Hong Kong

Capital / Liquidity

HKMA Imposes Enhanced Supervisory Arrangements on Indian Bank Branches

By JP Reimann | 14/06/2018

Due to capital deficiencies, the Hong Kong branches of Allahabad Bank, Punjab National Bank and Indian Overseas Bank must hold HQLA equivalent to 100% of unpledged deposits and should not solicit customer deposits, among other measures.

Market Infrastructure

HKMA Adds Two Additional Phases to Cyber Resilience Assessment

By JP Reimann | 14/06/2018

Second phase to cover 60 authorised institutions with higher risk, third phase to cover about 90 remaining institutions; HKMA expressed concern about lack of qualified C-RAF assessors.

Enforcement

China, Hong Kong to Deepen Cross-Boundary Market Surveillance

By JP Reimann | 14/06/2018

Regulators discussed collaboration on market surveillance, intelligence sharing, coordinated investigations, and the establishment of a notification mechanism for cases involving dual listed shares and cross-boundary market misconduct.

Market Infrastructure

Hong Kong, Japan to Cooperate on Commodity Market Development

By Manesh Samtani | 12/06/2018

HKEX and Tokyo Commodity Exchange MoU to promote cooperation through information exchanges, staff exchanges, product development and joint promotion.

Enforcement

CBIRC, SFC to Cooperate on Cross Border Supervision

By JP Reimann | 11/06/2018

New MoU to facilitate information exchange in the interest of investor protection, promoting competence and integrity of regulated entities, market and financial integrity, and maintaining financial stability.

Crypto / Digital Assets

HKMA Finalises Virtual Bank Rules, Applications Now Open

By JP Reimann | 01/06/2018

Regulator publishes final guidelines but no change in capital requirements; companies seeking inclusion in first batch of virtual bank applications can apply by 31 August.

Enforcement

SFC Fines Hang Seng Asset Management Arm

By JP Reimann | 01/06/2018

Hang Seng Investment Management fined HK$3mn for cash management failures involving SFC-authorised funds it manages from 2010 to 2016.

Enforcement

SFC Fines Wealth Manager Noah Holdings for Internal Control Failures

By JP Reimann | 30/05/2018

The firm was fined HK$5mn for failures in client risk profiling and product due diligence, resulting in potentially unsuitable investment products being sold to clients.

Market Infrastructure

MAS, HKMA Commit to FX Global Code

By Editors | 30/05/2018

Over 200 global FX market participants have committed to the Code to maintain status as central bank counterparties.