executive for 7.2 Months
By Sanday Chongo Kabange | 11/06/2021
GEO’s breaches were attributable to Lun Sheung Nim’s failure to discharge his duties as a responsible officer and member of the senior management.
Capital / Liquidity
IMF Reaffirms Hong Kong Stability, Identifies Pockets of Risk
By Manesh Samtani | 10/06/2021
The IMF recommends enhancing monitoring of lending to Mainland China, increasing oversight over banking groups, and regulating mortgage lending by non-banks.
Fintech / Regtech
HKMA Announces New Fintech Development Strategy
By Editors | 09/06/2021
The “Fintech 2025” strategy seeks the comprehensive adoption of technology in the financial sector by 2025 through a focus on five key areas.
Securities / Derivatives
HKEX, FRC to Strengthen Collaboration on Financial Reporting Quality
By Editors | 09/06/2021
A new MOU establishes a collaborative framework which will ultimately provide better investor protection through high quality financial reporting.
ESG / Sustainability
SFC Raises Supervisory Focus on Fund Manager Resilience
By Manesh Samtani | 08/06/2021
The SFC is on the lookout for funds with outsized and concentrated bets to prevent an Archegos-type event in Hong Kong.
Enforcement
Hong Kong: Appeals Tribunal Overturns Ban Against UBS Banker
By Editors | 07/06/2021
The SFAT concluded that the former UBS banker cannot be held personally responsible for the failings of the China Metal Recycling transaction team.
AML / KYC
HK Customs Arrests Two for Laundering $5.6 Million
By Editors | 06/06/2021
Two people were arrested for using personal bank accounts to receive payments from the sale of counterfeit goods and launder money.
AML / KYC
Hong Kong’s Proposed Licensing Regime for VASPs
By Michael P Wong | 06/06/2021
Dechert partner Michael Wong looks at the potential impact of Hong Kong’s newly proposed licensing regime for virtual asset service providers.
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