Hong Kong

Capital / Liquidity

HK Legco to Consider Recovery Planning, Large Exposures Bill

By Editors | 19/10/2017

Banking Ordinance already includes resolution, but not recovery, requirements; HKMA to retain ‘general power’ on exposure limits.

Enforcement

HK SFC Investigating 15 IPO Sponsors for ‘Substandard’ Work

By Samuel Riding | 12/10/2017

Head of enforcement says the IPO sponsors may have failed to verify data, opening the door to fraud by the listing companies.

AML / KYC

FIs No Longer Have to Verify Client Addresses for AML/CTF – HKMA

By Editors | 12/10/2017

AML/CTF regulations to be changed; banking regulator says any current absence of address verification will be seen as justified.

AML / KYC

Hong Kong-China to Share Stock Connect Broker, Trader Names

By Editors | 11/10/2017

SFC chief says move will enhance market transparency and surveillance, and improve efficiency in cracking down on malpractice.

AML / KYC

HKMA Launches Smart Banking Initiative Including Enhanced Sandbox

By Samuel Riding | 29/09/2017

In addition to the enhanced sandbox, HKMA will also work on a new payment system, minimising regulatory friction in onboarding and other services.

Market Infrastructure

Hong Kong Considering Tax Breaks for PE Managers

By Editors | 28/09/2017

Government and trade bodies view PE as means of increasing support for Hong Kong Start-ups, keeping pace with Singapore and the UK.

Enforcement

HK Regulator Seals 1st Conviction of Unlicensed Offshore Brokerage

By Editors | 25/09/2017

ETrade HK advertised its services for four years without a license; SFC says successful prosecution a 1st for the offence.

Fintech / Regtech

Hong Kong Monetary Authority Sends Fintech Delegation to London

By Editors | 21/09/2017

Central bank and apex regulator says delegation is the largest it has ever put together, will meet London start-ups and accelerator programmes.

Securities / Derivatives

HK SFC Inquiries Reveal Fund Managers’ Best Execution Failings

By Samuel Riding | 18/09/2017

Investigations of about 250 firms including subsidiaries of US and EU players also find weaknesses in avoiding conflicts of interest and liquidity management.