Hong Kong

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.

Enforcement

HKEX Proceeds to Delist Shares of Convoy Global Holdings

By Sanday Chongo Kabange | 06/05/2021

HKEX says its Listing Review Committee has upheld the May 2020 decision to cancel the listing of Convoy Global Holdings.

Securities / Derivatives

HKEX to Lessen Profit Requirement Hike for Main Board IPOs

By Manesh Samtani | 05/05/2021

The three-year profit requirement will be raised from HK$50mn to HK$80mn, compared to the HK$125mn or HK$150mn options proposed in November.

Enforcement

HKMA Adjusts Scope of Mandatory Reference Checking Regime

By Manesh Samtani | 05/05/2021

The HKMA has adjusted the scope of the regime, shortened the record retention requirement, and lengthened the time allowed to respond to an MRC request.