Hong Kong

Securities / Derivatives

SFC Fines Fourth Broker Over Use of ‘Xinguanjia’ Trading Software

By Manesh Samtani | 26/07/2022

The software enabled Mainland investors to trade in Hong Kong without having to open a local securities account. Rifa Futures was fined HKD 9 million for AML and other failures.

Capital / Liquidity

HKMA Finalises Guidance on Resolution Planning Expectations

By Editors | 26/07/2022

Resolution planning work will be prioritised for D-SIBs and other locally incorporated banks with total consolidated assets of more than HKD 150 billion.

Crypto / Digital Assets

Hong Kong as a Legal Centre of Excellence for Digital Finance

By Troy Song | 25/07/2022

Many crypto exchanges and institutions already choose Hong Kong as the place to resolve their disputes, but more need to be done, says Troy Song.

Market Infrastructure

HKMA Further Enhances RMB Liquidity Facility

By Editors | 25/07/2022

The enhancements will increase the size of the RMB Liquidity Facility, streamline its operation, and reduce the rates applicable to overnight repo.

AML / KYC

HKMA, Cyberport Jointly Promote Use of AML RegTech

By Editors | 22/07/2022

HKMA, Cyberport and Deloitte co-organised the second AMLab, focusing on low-barrier technologies such as RPA and visualisation tools.

Mortgage Refinancing Transactions Made Safer in Hong Kong

By Editors | 21/07/2022

Under the new PAPT mechanism, mortgage refinance proceeds can be transferred directly from one bank to another rather than via a law firm.

Enforcement

SFC Fines RBC Investment Services for Mishandling Client Assets

By Editors | 21/07/2022

The SFC said RBC Investment Services failed to segregate client money and transferred securities from client accounts without valid standing authority.

HKMA Extends Repayment Deferments for Trade Facilities

By Editors | 21/07/2022

Significant uncertainty lies ahead for import and export businesses, the HKMA said. The scheme will fully expire at the end of October.

Fintech / Regtech

HKMA Issues Regtech Guide on Third-Party Risk Management

By Sanday Chongo Kabange | 19/07/2022

The practice guide is meant to help banks plan the implementation of regtech solutions to address the risks associated with third-party relationships.