Hong Kong

Enforcement

Hong Kong: Six Current & Former Directors Fined Over Inside Information

By Editors | 14/05/2021

Timely disclosure of inside information is central to the orderly operation of the market and underpins a fair and informed market, the SFC said.

Fintech / Regtech

HKMA Sets Out Next Steps to Implement Open API Framework

By Manesh Samtani | 13/05/2021

Phase 3 and 4 API functions will be implemented progressively by 28 participating banks starting from December 2021, the HKMA says.

Enforcement

Hong Kong Court Jails Former CCB Asia Sales Representative

By Editors | 12/05/2021

A CCB Asia sales executive secured a loan for a customer whose data was obtained from a DBS sales executive in exchange for a commission.

Securities / Derivatives

OTC Clear Launches Clearing for SOFR-HONIA Cross-currency Swaps

By Editors | 11/05/2021

The SFC has approved the launch of clearing services for cross-currency interest rates swaps and basis swaps referencing HONIA and SOFR.

Enforcement

HKICPA, FRC Agree to Share Information, Refer Cases

By Editors | 11/05/2021

The MoU is expected to enhance audit quality, contribute to the development of the Hong Kong audit market, and promote confidence in the capital markets.

Securities / Derivatives

Hong Kong Launches Grant Scheme to Lure OFCs, REITs

By Editors | 10/05/2021

OFCs and REITs that set up in Hong Kong can secure funding to cover 70% of eligible expenses paid to Hong Kong-based service providers.

AML / KYC

Chinese Regulators Issues Draft Rules for Wealth Connect Scheme

By Manesh Samtani | 09/05/2021

A 150bn yuan ceiling is proposed as the trading quota for the new scheme, with a 1mn yuan individual limit. A launch date has not yet been set.

Securities / Derivatives

HK Insurance Authority Unveils Details of ILS Grant Scheme

By Editors | 07/05/2021

Onshore and offshore sponsors of insurance-linked securities are eligible for the grant scheme, capped at HK$12mn per issuance.

Securities / Derivatives

SFC May Have Doubts About Allowing SPAC Listings – Report

By Sanday Chongo Kabange | 06/05/2021

HKEX is preparing to consult the market by end-June at the earliest. However, market participants believe the odds are low that SPACs will be allowed in Hong Kong.