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Enforcement
ICAC Charges Two With Conspiracy To Defraud Lender
By Sanday Chongo Kabange | 22/10/2020
The two falsely represented that 14 loan applications were referred to induce the licensed lender to pay about HKD 600,000 in referral fees.
AML / KYC
Goldman Resolves Remaining 1MDB Charges for $2.9bn
By Manesh Samtani | 22/10/2020
Under the coordinated resolution, Goldman will pay $606mn in disgorgement and more than $2.3bn in penalties to authorities in the US, UK, Hong Kong and Singapore.
Market Infrastructure
HKMA Asks FIs to Protect Customer Interests in LIBOR Switch
By Manesh Samtani | 21/10/2020
Banks are expected to develop robust education and outreach programmes to help customers make informed decisions when assessing the options available in the transition.
Market Infrastructure
FSTB to Introduce ‘Corporate Rescue’ Bill for LegCo Deliberation
By Sanday Chongo Kabange | 21/10/2020
The FSTB also plans to introduce bills to provide targeted tax relief for private equity funds, enable a paperless securities market in Hong Kong, and progress work on the new eMPF platform.
AML / KYC
Hong Kong Banks Asked to File STRs for Suspected NSL Breaches
By Manesh Samtani | 20/10/2020
According to updated HKMA guidance, suspected breaches of the national security law should be treated the same as AML/CFT violations and be reported to the JFIU as STRs.
Enforcement
SFC Imposes 24-month Market Ban for Takeovers Code Breach
By Sanday Chongo Kabange | 20/10/2020
The mandatory general offer obligation under the Takeovers Code was triggered 20 times by AV Concept Holdings chairman and his concert parties.
Securities / Derivatives
CSRC Green-lights Ant Group Hong Kong Stock Listing
By Editors | 19/10/2020
The approval follows reports that a probe into a potential conflict of interest in the planned $35bn stock listing threatened to delay the IPO.
Enforcement
Hong Kong: CMBC Capital, Directors Penalised for Late Disclosure
By Editors | 18/10/2020
CMBC Capital did not make information about significant improvement in the company’s financial performance public in a timely manner.
Market Infrastructure
HKMA Expects Adherence to ISDA IBOR Fallbacks Protocol
By Editors | 18/10/2020
The HKMA expects authorised institutions to adhere to the Protocol before it takes effect and to encourage counterparties to do the same.
AML / KYC
HKAA Sanctions Mark Formal Warning to Global Banks
By Manesh Samtani | 15/10/2020
International financial institutions conducting ‘significant transactions’ with the ten sanctioned individuals could face secondary sanctions.
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