Securities and Futures Commission

Capital / Liquidity

SFC to Push Ahead with New Cap on Margin Financing

By Editors | 30/09/2019

From 4 October, margin loans will be capped at five times capital, despite appeals from brokerage firms to postpone the new rules by one year.

Securities / Derivatives

SFC Imposes Lifetime Ban on Former BoCom Banker

By Editors | 24/09/2019

The ban follows an August 2018 conviction, where the former banker was found guilty of soliciting illegal commission payments from a client for stock trading profits.

Enforcement

SFC Fines HSBC HK$2.1m for Phone Recording Failures

By Editors | 11/09/2019

Voice recording was inadvertently not enabled on some private banking service lines, resulting in over 5,800 client order instructions not being tape-recorded.

AML / KYC

SFC Asks Licensed Firms to Bolster AML/CTF Compliance

By Editors | 09/09/2019

Following the release of the FATF mutual evaluation report for Hong Kong, the SFC has highlighted key work areas for licensed firms and their associated entities.

Market Infrastructure

SFC Launches ‘Key Risk Indicator’ Reporting Platform

By Editors | 02/09/2019

Initially, licensed corporations of 22 global FIs will have to submit data relating to their operations, conduct issues and prudential risk exposures on a monthly, quarterly and yearly basis.

AML / KYC

HKMA Issues Clarification on Non-Face-to-Face Onboarding

By Editors | 24/08/2019

In line with SFC requirements, the HKMA says banks need not re-verify a client’s identity when opening an investment account if they’ve already done so for bank account opening.

Market Infrastructure

SFC Highlights Liquidity Risk Management Deficiencies at Funds

By Editors | 24/08/2019

The SFC asks fund managers to review their current policies, procedures, systems and processes and take immediate action to rectify any inadequacies or deficiencies.

Enforcement

HK Court Orders Confiscation of HK$1.46m from Former UBS Exec

By Editors | 21/08/2019

The case relates to the 2017 conviction of a former UBS associate director for accepting over HK$1.4mn in bribes from a Shenzhen-based client.

Enforcement

SFC, ICAC Formalise Cooperation Arrangement with MoU

By Editors | 20/08/2019

The MoU covers case referrals, joint investigations, the exchange and use of information, mutual provision of investigative assistance, and capacity building.