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Securities / Derivatives
Hong Kong to Implement Paperless Securities Market from 2022
By Editors | 08/04/2020
Submissions to a January 2019 consultation indicate strong support for the implementation of an uncertificated securities market in Hong Kong.
Enforcement
SFC Fines HSBC Units for Cash Management Failures at Funds
By Editors | 07/04/2020
The identified concerns have all since been rectified, and the two units have agreed to pay over $430,000 into the affected funds, on top of a $451,000 fine from the SFC.
AML / KYC
Global AML, Sanctions Fines Topped $8bn in 2019: Fenergo
By Editors | 02/04/2020
Last year was the second-biggest year on record for fines against financial institutions for AML and sanctions violations, according to a new report from Fenergo.
Securities / Derivatives
SFC, Stock Exchange Issue Guidance on Holding General Meetings
By Editors | 01/04/2020
Listed issuers should consider adjourning or delaying their general meetings until at least after 11 April, when the prohibition on group gatherings has ended.
Enforcement
SFC Bans Former China Rise CEO for Naked Short Selling
By Editors | 01/04/2020
The ex-CEO was banned for 28 months for placing – and concealing – uncovered short selling orders through his personal account and a client’s discretionary account in 2014.
Securities / Derivatives
SFC Extends Deadlines on Three Regulatory Initiatives
By Editors | 31/03/2020
The deferred initiatives relate to new requirements on external data storage, client asset protection, and brokers’ systems for maintaining order life cycle data.
Securities / Derivatives
Hong Kong to Update List of FSPs Under Clearing Obligation
By Editors | 27/03/2020
Eight additional entities are proposed to be included on the list of Financial Services Providers under the OTC derivatives clearing regime.
Securities / Derivatives
SFC Steps Up Scrutiny of Fund Industry Amid Recent Volatility
By Editors | 27/03/2020
The SFC reminds managers, trustees, custodians and intermediaries of funds to look out for clients interests amid “unprecedented volatility across asset classes”.
Enforcement
ICAC Charges Ex-HKEX Official for Bribery, Misconduct
By Editors | 25/03/2020
A former joint-head of HKEX’s IPO Vetting Team has been charged over HK$9.15mn in bribes and misconduct in public office between June 2017 and April 2019.
Enforcement
SFC Imposes Lifetime Ban on Former China Pacific Securities Broker
By Editors | 24/03/2020
The former broker was convicted and jailed in December 2018 for stealing over HK$110mn in shares from China Pacific’s clients over a seven-year period.
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