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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.
Securities / Derivatives
China Exempts Mainland Investors from Tax on Hong Kong Funds
By Editors | 19/12/2018
Chinese regulators have applied a one year income tax exemption for mainland investors buying and selling Hong Kong funds through the mutual recognition of funds scheme.
Capital / Liquidity
HKMA Asks Local Banks to Study Latest Pillar 3 Requirements
By Editors | 19/12/2018
The HKMA advises banks to start considering the system changes necessary to implement the Basel Committee’s latest Pillar 3 disclosure requirements.
Capital / Liquidity
HKMA Issues Revised SPM for Local IRRBB Implementation
By Editors | 17/12/2018
Authorised institutions should be ready to measure and report IRRBB exposures using the new standardised framework by 1 July 2019.
Market Infrastructure
Hong Kong Faces Skills Shortage in Fintech, Cybersecurity – Survey
By Editors | 17/12/2018
Fintech and cybersecurity were viewed as the areas with the largest skills shortage, followed by a skills gap in regulatory and compliance knowledge.
AML / KYC
Stock Connect to Introduce Investor ID Regime for Southbound Trading
By Editors | 17/12/2018
Launched on 26 September for northbound trading, the investor identification regime will be introduced for southbound trading by the end of Q1 2019.
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