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Market Infrastructure
10,000 Individuals Register Under Hong Kong MIC Regime
By Editors | 19/10/2017
About 40% of individuals to have registered under MIC so far are unlicensed as they are in charge of operations or control functions, SFC says.
Capital / Liquidity
HK Legco to Consider Recovery Planning, Large Exposures Bill
By Editors | 19/10/2017
Banking Ordinance already includes resolution, but not recovery, requirements; HKMA to retain ‘general power’ on exposure limits.
AML / KYC
FIs No Longer Have to Verify Client Addresses for AML/CTF – HKMA
By Editors | 12/10/2017
AML/CTF regulations to be changed; banking regulator says any current absence of address verification will be seen as justified.
AML / KYC
HKMA Launches Smart Banking Initiative Including Enhanced Sandbox
By Samuel Riding | 29/09/2017
In addition to the enhanced sandbox, HKMA will also work on a new payment system, minimising regulatory friction in onboarding and other services.
Capital / Liquidity
Hong Kong Belatedly Joins Singapore in Pushing Back IRRBB
By Editors | 28/09/2017
Implementation delayed by a year as firms say they might not have met original deadline due to having to make substantial changes to reporting systems.
Fintech / Regtech
Hong Kong Monetary Authority Sends Fintech Delegation to London
By Editors | 21/09/2017
Central bank and apex regulator says delegation is the largest it has ever put together, will meet London start-ups and accelerator programmes.
AML / KYC
HK SFC, Police Join Forces to Combat Financial Crime
By Samuel Riding | 29/08/2017
Agreement aims to clamp down on financial crime via securities markets; SFC has identified ‘multiple weaknesses’ in broker AML/CTF.
Fintech / Regtech
HKMA Launches New Round of Trade Repository Testing
By Editors | 28/08/2017
Two-stage testing of Phase 2 reporting to depository covers interest rate, foreign exchange, equity, credit and commodity derivatives.
HKEX Risks Tech Firms’ Disfavour
By Peter Guy | 28/08/2017
HKEX needs to develop regulations and boards to accommodate the entire chain of technology from start-ups to unicorns.
AML / KYC
HKMA Collecting UnionPay ATM Withdrawal Data
By Garima Chitkara | 10/08/2017
Regulator has asked for number of withdrawals and amounts to regulate the use of UnionPay cards in Hong Kong.
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