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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.
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.
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