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Securities / Derivatives
SFC Raises Concerns with Leveraged Foreign Exchange Trading
By Editors | 10/04/2020
Brokers reported that more than 60% of clients who engage in leveraged foreign exchange trading made net trading losses, some in excess of HK$1mn.
Capital / Liquidity
HKMA Reduces AIs’ Regulatory Reserve Requirement
By Editors | 08/04/2020
The regulatory reserve release should be used to support customers impacted by Covid-19, and not to distribute dividends, buy back shares or pay bonuses.
Securities / Derivatives
Hong Kong to Implement Paperless Securities Market from 2022
By Editors | 08/04/2020
Submissions to a January 2019 consultation indicate strong support for the implementation of an uncertificated securities market in Hong Kong.
AML / KYC
HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges
By Editors | 07/04/2020
AIs and SVF licensees are encouraged to continue the provide the public convenient account opening and access to banking and payment services.
Fintech / Regtech
In-Depth: Making Sense of Digital Bank Policy
By Jamie Lloyd Evans | 07/04/2020
Industry veteran Jamie Lloyd Evans takes a detailed look at digital banking regimes in Asia, and the stated – and unstated – motivations behind them.
Enforcement
SFC Fines HSBC Units for Cash Management Failures at Funds
By Editors | 07/04/2020
The identified concerns have all since been rectified, and the two units have agreed to pay over $430,000 into the affected funds, on top of a $451,000 fine from the SFC.
Capital / Liquidity
HKMA Sets Out Treatment of Loans Under 100% Guarantee Scheme
By Editors | 06/04/2020
IRB AIs should seek the HKMA’s exemption approval to apply the standardised approach for SME loans granted under the 100% Guarantee Scheme.
Capital / Liquidity
HKMA Frees Up Regulatory Reserves, Liquidity Buffers for Banks
By Editors | 05/04/2020
Regulatory reserves held against possible credit losses will be reduced by half. Banks are encouraged to use liquidity buffers built up under the LCR and LMR regimes.
AML / KYC
Hong Kong: SME Director Pleads Guilty to Defrauding 5 Banks
By Editors | 02/04/2020
DBS, HSBC, ICBC, Dah Sing Bank and Wing Hang Bank were defrauded of about HK$47.5mn in loans and banking facilities.
Securities / Derivatives
Banks Scrap Dividends, Buybacks Amid Regulatory Pressure
By Manesh Samtani | 02/04/2020
HSBC and Standard Chartered are among the banks that have scrapped their 2019/2020 dividends and agreed not to buy back shares.
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