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Enforcement
SFC Fines Mega International Commercial Bank Over Sales Practices
By Editors | 07/05/2020
Mega did not properly assess clients’ investment objectives, risk tolerance levels and knowledge of derivatives, or ensure the suitability of its fund recommendations for clients.
Market Infrastructure
HK Regulators Establish Green and Sustainable Finance Steering Group
By Editors | 05/05/2020
Initiated by the HKMA and SFC, the Steering Group will coordinate across other agencies and sectors to position Hong Kong as a global leader in green and sustainable finance.
Securities / Derivatives
HK Govt Under Fire for ‘False’ Justification of Broker Subsidies
By Manesh Samtani | 03/05/2020
Average daily market turnover jumped 54.5% in Q1 2020 compared to Q4 2019, which has led to a corresponding increase in brokerage revenues and profits.
SFC Offers Guidance on Cyber Risk of Remote Office Arrangements
By Editors | 29/04/2020
In a circular, the SFC sets out examples of controls and procedures to help licensed corporations protect their internal networks and data.
SFC, Competition Commission Agree to Cooperate, Share Information
By Editors | 28/04/2020
The SFC and the Competition Commission can consult each other on issues with significant implications for the other and share information where appropriate.
Securities / Derivatives
Oil Volatility Prompts SFC Call for Vigilance, Contingency Plans
By Editors | 24/04/2020
Commodity futures brokers should control exposures to clients and pre-arrange for contingent funding and capital support to be available from group companies or shareholders.
Enforcement
Hong Kong Exchange Censures Ding Yi Feng Executives
By Editors | 23/04/2020
Three former non-executive directors of China Ding Yi Feng were censured for breaching the listing rules and disclosure obligations.
AML / KYC
SFC Fines BOCOM International Securities for “Serious” Breaches
By Editors | 20/04/2020
The brokerage did not have effective controls to identify third party deposits, and “extensive deficiencies” were found in its handling of margin lending and margin calls.
Securities / Derivatives
SFC Seeks Certainty on ETF Market Making Continuity
By Editors | 18/04/2020
ETF management companies should procure more than one market maker, or secure arrangements for alternative market makers to quickly step in if there is a disruption.
Securities / Derivatives
SFC Raises Concerns with Leveraged Foreign Exchange Trading
By Editors | 10/04/2020
Brokers reported that more than 60% of clients who engage in leveraged foreign exchange trading made net trading losses, some in excess of HK$1mn.
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