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Fintech / Regtech
SFC Issues Guidance on Outsourcing of Data Storage
By Editors | 01/11/2019
Licensed corporations must ensure cyber and operational risks are properly mitigated and that the SFC’s access to regulatory records is not restricted or otherwise undermined.
Enforcement
SFC Fines China Rise for Short Selling, Cross Trading Breaches
By Editors | 31/10/2019
China Rise’s former CEO placed 199 illegal short selling orders in 2014, and an unnamed senior manager executed cross trades at a price detrimental to the client.
Fintech / Regtech
HKMA Stresses Consumer Protection Ahead of Open Banking Phase II
By Editors | 30/10/2019
The HKMA outlines its expectations for the consumer protection practices financial institutions should adopt for Open API Phase II and beyond.
Securities / Derivatives
HKEX Issues Guidance for Overseas Companies Seeking HK Listings
By Editors | 29/10/2019
The guidance materials have been enhanced to improve access to the Hong Kong market and to facilitate the application process.
Enforcement
ICAC Charges Two for Conspiracy to Defraud Five HK Banks
By Editors | 28/10/2019
Two operators of an SME conspired to defraud DBS Bank, HSBC, ICBC, Dah Sing Bank, Wing Hang Bank, the Trade and Industry Department, and the Hong Kong Mortgage Corporation.
Fintech / Regtech
HKMA Updates Guidance on E-Banking Risk Management
By Editors | 25/10/2019
The updated supervisory policy manual seeks to strengthen risk management controls in electronic banking channels by providing more principle-based guidance.
Enforcement
UBS Identifies ‘Inappropriate Spreads’ Charged to HK, SG Clients
By Editors | 24/10/2019
UBS may have charged some wealth management clients booked in Hong Kong and Singapore ‘inappropriate spreads’ on debt securities transactions between 2008 and 2015.
Enforcement
IPO Sponsors, Underwriters Are ‘Guardians of Market Quality’: SFC
By Manesh Samtani | 22/10/2019
The SFC expects sponsors to conduct sufficient due diligence to properly understand and assess the companies seeking to be listed, and to ensure red flags are properly followed up.
Capital / Liquidity
The Supervisory Answer to Hong Kong’s Worsening Economic Performance
By Pierre Latrobe | 22/10/2019
Pierre Latrobe at Mazars discusses the measures the HKMA has taken so far to strengthen its macroprudential supervisory toolkit and address potential risks to the wider financial system.
Securities / Derivatives
SSE, SZSE Grant Stock Connect Access to HK Dual Class Shares
By Editors | 22/10/2019
The rule changes come over a year after the China and Hong Kong bourses started working towards including dual class shares in Stock Connect.
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