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Enforcement
Citigroup unit Fined HK$4mn for Alternative Liquidity Pool Failures
By Garima Chitkara | 11/07/2018
SFC found that due to an incorrect system setting for client profiles, over 130 clients had accessed alternative liquidity pool Citi Match without being assessed whether they were qualified investors.
Enforcement
CCB Hong Kong Unit Fined for IPO Sponsor Failures
By Manesh Samtani | 10/07/2018
SFC has fined CCB International Capital HK$24mn for failing to conduct reasonable due diligence for seafood company Fujion Dongya Aquatics in its 2014 listing.
AML / KYC
SFC Updates AML/CFT Guideline as FATF Assessment Looms
By JP Reimann | 06/07/2018
Proposals include streamlining of customer onboarding processes and a requirement to implement group-wide AML/CFT systems at overseas branches and subsidiaries.
Securities / Derivatives
SFC Imposes Enhanced Reporting Obligations on Authorised Funds
By Manesh Samtani | 04/07/2018
Enhanced reporting obligations to include data on liquidity profiles, subscription and redemption amounts, asset allocation, and securities financing/borrowing transactions.
Securities / Derivatives
Mainland Investors Gain Access to HK Stock Research
By Manesh Samtani | 04/07/2018
New rules enable better access to research reports and advice on HK-listed stocks, and opportunities for HK securities firms to distribute their research through mainland firms.
Securities / Derivatives
HK Exchange Tightens Rules on Backdoor Listings, Shell Activities
By Manesh Samtani | 04/07/2018
Hong Kong stock exchange proposes tightening reverse takeover rules and continuing listing criteria to address concerns about backdoor listings through shell companies by firms that may not otherwise qualify.
Market Infrastructure
Hong Kong SFC Releases 2017-18 Annual Report
By Manesh Samtani | 02/07/2018
Highlights for the year include progress on MIC regime, guidance on online trading platforms, and regulatory collaboration with other agencies.
Securities / Derivatives
Hong Kong Finalises OTC Derivatives Framework
By Garima Chitkara | 28/06/2018
HKMA and SFC published conclusions from their March 2018 consultation on LEI requirements, reporting norms and platform trading.
AML / KYC
Non-EU Markets Regulators Seek Formal GDPR Exemptions – Report
By Manesh Samtani | 28/06/2018
New EU data privacy law could put cross-border investigations in jeopardy, leading non-EU regulators including Japan’s FSA and Hong Kong’s SFC to press for formal clarification on application of cross-border information sharing exemptions.
Securities / Derivatives
Hong Kong Targets September for OTC Derivatives Margin Rules
By JP Reimann | 20/06/2018
SFC consultation proposes to phase-in IM requirements to avoid market disruption; VM to take effect on 1 September 2019.
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