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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.
AML / KYC
Hong Kong Banks Asked to File STRs for Suspected NSL Breaches
By Manesh Samtani | 20/10/2020
According to updated HKMA guidance, suspected breaches of the national security law should be treated the same as AML/CFT violations and be reported to the JFIU as STRs.
Enforcement
SFC Imposes 24-month Market Ban for Takeovers Code Breach
By Sanday Chongo Kabange | 20/10/2020
The mandatory general offer obligation under the Takeovers Code was triggered 20 times by AV Concept Holdings chairman and his concert parties.
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