Hong Kong

AML / KYC

HKMA Issues Clarification on Non-Face-to-Face Onboarding

By Editors | 24/08/2019

In line with SFC requirements, the HKMA says banks need not re-verify a client’s identity when opening an investment account if they’ve already done so for bank account opening.

Market Infrastructure

SFC Highlights Liquidity Risk Management Deficiencies at Funds

By Editors | 24/08/2019

The SFC asks fund managers to review their current policies, procedures, systems and processes and take immediate action to rectify any inadequacies or deficiencies.

Enforcement

HK Court Orders Confiscation of HK$1.46m from Former UBS Exec

By Editors | 21/08/2019

The case relates to the 2017 conviction of a former UBS associate director for accepting over HK$1.4mn in bribes from a Shenzhen-based client.

Enforcement

SFC, ICAC Formalise Cooperation Arrangement with MoU

By Editors | 20/08/2019

The MoU covers case referrals, joint investigations, the exchange and use of information, mutual provision of investigative assistance, and capacity building.

Capital / Liquidity

HKMA Adjusts Initial Margin Implementation Schedule

By Editors | 19/08/2019

The HKMA has adjusted its implementation schedule for the incoming requirements, taking into account the one-year phased extension announced by BCBS and IOSCO in July.

Securities / Derivatives

HKEX Proposes Changes to Pre-Open Session, Volatility Controls

By Editors | 19/08/2019

The proposals aim to improve market liquidity and global competitiveness of the Hong Kong market, HKEX says in a new consultation paper.

Enforcement

Hong Kong Banks Under Scrutiny for Chinese Lending – Report

By Manesh Samtani | 16/08/2019

The HKMA has reportedly been investigating several Hong Kong lenders for financing large scale overseas asset purchases by Chinese conglomerates.

Enforcement

SFC Fines Sincere Securities for Internal Control Failings

By Editors | 16/08/2019

The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.

Enforcement

CSRC Imposes Six-Month Business Restriction on GF Securities

By Editors | 09/08/2019

The CSRC cited risk management and control deficiencies as reasons for the restrictions, after a hedge fund set up by the broker reported losses of $139mn for 2018.