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Capital / Liquidity
HKMA Consults on Implementation of Revised CVA Risk Framework
By Editors | 17/12/2020
The revised CVA risk capital framework is likely to have significant impacts on banks, particularly for those with material CVA risk exposures, the HKMA says.
Crypto / Digital Assets
SFC Issues First Licence to Digital Asset Trading Platform
By Editors | 16/12/2020
The licences permit OSL Digital Securities to operate regulated brokerage and automated trading services for digital assets.
AML / KYC
Hong Kong Set to Tighten Rules for Digital Wallets July 2021
By Editors | 15/12/2020
Non-real-name account holders will not be able to transfer money to other banks or e-wallets, or make cross-border remittances.
Securities / Derivatives
Hong Kong Audit Regulator Gains Access to Chinese Audit Papers
By Editors | 15/12/2020
“This is a landmark moment for cross-border cooperation in the investigation of auditing irregularities,” said Financial Reporting Council chairman Kelvin Wong.
AML / KYC
No Banks Subject to HKAA Secondary Sanctions: US Treasury
By Manesh Samtani | 13/12/2020
In a report to Congress, the Treasury said it has not identified any foreign FIs that “knowingly” conducted significant transactions with the ten individuals sanctioned in October.
Securities / Derivatives
SFC to Raise Competency Bar for Licensees, With Some Flexibilities
By Editors | 13/12/2020
Among the changes, the SFC proposes tougher requirements for advisers on Takeovers Code transactions, to address concerns about the poor quality of work in this area.
Market Infrastructure
Data Storage Rules: A Christmas Present From the SFC
By Derek McGibney | 11/12/2020
While the SFC’s new FAQs on the use of cloud storage make compliance more manageable, licensed corporations still need to weigh their options, says Derek McGibney at Cognitive GRC.
Market Infrastructure
SFC Provides Alternative for Compliance With Data Storage Rules
By Manesh Samtani | 10/12/2020
The SFC will accept an undertaking from core function MICs as an alternative means of satisfying the requirement for a countersigned notice or undertaking from an EDSP.
Market Infrastructure
PBOC, HKMA Explore Southbound Leg for Bond Connect
By Editors | 09/12/2020
The PBOC and HKMA will form a working group to study the framework for a southbound leg of Bond Connect. No timelines have been set.
Securities / Derivatives
SFC Amendments to REIT Code Have Taken Effect
By Editors | 08/12/2020
The SFC has also adopted a more streamlined approach to compliance with requirements regarding vetting and approval of REIT-issued announcements and circulars.
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