Securities and Futures Commission

AML / KYC

SFC Fines South China Commodities for AML Breaches

By Editors | 14/02/2022

This is the third action the SFC has taken against a licensed firm over the use of Xinguanjia, a customer supplied system provided by Hengxin Software.

AML / KYC

HK Gov Issues Discussion Paper on Proposed VASP Regime

By Manesh Samtani | 11/02/2022

Licensing will be available to companies incorporated elsewhere as long as they have a registration in Hong Kong.

Securities / Derivatives

HKEX Calls for Improved Transparency in Annual Reports

By Editors | 02/02/2022

HKEX has referred cases to the SFC involving newly listed issuers entering investments or arrangements with the professional parties who helped them list.

AML / KYC

HKMA, SFC Allow Intermediaries to Offer Crypto Services

By Manesh Samtani | 31/01/2022

Authorised institutions and licensed corporations wishing to offer virtual asset dealing services can do so only by partnering with SFC-licensed trading platforms.

Enforcement

SFC Fines Citigroup Asia Unit for Client Facilitation Misconduct

By Editors | 28/01/2022

Deceptive practices were deployed at the expense of clients’ best interest and to the detriment of market integrity, said SFC chief Ashley Alder.

Market Infrastructure

ASIC, SFC Offer Guidance on FX Practices Following Joint Review

By Manesh Samtani | 27/01/2022

Financial groups should promote a strong risk culture, put in place appropriate supervision and surveillance, and ensure fairness and transparency in trade execution.

AML / KYC

SFC Fines Zhonghui International Futures for KYC/AML Failures

By Manesh Samtani | 20/01/2022

This is the second fine imposed against a firm over the use of a customer supplied system called Xinguanjia, which allows the creation of subaccounts that can be operated by a third party.

Fintech / Regtech

HKMA to Introduce Regulatory Framework for Stablecoins

By Mark Johnston | 13/01/2022

Only Hong Kong incorporated entities licensed by the HKMA would be allowed to actively market stablecoins to the local public.

AML / KYC

SFC Fines Grand International Futures for AML Breaches

By Editors | 02/01/2022

Grand International Futures did not conduct due diligence on customer supplied systems, resulting in thier use to create subaccounts and solicit investment from Mainland investors.