Hong Kong

    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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