Hong Kong

Securities / Derivatives

SFC Issues Update on ‘Front Loaded’ Approach to Listing Rules

By Editors | 22/02/2019

The SFC “will not hesitate to intervene at an early stage” when it has serious concerns about IPO applications or post-IPO corporate transactions.

Enforcement

CSRC Probes Losses at GF Securities Hedge Fund

By Editors | 21/02/2019

The CSRC is seeking details about large trading losses at a hedge fund managed by GF Securities’ Hong Kong unit. Citigroup faces up to $180mn in losses on a loan to the fund.

Enforcement

Hong Kong Finance Manager Convicted of Insider Dealing

By Editors | 21/02/2019

A GEM stock finance manager was in possession of inside information related to unaudited losses and an impending share suspension when he and his father sold their shares in the company.

Market Infrastructure

HKMA, PBOC Collaborate on Cross Border Financial Services – Report

By Editors | 20/02/2019

As part of a plan to develop the Greater Bay Area, the HKMA and PBOC are reportedly planning to work together on the introduction of cross-border mobile payments and other financial services.

AML / KYC

SFC Fines Guosen Securities $1.94mn for AML Breaches

By Editors | 19/02/2019

The Hong Kong unit of Guosen Securities failed to make enquiries into or report thousands of suspicious third party deposits.

AML / KYC

HKMA’s Regulatory Expectations of Remote Customer On-boarding

By Editors | 05/02/2019

Remote onboarding technology should be able to authenticate customer identities through document image acquisition and “incontrovertibly” link identities through biometrics.

Securities / Derivatives

UPDATED – Hong Kong SFC Revamps Licensing Processes

By Editors | 04/02/2019

The move is aimed at halting “rolling bad apples” in their tracks by requiring firms to provide the SFC with details about employee departures, says Herbert Smith Freehills.

Market Infrastructure

JPM Asset Management Approved to Sell HK Funds in China

By Editors | 30/01/2019

Two of JPMorgan’s Hong Kong funds have been approved for distribution in China under the Mutual Recognition of Funds scheme.

Market Infrastructure

Hong Kong Seeks Market Views on Paperless Securities Market

By Editors | 29/01/2019

Hong Kong is seeking industry feedback on plans to introduce new systems for a paperless securities market to enhance global competitiveness and increase market efficiency.