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Enforcement
SFC Bans Former Private Banker Over False Academic Qualifications
By Editors | 01/12/2021
The SFC considers the former relationship manager to not be fit and proper as her conduct was “plainly dishonest”.
ESG / Sustainability
Hong Kong SFC Targets Adoption of Global ESG Standards
By Manesh Samtani | 01/12/2021
Chairman Tim Lui says the SFC is currently evaluating ESG disclosures “much more closely” and looking for more ways to reduce opportunities for greenwashing.
Enforcement
Hong Kong SFC Investigates Ramp-and-Dump Scam
By Editors | 29/11/2021
Restriction notices have been sent to two brokerage firms prohibiting them from dealing in assets worth HK$312mn held across 17 trading accounts.
AML / KYC
SFC Issues Technical Guidance for New Reporting Regime
By Editors | 28/11/2021
A new paper introduces a pre-defined file format for OTCR submissions. Guidance on the new investor identification regime has also been released.
Enforcement
HK ICAC Charges Four for Concealing Backdoor Listing
By Editors | 28/11/2021
A retired lawmaker and his son concealed an agreement with a third party who agreed to pay them about HK$210mn for control of a listed stock.
Securities / Derivatives
Chinese, US Authorities Working to Resolve Audit Issues
By Editors | 28/11/2021
CSRC director-general Shen Bing said authorities are “working very hard” to prevent Chinese companies being delisted from US exchanges.
Enforcement
SFC Bans Two Ex-Licensees Over Use of Client Accounts
By Editors | 12/11/2021
One former representative effected discretionary trades in clients’ accounts without authorisation. The other traded his own stocks from a client’s accounts.
HK Steering Group Reaffirms Green Finance Hub Ambitions
By Editors | 07/11/2021
The Steering Group welcomed initiatives from the IFRS Foundation and IPSF, saying it will continue efforts to develop Hong Kong into a carbon trading hub.
SFC Imposes Tougher Requirements for ILAS Products
By Manesh Samtani | 04/11/2021
ILAS products should be designed fairly and deliver fair outcomes. Issuers should lower surrender charges. Product features should not be unduly complex.
Crypto / Digital Assets
Hong Kong Virtual Assets Regime Under Review: SFC
By Sanday Chongo Kabange | 03/11/2021
The SFC is considering whether licensed firms should be allowed to provide crypto trading services to clients through omnibus account arrangements, and whether to allow crypto ETFs.
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