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AML / KYC
Why Hong Kong’s New Trust Rules Won’t Boost AML/CTF Efforts
By Bradley Maclean | 01/03/2018
Rather than comply with new rules on beneficial owner registration and due diligence, many trusts are likely to simply leave Hong Kong for less onerous jurisdictions.
Enforcement
Hong Kong SFC to Focus on Corporate Fraud in 2018
By Editors | 27/02/2018
SFC’s recent newsletter on enforcement priorities details concern on false financial statements, IPO fraud and other sponsor failures.
Enforcement
HK SFC Sees Surge in Criminal Prosecutions
By Samuel Riding | 25/02/2018
Criminal charges laid by securities regulator nearly tripled in last nine months of 2018, although investigations started and concluded declined.
Securities / Derivatives
IOSCO Issues Guidance on Conflicts of Interest in Equity Offerings
By Editors | 24/02/2018
Recommendations developed by group of regulators including ASIC, Hong Kong’s SFC and Japan’s FSA.
Securities / Derivatives
SFC Raises Standards for Client Facilitation Trades
By Editors | 17/02/2018
Client facilitation traders must be segregated from agency traders to protect client information and avoid conflicts of interest.
Enforcement
Interactive Brokers HK Fined for Trading System Failures
By Editors | 15/02/2018
The firm’s electronic trading system repeatedly submitted orders without regard for market liquidity and without effective price and volume controls.
Enforcement
Credit Suisse Hong Kong Fined $5mn
By Editors | 10/02/2018
Regulatory breaches include failures related to segregation of client securities, reporting of transaction, noncompliance with short selling requirements, unsuitability of investment products sold to clients.
Market Infrastructure
SFC Highlights Areas of Concern on Best Execution
By Bradley Maclean | 08/02/2018
Hong Kong SFC’s recent report on licensed corporations attitudes towards best execution practices shows there is much to be desired.
AML / KYC
Hong Kong Includes Non-Financial Entities in AML/CTF Amendments
By Garima Chitkara | 08/02/2018
Hong Kong AML/CTF rules will apply to financial transactions by non-financial entities; SFC requires licensees to screen client lists.
Enforcement
China’s Vicious Cycle – Household Debt, Mis-selling and Systemic Risk
By Bradley Maclean | 01/02/2018
Increased regulation in an effort to rein in personal borrowing could foster an attitude of ‘bare minimum compliance’ among banks, leading to future systemic risk.
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