Hong Kong

Securities / Derivatives

China to Allow CGBs as Collateral for Swap Connect

By Manesh Samtani | 09/07/2024

OTC Clear plans to start accepting China Government Bonds and Policy Financial Bonds as collateral for Swap Connect by year end.

Fintech / Regtech

SFC to Introduce New Investment Product Authorisation Platform

By Sanday Chongo Kabange | 09/07/2024

The new e-IP system will allow users to digitally submit new product applications and post-authorisation or registration submissions.

Enforcement

MPFA Fines HSBC for Non-compliant Referral Programme

By Sanday Chongo Kabange | 09/07/2024

HSBC recruited and offered incentives to unregistered persons to refer corporate clients to the bank for MPF business.

Fintech / Regtech

HKMA, IA Launch Open API Framework Linkage

By Sanday Chongo Kabange | 08/07/2024

The new linkage seeks to enhance the mutual adoption of APIs for use cases across the banking and insurance sectors.

AML / KYC

HKMA Fines DBS for Historical AML Deficiencies

By Sanday Chongo Kabange | 08/07/2024

HKMA investigation found deficiencies in the bank’s systems and controls for compliance with the AMLO.

HKMA Identifies Compliance Issues at Banks’ Trust Businesses

By Sanday Chongo Kabange | 08/07/2024

No instances of non-compliance were found in self-assessments, though there were 12 instances of “partial compliance”.

Capital / Liquidity

SFC Issues Reminder on Financial Resources Adequacy Monitoring

By Sanday Chongo Kabange | 05/07/2024

The SFC issued the reminder after it found undesirable practices and internal control deficiencies leading to breaches of the liquid capital requirement.

Enforcement

Hong Kong Hedge Fund Manager To Disgorge False Trading Profit

By Sanday Chongo Kabange | 05/07/2024

The MMT has ordered a hedge fund manager to disgorge HK$ 5.6 million illicit profit and disqualified him for four years.

Market Infrastructure

HK Presses Ahead with New Company Re-domiciliation Regime

By Sanday Chongo Kabange | 04/07/2024

The FSTB is drafting legislation that will make it easier for foreign companies to re-domicile to Hong Kong.