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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.
AML / KYC
SFC Identifies Product Selling Compliance Failures
By Samuel Riding | 28/01/2018
Licensed corporations should ensure client suitability when recommending fixed-income and structured products, particularly for complex and risky products.
AML / KYC
Hong Kong SFC Looks to Optimise Enforcement Action
By Editors | 18/01/2018
New guidance removes threat of criminal prosecution in cases of “non-serious” regulatory breaches and cooperation ‘above and beyond’ regulatory obligations.
AML / KYC
SFC Urges Licensees to File “Better Quality” Suspicious Transaction Reports
By Editors | 17/01/2018
Circular sent to firms following a feedback report issued by the Joint Financial Intelligence Unit.
Capital / Liquidity
HK SFC to Remove Corporate Treasury of non-Financial Firms from OTC Regulation
By Samuel Riding | 21/12/2017
Extensive consultation also proposes to expand risk mitigation requirements to ‘all licensed corporations’, rejects idea of regulatory threshold.
Enforcement
HK SFC Releases 1st MiC Regime Guidance Bulletin
By Editors | 20/12/2017
Report warns on conflicts of interest in sales practices and asset management; notes asset management sector now has more than half of all intermediaries.
Capital / Liquidity
HK SFC Proposes Raising Capital Required by Fund Managers
By Editors | 19/12/2017
Consultation covers raising of minimum capital requirement to HKD10 million, introduction of derivatives use by public funds with enhanced safeguards.
Enforcement
Standard Chartered Brokerage Arm Hit With $330,000 Fine
By Editors | 19/12/2017
SFC investigation reveals internal control failures resulted in at least 61 regulatory breaches involving short selling, required liquid capital deficit of HKD2 billion.
Enforcement
2017 a Punishing Year for Naughty Traders in China
By Editors | 18/12/2017
China securities regulator has issued 206 administrative penalties in 2017, more than $1bn in fines; increasing cooperation with HK SFC.
AML / KYC
US Lifts Threat of Criminal Charges against HSBC
By Garima Chitkara | 14/12/2017
Bank released from deferred prosecution agreement after meeting its terms; outgoing CEO says AML to remain ‘a top priority’ in 2018.
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