Hong Kong

Market Infrastructure

Singapore Bankers ‘Flooded’ With Inquiries from Hong Kong – Reports

By Editors | 16/07/2019

Following Hong Kong’s extradition bill protests, wealth managers and private banks have seen increased queries from clients looking to set up channels to move assets to Singapore.

Enforcement

SFC Fines Hong Kong Brokerage for Ineffective Short Selling Controls

By Editors | 16/07/2019

Glory Sun Securities has been fined HK$1.2m for failing to ensure compliance with short selling requirements. Two responsible officers and an account executive have also been suspended.

Capital / Liquidity

HKMA Asks Banks to Prepare Systems for Revised Leverage Ratio

By Editors | 15/07/2019

Both the revised leverage ratio treatment of client cleared derivatives and the revised disclosure requirements will come into effect in Hong Kong on 1 January 2022, in line with the BCBS timetable.

Enforcement

SFC Fines Celestial Commodities for Mishandling Client Money

By Editors | 10/07/2019

Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.

Securities / Derivatives

SFC Strengthens Protections for Client Assets Held by AIs

By Editors | 09/07/2019

Intermediaries and AIs must sign an acknowledgement letter making clear that assets held in designated client asset accounts are protected from recourse.

Securities / Derivatives

HKEX to Expand Closing Auction Session to All Equities, Funds

By Editors | 08/07/2019

The expansion will help improve trading liquidity at close, simplifying operations of market participants, and standardise closing times for equities.

Enforcement

SFC Warns Against Misconduct Involving Acquisitions, Disposals

By Editors | 06/07/2019

Directors of listed companies have a duty to exercise due and reasonable care, skill and diligence when evaluating or approving the acquisition or disposal of a company or business.

Enforcement

Goldman Banker Tim Leissner Banned for Life in Hong Kong

By Editors | 04/07/2019

Leissner’s conduct in relation to the Malaysian state fund 1MDB called into question his fitness and properness to be a licensed person, the SFC said.

Enforcement

Hong Kong Hedge Fund Penalised by CFTC, CME

By Editors | 04/07/2019

Elephas Investment Management was found to have violated wheat futures speculative position limits established by the CFTC.