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Enforcement
EY, Two Partners Fined for Audit Failures on 20-Year Old Stock Listings
By Garima Chitkara | 27/08/2018
EY and two of its partners were collectively fined HK$700,000 plus HK$1.5mn in legal costs for failing to properly audit the financial statements of three firms that went bust soon after being listed.
Enforcement
Hong Kong Forex Broker Fined for Mishandling Client Money
By Editors | 23/08/2018
HPI Forex Limited transferred client money from segregated client account to two overseas brokers, breaching the Code of Conduct and the SFC’s client money rules.
Fintech / Regtech
Virtual Banks in Hong Kong: Bringing Risks and Opportunities To Asia
By Kristi Swartz | 21/08/2018
A new era of smart banking in Hong Kong is anticipated to begin at the end of this year with the establishment of virtual banks. Competent players will embrace enormous opportunities to challenge the city’s traditional banking model.
Securities / Derivatives
Hong Kong SFC Proposes New Rules For Securities Margin Financing
By Garima Chitkara | 20/08/2018
The regulator has launched a two-month consultation around stronger risk management standards to govern securities margin financing.
AML / KYC
HKMA Reprimands, Fines Shanghai Commercial Bank for AML/CFT Failures
By Editors | 20/08/2018
The bank was fined HK$5mn for ineffective procedures for continuous monitoring of business relationships and due diligence on pre-existing customers.
Securities / Derivatives
Stock Connect ID System for Northbound Trades Slated for September Launch
By Editors | 13/08/2018
Northbound investor ID system is scheduled to be implemented on 10 September, pending market readiness and regulatory approval, and will not affect the business of existing market participants.
Capital / Liquidity
Indian Government Urges RBI to Ease Bank Capital Rules
By Editors | 10/08/2018
Under Basel III rules, banks would need to hold CET1 capital of 4.5% of RWAs, compared to the 4.5% now required of Indian banks.
Fintech / Regtech
Financial Regulators Consult on ‘Global Sandbox’ Approach
By Manesh Samtani | 09/08/2018
HKMA, MAS, ASIC among 12 regulators seeking views from interested parties on new Global Financial Innovation Network initiative, including its role, tools and where it should prioritise activity.
AML / KYC
Account Opening Woes Causing Loss of Business in Hong Kong – HKICS
By Garima Chitkara | 07/08/2018
HK Institute of Chartered Secretaries survey found 68% of member believe Hong Kong has been losing out on businesses because of non-transparent and onerous bank account opening processes.
Securities / Derivatives
SFC Warns Against Disguised Margin Financing
By Editors | 06/08/2018
Suspected margin financing arrangements involve unlicensed affiliates of licensed corporations or third parties who appear to be engaging in securities margin financing without an SFC licence in order to circumvent regulatory requirements.
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