Hong Kong

Securities / Derivatives

Hong Kong Passes Profits Tax Exemption Bill for Funds

By Editors | 25/02/2019

The Bill seeks to enhance the competitiveness of Hong Kong’s tax regimes by creating a level playing field for all funds operating in the city.

HKMA Chief of Ten Years Set to Retire in September

By Editors | 22/02/2019

Norman Chan will leave behind a healthy banking industry with strong capital ratios and low bad debt levels. A selection panel will identify the HKMA’s next chief.

Market Infrastructure

HKMA Turns Up the Heat, Announces Consultation on IBOR Transition

By Will Hallatt | 22/02/2019

The outcome of the HKMA and TMA consultation will be a turning point for financial services firms preparing for life after LIBOR, says international law firm Herbert Smith Freehills.

Securities / Derivatives

SFC Issues Update on ‘Front Loaded’ Approach to Listing Rules

By Editors | 22/02/2019

The SFC “will not hesitate to intervene at an early stage” when it has serious concerns about IPO applications or post-IPO corporate transactions.

Enforcement

CSRC Probes Losses at GF Securities Hedge Fund

By Editors | 21/02/2019

The CSRC is seeking details about large trading losses at a hedge fund managed by GF Securities’ Hong Kong unit. Citigroup faces up to $180mn in losses on a loan to the fund.

Enforcement

Hong Kong Finance Manager Convicted of Insider Dealing

By Editors | 21/02/2019

A GEM stock finance manager was in possession of inside information related to unaudited losses and an impending share suspension when he and his father sold their shares in the company.

Market Infrastructure

HKMA, PBOC Collaborate on Cross Border Financial Services – Report

By Editors | 20/02/2019

As part of a plan to develop the Greater Bay Area, the HKMA and PBOC are reportedly planning to work together on the introduction of cross-border mobile payments and other financial services.

AML / KYC

SFC Fines Guosen Securities $1.94mn for AML Breaches

By Editors | 19/02/2019

The Hong Kong unit of Guosen Securities failed to make enquiries into or report thousands of suspicious third party deposits.

AML / KYC

HKMA’s Regulatory Expectations of Remote Customer On-boarding

By Editors | 05/02/2019

Remote onboarding technology should be able to authenticate customer identities through document image acquisition and “incontrovertibly” link identities through biometrics.