Hong Kong

Enforcement

Hong Kong: Ex-Dah Sing Bank Manager Jailed for Fraud

By Sanday Chongo Kabange | 16/06/2021

The former financial planning manager told a client he was required to buy an insurance policy before he could open a corporate bank account.

Market Infrastructure

Hong Kong Needs New Cybersecurity Legislation: FSDC

By Manesh Samtani | 16/06/2021

The FSDC recommends the development of legislation to provide legal certainty and protection, clarity on cross-border data transfers, and a framework for accountability.

Securities / Derivatives

Hong Kong Enacts Framework for Uncertificated Securities Market

By Editors | 13/06/2021

The SFC will consult the market on the subsidiary legislation in due course to prescribe the detailed rules and implementation timetable.

Capital / Liquidity

HKMA Defers Implementation of Basel III Capital Standards

By Editors | 11/06/2021

Banks have an additional six months to implement the revised frameworks on credit risk, operational risk, output floor and leverage ratio. The market risk and CVA risk frameworks are also deferred.

Enforcement

SFC Suspends GEO Securities Executive for 7.2 Months

By Sanday Chongo Kabange | 11/06/2021

GEO’s breaches were attributable to Lun Sheung Nim’s failure to discharge his duties as a responsible officer and member of the senior management.

Capital / Liquidity

IMF Reaffirms Hong Kong Stability, Identifies Pockets of Risk

By Manesh Samtani | 10/06/2021

The IMF recommends enhancing monitoring of lending to Mainland China, increasing oversight over banking groups, and regulating mortgage lending by non-banks.

Fintech / Regtech

HKMA Announces New Fintech Development Strategy

By Editors | 09/06/2021

The “Fintech 2025” strategy seeks the comprehensive adoption of technology in the financial sector by 2025 through a focus on five key areas.

Securities / Derivatives

HKEX, FRC to Strengthen Collaboration on Financial Reporting Quality

By Editors | 09/06/2021

A new MOU establishes a collaborative framework which will ultimately provide better investor protection through high quality financial reporting.

ESG / Sustainability

SFC Raises Supervisory Focus on Fund Manager Resilience

By Manesh Samtani | 08/06/2021

The SFC is on the lookout for funds with outsized and concentrated bets to prevent an Archegos-type event in Hong Kong.