Hong Kong

Securities / Derivatives

HK SPAC Regime Threatened by Lack of D&O Insurance – Report

By Editors | 17/02/2022

Few insurers in Hong Kong provide liability insurance for directors and officers of SPACs. Those that do charge premiums up to five times higher than for traditional IPOs.

Enforcement

HK Court Orders Illicit Insider Dealing Profits to Be Returned

By Editors | 17/02/2022

Illicit profits made from insider dealing in the shares of GEM-listed TeleEye Holdings in 2016 will be returned to 63 investors.

Market Infrastructure

StanChart HK Becomes Direct Participant of China’s CIPS

By Editors | 16/02/2022

Standard Chartered Hong Kong is the first foreign bank qualified as a direct participant of China’s Cross-border Interbank Payment System in the offshore market.

AML / KYC

SFC Fines South China Commodities for AML Breaches

By Editors | 14/02/2022

This is the third action the SFC has taken against a licensed firm over the use of Xinguanjia, a customer supplied system provided by Hengxin Software.

HKMC Signs Infrastructure Financing MoUs with 14 More Banks

By Editors | 13/02/2022

The partner banks will identify infrastructure-related loan assets for the HKMC’s Infrastructure Financing and Securitisation business.

Market Infrastructure

HK Clearinghouses Ask Participants to Review Operational Procedures

By Sanday Chongo Kabange | 13/02/2022

Participants are warned that failure to adhere to the settlement timelines stipulated by the clearinghouses would constitute an event of default, which could result in disciplinary actions.

AML / KYC

HK Gov Issues Discussion Paper on Proposed VASP Regime

By Manesh Samtani | 11/02/2022

Licensing will be available to companies incorporated elsewhere as long as they have a registration in Hong Kong.

HKMA Further Extends Initiative to Nurture Banking Sector Talent

By Editors | 09/02/2022

The Banking Talent Programme provides fresh grads with short-term work opportunities and professional training, partly subsidised by the HKMA.

Securities / Derivatives

HKEX Calls for Improved Transparency in Annual Reports

By Editors | 02/02/2022

HKEX has referred cases to the SFC involving newly listed issuers entering investments or arrangements with the professional parties who helped them list.