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Hong Kong Govt Enhances 100% Loan Guarantee Scheme
By Editors | 15/09/2020
The maximum loan amount and repayment period are being increased to further alleviate the cash flow pressure of SMEs, effective from Friday, 18 September.
Enforcement
SFC Issues Statement on Alleged Manipulation of Next Digital Shares
By Manesh Samtani | 14/09/2020
The SFC does not explicitly say whether it is investigating Next Digital trading activity or whether a request for assistance was received from police ahead of last week’s arrests.
Market Infrastructure
Changes to Hong Kong OFC Regime Take Effect Immediately
By Editors | 13/09/2020
Private OFCs are no longer subject to investment restrictions and securities brokers are now eligible to be OFC custodians, among other changes.
Fintech / Regtech
HSBC to Scrap More Fees for Hong Kong Retail Customers
By Manesh Samtani | 13/09/2020
A recent sequence of measures to shift to lower-cost, digital-first services for SME and retail customers is largely seen as a response competition from the new virtual banks.
Enforcement
HK Police Arrest 15 on Stock Manipulation Suspicions
By Sanday Chongo Kabange | 10/09/2020
Police believe the 15 individuals manipulated the stock price of Next Digital after its owner Jimmy Lai was arrested last month.
Fintech / Regtech
Mox Bank Launches Virtual Banking Services in Hong Kong
By Manesh Samtani | 09/09/2020
Mox Bank, backed by Standard Chartered, PCCW, HKT and Ctrip Financial, is first opening accounts for its 20,000 pre-registrants before it opens to the rest of the public.
Enforcement
SFC Seeks Damages for Tianhe Investors Over Defective Prospectus
By Editors | 07/09/2020
The SFC’s investigation revealed that about 53% of Tianhe’s total track record revenue disclosed in its 2014 IPO prospectus was overstated.
AML / KYC
Hong Kong Financial Firms Step Up Compliance Hiring – Report
By Editors | 07/09/2020
The demand for compliance staff has reportedly risen by a third in the past few months. Lawyers with sanctions expertise are in particularly high demand.
Fintech / Regtech
HKMA Directs Banks to Enhance Digital Lending Disclosures
By Manesh Samtani | 07/09/2020
Digital lending platforms have 12 months to enhance disclosures and transparency to ensure borrowers are made to understand the implications of their borrowing decisions.
Capital / Liquidity
HKEX Enhances Capital-based Position Limits for Options, Futures
By Manesh Samtani | 07/09/2020
SEOCH and HKCC clearing participants can apply to increase their capital-based position limits, provided they meet a set of criteria.
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