Hong Kong

Securities / Derivatives

HKEX Proposes Changes to Pre-Open Session, Volatility Controls

By Editors | 19/08/2019

The proposals aim to improve market liquidity and global competitiveness of the Hong Kong market, HKEX says in a new consultation paper.

Enforcement

Hong Kong Banks Under Scrutiny for Chinese Lending – Report

By Manesh Samtani | 16/08/2019

The HKMA has reportedly been investigating several Hong Kong lenders for financing large scale overseas asset purchases by Chinese conglomerates.

Enforcement

SFC Fines Sincere Securities for Internal Control Failings

By Editors | 16/08/2019

The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.

Enforcement

CSRC Imposes Six-Month Business Restriction on GF Securities

By Editors | 09/08/2019

The CSRC cited risk management and control deficiencies as reasons for the restrictions, after a hedge fund set up by the broker reported losses of $139mn for 2018.

Market Infrastructure

Cayman ‘Economic Substance’ Rule Hits Hong Kong Hedge Funds

By Editors | 06/08/2019

The new rule requires investment managers to demonstrate ‘economic substance’ in Cayman to continue operating by setting up offices, moving teams over or outsourcing activities to local firms.

Enforcement

SFC Imposes Lifetime Ban on Former UBS Adviser

By Editors | 06/08/2019

More than 10 years ago, the adviser accepted HK$1.4m in bribes from a client, paid at a rate of 20% of portfolio gains.

Securities / Derivatives

SSE, SZSE Set to Allow Trading in HK-Listed Dual Class Shares

By Editors | 05/08/2019

The Shanghai and Shenzhen stock exchanges are consulting on rule changes that will allow Chinese investors to trade Hong Kong-listed dual-class shares via Stock Connect.

Big Picture

Singapore: Two-Thirds of Consumers Willing to Try Digital Banks

By Editors | 03/08/2019

A JD Power survey has found that 65% of Singapore customers are interested in opening digital bank accounts. The survey ranked HSBC first, OCBC second and DBS third in customer satisfaction.

Market Infrastructure

HKIFA Announces New Roadmap Pushing ESG Agenda

By Manesh Samtani | 02/08/2019

The HKIFA is advocating for fund documents to only be delivered to investors digitally by default, increased use of cloud for record keeping, and greater alignment with international standards.