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Securities / Derivatives
Hong Kong Enacts Framework for Uncertificated Securities Market
By Editors | 13/06/2021
The SFC will consult the market on the subsidiary legislation in due course to prescribe the detailed rules and implementation timetable.
Market Infrastructure
Regulatory Harmonisation Critical to OTC Derivatives Reporting
By Priya Kundamal | 11/06/2021
The fragmentation of trade reporting rules and the lack of a common data set across jurisdictions hinders transparency and global risk monitoring, writes DTCC’s Priya Kundamal.
Enforcement
SFC Suspends GEO Securities Executive for 7.2 Months
By Sanday Chongo Kabange | 11/06/2021
GEO’s breaches were attributable to Lun Sheung Nim’s failure to discharge his duties as a responsible officer and member of the senior management.
ESG / Sustainability
SFC Raises Supervisory Focus on Fund Manager Resilience
By Manesh Samtani | 08/06/2021
The SFC is on the lookout for funds with outsized and concentrated bets to prevent an Archegos-type event in Hong Kong.
Enforcement
Hong Kong: Appeals Tribunal Overturns Ban Against UBS Banker
By Editors | 07/06/2021
The SFAT concluded that the former UBS banker cannot be held personally responsible for the failings of the China Metal Recycling transaction team.
AML / KYC
Hong Kong’s Proposed Licensing Regime for VASPs
By Michael P Wong | 06/06/2021
Dechert partner Michael Wong looks at the potential impact of Hong Kong’s newly proposed licensing regime for virtual asset service providers.
HK to Exempt Top Execs of Financial Firms from Quarantine
By Sanday Chongo Kabange | 31/05/2021
Senior executives of licensed financial corporations or their overseas affiliates who are fully vaccinated, and meet the eligibility criteria, may apply for the exemption.
Enforcement
SFC Fines Ewarton Securities Over Staff Trading Controls
By Manesh Samtani | 27/05/2021
A lack of internal controls resulted in Ewarton’s failure to detect and prevent unauthorised or improper activities by a licensed representative.
AML / KYC
HKMA Urges Banks to Use iAM Smart in Remote Onboarding
By Manesh Samtani | 25/05/2021
The HKMA clarifies that when iAM Smart is used for identity verification, record keeping requirements may be met by retaining data obtained via API.
AML / KYC
Hong Kong to Bar Retail Investors from Crypto Trading
By Manesh Samtani | 24/05/2021
Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.
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