Hong Kong

Hong Kong Names Eddie Yue as New HKMA Chief

By Manesh Samtani | 26/07/2019

Yue is the “person best suited for this position”, said Hong Kong’s Financial Secretary Paul Chan announcing the appointment on Thursday.

Enforcement

Hong Kong ICAC Charges Five More Individuals in Convoy Case

By Editors | 23/07/2019

Six individuals are now charged with conspiracy to defraud the Hong Kong stock exchange and the board of directors, shareholders and investors of Convoy.

AML / KYC

HKMA Grades SVF Sector as ‘Medium Risk’ in Latest AML/CTF Assessment

By Manesh Samtani | 22/07/2019

While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.

Enforcement

HKMA Delegated Powers to Inspect Banks’ Insurance Business

By Editors | 22/07/2019

The Insurance Authority is delegating inspection and investigation powers to the HKMA in relation to insurance related business conducted by authorised institutions.

Market Infrastructure

Hong Kong, China Framework Comparison – Conduct and Culture

By Prasanna Venkatesan | 18/07/2019

Synpulse’s Prasanna Venkatesan, Gregory Achache and Marina Mai compare China and Hong Kong’s regulatory frameworks in relation to culture and conduct.

Market Infrastructure

Singapore Bankers ‘Flooded’ With Inquiries from Hong Kong – Reports

By Editors | 16/07/2019

Following Hong Kong’s extradition bill protests, wealth managers and private banks have seen increased queries from clients looking to set up channels to move assets to Singapore.

Enforcement

SFC Fines Hong Kong Brokerage for Ineffective Short Selling Controls

By Editors | 16/07/2019

Glory Sun Securities has been fined HK$1.2m for failing to ensure compliance with short selling requirements. Two responsible officers and an account executive have also been suspended.

Capital / Liquidity

HKMA Asks Banks to Prepare Systems for Revised Leverage Ratio

By Editors | 15/07/2019

Both the revised leverage ratio treatment of client cleared derivatives and the revised disclosure requirements will come into effect in Hong Kong on 1 January 2022, in line with the BCBS timetable.

Enforcement

SFC Fines Celestial Commodities for Mishandling Client Money

By Editors | 10/07/2019

Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.