Hong Kong

Fintech / Regtech

HK Brokers Rush to Comply with SFC Cybersecurity Rules

By JP Reimann | 18/04/2018

Several online brokers had been hoping for a delay, tech advisory firm suggests some are ‘willing to trade a little security for convenience’.

AML / KYC

HK Banks Introducing Biometrics Expected to Comply With IT Upgrade Guidelines

By JP Reimann | 17/04/2018

Secretary for Financial Services and the Treasury expects banks to comply with requirements of HKMA personal data privacy ordinance.

Enforcement

SFC Reprimands, Fines Nomura’s Instinet $2.2mn

By Editors | 16/04/2018

The firm failed to put in place reasonable controls to ensure non-proprietary orders received execution priority, prevent erroneous and disorderly orders being sent to the market.

Fintech / Regtech

SFC Eying Rules on Instant Message Trade Orders

By Samuel Riding | 16/04/2018

Executive director also says regulator to develop common standard on the content and format of data required to be kept by investment firms.

Market Infrastructure

PBOC Confirms Financial Sector ‘Opening up’ Plans

By Samuel Riding | 14/04/2018

Governor Yi Gang confirms there will eventually be no limits on foreign ownership of financial institutions; quadruples Stock Connect quotas.

Fintech / Regtech

HKMA, HKEX Adopt New Messaging Standard

By Editors | 13/04/2018

Monetary authority and stock exchange to use messaging system across cross-border payments and remittances, support ‘open banking’.

Securities / Derivatives

SFC Identifies Best Practices for Alternative Liquidity Pools

By Editors | 10/04/2018

ALP operator guidelines should include third-party order routing and information about prioritisation for orders simultaneously posted to exchanges; all ALP users should be qualified investors.

Fintech / Regtech

SFC Issues Robo-advice Guidelines

By Samuel Riding | 29/03/2018

Robo-advice platforms should explain how their underlying algorithms operate, ensure regular testing to ensure they remain fit for purpose.

Market Infrastructure

Hong Kong Issues LEI, Platform Trading Consultation for OTC Derivatives

By Samuel Riding | 29/03/2018

Paper says adopting LEIs should be mandatory for most market participants within six months of consultation conclusions being published.