Hong Kong

Securities / Derivatives

SFC Identifies Cybersecurity Deficiencies at Internet Brokers

By Editors | 23/09/2020

The SFC found deficiencies relating to two-factor authentication, data encryption, session timeout, monitoring and surveillance, among other areas.

Enforcement

SFC Suspends Former Licensed Rep for Over Discretionary Trading

By Editors | 22/09/2020

The former Ewarton Securities representative placed his own orders within 30 seconds ahead of those placed for the client’s account.

AML / KYC

HKMA Issues Revised AML/CFT Guideline for SVF Licensees

By Editors | 20/09/2020

SVF licensees are given until 2 July 2021 to implement appropriate measures consistent with the revised guideline, which includes guidance on remote on-boarding.

AML / KYC

SFC Revises AML/CFT Guidelines for Securities Sector

By Manesh Samtani | 20/09/2020

The proposed amendments seek to align the SFC’s guidelines with the FATF guidance for adopting a risk-based approach in the securities sector.

Securities / Derivatives

BlackRock Launches New ETF Tracking Hang Seng Tech Index

By Editors | 18/09/2020

BlackRock has become the fourth firm to roll out an ETF tracking the new Hang Seng Tech Index which tracks the 30 largest tech companies listed in Hong Kong.

Enforcement

SFC Fines BEA for 13 Year Failure to Segregate Client Securities

By Editors | 17/09/2020

There was no evidence of client loss as a result of BEA’s regulatory breaches, and the bank has undergone remedial actions to enhance its internal systems and controls.

HKMC Annuity Launches Video-Conferencing Application Service

By Editors | 17/09/2020

In a pilot run approved by the Insurance Authority under the Insurtech Sandbox, customers can apply for HKMC Annuity plans through video-conferencing.

Enforcement

SFC Bans Sponsor Principal for 20 Months Over 2017 IPO Application

By Manesh Samtani | 16/09/2020

Former Yi Shun Da Capital CEO breached the code of conduct and sponsor guidelines in his work on the listing application of Imperial Sierra Group in 2017.

Fintech / Regtech

BNP, Digital Asset to Develop DLT Connectivity to ASX, HKEX

By Editors | 15/09/2020

BNP Paribas Securities Services and Digital Asset have joined forces to design real-time trade and settlement apps using DAML smart contracts.