Hong Kong

Capital / Liquidity

SFC Fines FWD Life for Noncompliance with Key Personnel Requirements

By Editors | 09/01/2019

FWD Life also failed to maintain satisfactory internal controls and written compliance procedures as required under the SFC Code on MPF Products and the Fund Manager Code of Conduct.

Market Infrastructure

Hong Kong Lawmakers Push for Consumer Data Protections – Report

By Editors | 08/01/2019

Lawmakers are pushing for greater oversight of credit reference agencies following the discovery of security loopholes in TransUnion’s online service for credit reports.

Securities / Derivatives

Hong Kong SFC Launches New Online Submission Portal

By Editors | 07/01/2019

All functions and submission services available on the existing SFC Online Portal will be migrated to the new platform in phases.

Market Infrastructure

SFC Fund Manager Code of Conduct – Five Important Next Steps

By Derek McGibney | 04/01/2019

Derek McGibney at ACA Compliance Group lays out the activities investment firms should be undertaking to ensure ongoing compliance with the FMCC.

Securities / Derivatives

HKEX Loosens Requirements to Participate in ETP Market Making

By Editors | 03/01/2019

HKEX has loosened the eligibility criteria and created a more flexible structure to allow global liquidity providers to provide market making for Hong Kong exchange-traded products.

AML / KYC

JPMorgan Hong Kong Fined for Inadequate AML/CTF Controls

By Editors | 30/12/2018

An HKMA investigation found that JPMorgan Hong Kong failed to establish and maintain effective controls for handling wire transfers, conducting CDD and monitoring business relationships.

Enforcement

Hong Kong Asset Manager Fined for Wash Trading

By Editors | 28/12/2018

The asset management firm was both the buyer and seller in a transaction between two of its brokers, which the SFC deemed was a wash trade.

Market Infrastructure

HKMA to Require Banks to Report on Culture Reform

By Editors | 20/12/2018

First phase of bank culture self-assessments will cover about 30 institutions, including all major retail banks and selected foreign bank branches.

Securities / Derivatives

Licensed Corporations Should Carefully Review Internal Controls – SFC

By Editors | 20/12/2018

The SFC has reviewed brokers’ internal control systems and found they are not adequately protecting client assets, supervising their staff or incentivising good compliance culture.