HONG KONG

IMF Finds Hong Kong’s Financial System Resilient, Well-Regulated

By Editors | 28/05/2014

The International Monetary Fund (IMF) in its comprehensive assessment of Hong Kong’s financial system found that the city’s banking system is very well regulated and resilient.

Financial Regulators’ Expenditures Rise as Market Surveillance Deepens

By Editors | 27/05/2014

Financial services regulators in major markets including Hong Kong have increased their expenditure over the last seven years by nearly 60% amid growing pressure on regulatory agencies to deepen scrutiny of the financial services industry following the 2008 crisis.

Hong Kong Exchanges Vows to Fight Class Action Lawsuit on Zinc

By Editors | 27/05/2014

Hong Kong Exchanges and Clearing said it will “vigorously” contest a class action alleging it engaged in anti-competitive behaviour that distorted the price of zinc.

Hong Kong Court Orders EY to Submit Accounting Records to SFC

By Editors | 26/05/2014

A Hong Kong court has ordered accounting firm Ernst & Young (EY) to produce accounting records relating to its work for Standard Water Ltd, rejecting the firm’s argument that the mainland’s state secrets law prevents it from handing over information to the city’s securities regulator.

Hong Kong, Australia Seek to Boost RMB Trade

By Editors | 23/05/2014

A group of senior representatives from Hong Kong and Australian banks met to review developments in the Renminbi (RMB) business and consider ways to strengthen RMB products and services, with a view to facilitating greater participation of corporates and other customers in the RMB market.

HK Regulator Reprimands, Fines Deutsche Bank for Regulatory Breaches

By Editors | 23/05/2014

The Securities and Futures Commission (SFC) has reprimanded and fined Deutsche Bank HK$1.6 million for regulatory breaches and internal control failings.

Hong Kong Regulator Reprimands Citigroup on Algorithm Error

By Editors | 15/05/2014

The Securities and Futures Commission (SFC) has reprimanded Citigroup Global Markets Asia Limited (Citigroup) for failing to ensure its algorithmic trading systems functioned property for certain securities orders between April 2009 and May 2010.

Hong Kong’s HKEx Sponsor Regime Curbs Vetting for Listing Application

By Editors | 15/05/2014

Hong Kong Exchanges and Clearing’s new sponsor regime for listing applicants has been working well, curbing vetting time for applicants and improving quality of applications.

Hong Kong, US Conclude Talks on Tax Agreement

By Editors | 12/05/2014

Hong Kong and the United States have concluded discussions on an inter-governmental agreement that will facilitate Hong Kong financial institutions’ compliance with the US Foreign Account Tax Compliance Act.