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Hong Kong
Capital / Liquidity
HKMA Proposes Revisions to Guidance on Fair Value Practices
By Manesh Samtani | 14/08/2024
The HKMA said the guidance is “especially important for positions without quoted prices in active markets or observable inputs to valuation, as well as less liquid positions.”
AML / KYC
Four Arrested by HK Customs in HK$1.5b Money Laundering Case
By Editors | 10/08/2024
The arrestees allegedly used 39 bank accounts, six shell companies and cryptocurrency to launder crime proceeds from across the APAC region.
Enforcement
Evergrande Liquidators Are Suing PwC for Damages – Report
By Editors | 09/08/2024
The writ of summons accuses PwC of breach of contract, breach of duty, misrepresentation, negligence, and/or unjust enrichment.
Enforcement
Ex-China Forestry Execs Found Culpable of Market Misconduct
By Sanday Chongo Kabange | 08/08/2024
Former CEO and former chairman culpable for disclosing false information in China Forestry’s IPO prospectus, annual results, and annual report in 2008 and 2009.
AML / KYC
HKMA Issues Circular on Changes to Tax Reporting Jurisdictions
By Sanday Chongo Kabange | 08/08/2024
The HKMA said banks are expected to treat customers fairly and minimise their burden when reporting their tax information.
Crypto / Digital Assets
Mox Becomes First HK Virtual Bank to Offer Crypto ETFs
By Sanday Chongo Kabange | 08/08/2024
Mox customers can invest in bitcoin and ether ETFs listed in Hong Kong and the US via the bank’s mobile app.
Fintech / Regtech
HKMA Consults on Renaming ‘Virtual Banks’ as ‘Digital Banks’
By Sanday Chongo Kabange | 07/08/2024
HKMA also published the results of its review of the industry, saying the requirement for virtual banks to primarily deliver retail banking services will be removed.
AML / KYC
HKMA Expands FINEST Platform to Ten Participating Banks
By Editors | 07/08/2024
HKMA’s Raymond Chan said the proposal to expand FINEST to allow sharing of personal account information received broad support.
Fintech / Regtech
HKMA Looks to Bolster Internal Cybersecurity Capabilities
By Manesh Samtani | 07/08/2024
HKMA is planning to deploy a new solution to help it identify “assets, vulnerabilities, and potential entry points that could be targeted by attackers” and manage its attack surface.
Market Infrastructure
HKEX to Hold Practice Session for Severe Weather Trading
By Sanday Chongo Kabange | 06/08/2024
The 24 August session is intended to help EPs prepare for implementation of Severe Weather Trading (SWT) arrangements next month.
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