Hong Kong

Securities / Derivatives

HKEX, SZSE Launch New ETF Cross-listing Scheme

By Editors | 25/10/2020

HKEX and SZSE have also signed an MOU to promote the ETF Cross-listing Scheme and facilitate more connections between the two markets.

Enforcement

Hong Kong ICAC Charges Two Former AIA Agents With Fraud

By Sanday Chongo Kabange | 25/10/2020

A former district manager and former insurance agent each face one count of fraud in separate cases for submitting false income proof statements.

Securities / Derivatives

HKEX Proposes to Allow Holiday Trading of MSCI Derivatives

By Editors | 25/10/2020

Exchange participants are asked to indicate their expectations for operational readiness by completing an online form by 6 November.

HKMA Issues Guidance on Bank Sales of Policy Replacement

By Manesh Samtani | 22/10/2020

Banks engaged in insurance sales are expected to identify policy replacement at the point of sale and provide advice to customers on whether policy replacement is in their best interests.

Market Infrastructure

GBA Wealth Management Connect to Operate With Quota System

By Manesh Samtani | 22/10/2020

The scheme will be capped at 150 bn yuan in each direction, and an individual quota of 1 mn yuan will be imposed on Greater Bay Area residents.

Enforcement

ICAC Charges Two With Conspiracy To Defraud Lender

By Sanday Chongo Kabange | 22/10/2020

The two falsely represented that 14 loan applications were referred to induce the licensed lender to pay about HKD 600,000 in referral fees.

AML / KYC

Goldman Resolves Remaining 1MDB Charges for $2.9bn

By Manesh Samtani | 22/10/2020

Under the coordinated resolution, Goldman will pay $606mn in disgorgement and more than $2.3bn in penalties to authorities in the US, UK, Hong Kong and Singapore.

Market Infrastructure

HKMA Asks FIs to Protect Customer Interests in LIBOR Switch

By Manesh Samtani | 21/10/2020

Banks are expected to develop robust education and outreach programmes to help customers make informed decisions when assessing the options available in the transition.

Market Infrastructure

FSTB to Introduce ‘Corporate Rescue’ Bill for LegCo Deliberation

By Sanday Chongo Kabange | 21/10/2020

The FSTB also plans to introduce bills to provide targeted tax relief for private equity funds, enable a paperless securities market in Hong Kong, and progress work on the new eMPF platform.