Hong Kong

Enforcement

SFC Bans Former StanChart Securities Executive for Three Years

By Mark Pufpaff | 20/07/2018

Joseph Hsu Kay Hing failed to exercise appropriate care in his responsibilities as sponsor principal and responsible officer during the supervision of a 2009 listing application.

Market Infrastructure

HKMA Lays Out Regulatory Framework for Open API

By Garima Chitkara | 19/07/2018

The HKMA is set to launch an Open API on its website to make financial data more accessible to consumers and facilitate client onboarding by banks starting 23 July; the API will begin with providing 50 sets of financial data.

Securities / Derivatives

China Bourses Agree on Plan to Allow Trading in HK-Listed Dual Class Shares

By Manesh Samtani | 19/07/2018

HKEX, SSE, SZSE to set up joint working group to formulate supplementary rules for including dual class shares in Stock Connect southbound trading, following ‘special stability trading period’.

AML / KYC

SFC Goes Live with Amended Professional Investor Rules

By Manesh Samtani | 19/07/2018

Holding companies of existing qualified professional investors will gain status as professional investors; intermediaries must obtain confirmation that their shareholders are notified of the change.

Securities / Derivatives

HK Exchange Publishes Structured Products Listing Guide

By Manesh Samtani | 18/07/2018

Guide provides clearer framework and timelines to facilitate more efficient introduction of new structured products.

AML / KYC

SFC Provide Guidance on Online Client Onboarding

By Manesh Samtani | 18/07/2018

Procedures to verify client identities include obtaining a digitally signed agreement and identity document copy, and the use of designated accounts in the client’s own name only for deposits and withdrawals.

Fintech / Regtech

HKMA to Launch Blockchain-based Trade Finance Platform by September

By Emma Zhou | 18/07/2018

Platform will boost efficiency, lower costs and reduce fraud risks in trade finance for participating banks, which include HSBC, SCB, ANZ, BEA, DBS and Hang Seng.

Market Infrastructure

SFC Fund Manager Code of Conduct – Five Steps to Compliance

By Derek McGibney | 17/07/2018

Investment management firms with operations in Hong Kong must turn their attention to the new SFC Fund Manager Code of Conduct, which comes into force in four months.

Securities / Derivatives

China Blocks Southbound Access to Dual-Class Stocks

By Manesh Samtani | 16/07/2018

Shanghai and Shenzhen bourses release joint statement barring domestic investors from trading in foreign companies, stapled securities and stocks with weighted voting rights structures listed in Hong Kong.