Hong Kong

Fintech / Regtech

UPDATED – ZA Bank Becomes First HK Virtual Bank to Launch Pilot Services

By Editors | 19/12/2019

ZA Bank, backed by ZhongAn and Sinolink Group, has launched services for 2,000 selected users to test under the HKMA’s sandbox mechanism.

Securities / Derivatives

HKEX to Include Climate Risk Disclosures in ESG Framework

By Manesh Samtani | 19/12/2019

Listed companies will have to disclose climate-related issues on a ‘comply or explain’ basis, HKEX said in its conclusions from a May consultation to update its ESG reporting framework

Securities / Derivatives

SFC Concludes Consultation on OTC Derivatives Margin Requirements

By Manesh Samtani | 19/12/2019

IM requirements will be phased in for firms with AANA exceeding HK$375bn starting from 1 September 2020, the same date VM requirements take effect.

AML / KYC

ICAC Charges Two in Bribery Scheme to Circumvent China Capital Controls

By Editors | 19/12/2019

A former CITIC branch manager accepted over HK$1mn in commissions for referring 6 bank clients to a money exchange company to remit money from the Mainland to Hong Kong.

Capital / Liquidity

HKMA Moderates Approach to Implementing Market Risk Framework

By Editors | 18/12/2019

The HKMA says it will finalise Hong Kong’s timeline when there is more clarity on the implementation status in other major jurisdictions.

Enforcement

SFC Bans Two Individuals for Window-Dressing Scheme

By Editors | 17/12/2019

For 3 years, the month-end liquid capital of W. Falcon Asset Management was falsely inflated with amounts on cheques that were later dishonoured.

Securities / Derivatives

SFC to Allow Hong Kong ETFs to Invest in Overseas Master ETFs

By Editors | 17/12/2019

The SFC will authorise index tracking feeder ETFs that want to invest in an overseas-listed, non-SFC authorised master ETF on a case-by-case basis.

ESG / Sustainability

Asset Managers Looking to Boost ESG, Climate Efforts: SFC

By Manesh Samtani | 17/12/2019

There is significant interest among asset management firms to step up their ESG efforts and management of environmental and climate risks, an SFC survey has found.

AML / KYC

HKMA Asks Banks, SVFs to Assess AML/CFT Risks of VASP Dealings

By Editors | 17/12/2019

Authorised institutions and SVF licensees should conduct appropriate risk assessments to differentiate the risks of the individual virtual asset service providers they deal with, the HKMA says.