Securities and Futures Commission

Enforcement

SFC Fines GEO Securities for Breaching Licence Conditions

By Editors | 25/03/2021

The firm also did not have effective controls in place for product due diligence, client risk tolerance assessment, and record-keeping.

AML / KYC

SFC Fines Yardley Securities for AML/CFT Breaches

By Editors | 17/03/2021

Yardley Securities processed and approved third party fund transfers without proper due diligence. Staff were not aware their employer had an MLRO.

AML / KYC

SFC Fines Sino-Rich Securities & Futures for AML Breaches 

By Editors | 15/03/2021

Sino-Rich Securities & Futures routinely processed 238 cash deposits and 269 third party transfers without adequate AML/CTF controls in place.

Securities / Derivatives

HKEX Launches New China, Taiwan Index Options Contracts

By Editors | 14/03/2021

The new options contracts aim to meet the trading and hedging needs of investors with exposures to large and mid-cap companies in China and Taiwan.

Securities / Derivatives

Indonesia Stock Exchange Considers Allowing SPAC Listings

By Editors | 08/03/2021

IDX’s decision has reportedly prompted concerns about governance, investor protection and inflated valuations for early-stage companies.

Enforcement

HK Police Arrest 12 Members of Ramp-And-Dump Syndicate

By Editors | 08/03/2021

The SFC has frozen securities accounts holding an estimated HK$860mn in ramp-and-dump proceeds, while the Police have seized an additional HK$89mn.

Securities / Derivatives

SFC Greenlights Appointment of Nicolas Aguzin as HKEX CEO

By Editors | 03/03/2021

The SFC gave its approval for Aguzin’s appointment on Tuesday after vetting him against its fit and proper criteria.

Securities / Derivatives

SFC, HKEX Directed to Explore SPAC Listings in Hong Kong

By Editors | 02/03/2021

Financial Secretary Paul Chan has directed the SFC and HKEX to study the feasibility of listing SPACs in Hong Kong.

Enforcement

HK Audit Regulator to Probe Convoy Financial Statements

By Ranamita Chakraborty | 01/03/2021

Zhonghui Anda CPA Limited may have failed to express an appropriate audit opinion in three years of Convoy’s financial statements, the Financial Reporting Council said.