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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.
Market Infrastructure
Hong Kong, Mainland Exchanges to Include ETFs in Stock Connect
By Editors | 28/12/2021
Eligible ETFs will be included in Stock Connect. Business and technical preparations are expected to take about six months to complete.
Securities / Derivatives
HKEX Finalises Framework for SPAC Listings in Hong Kong
By Manesh Samtani | 20/12/2021
The new framework takes effect on 1 January. A SPAC’s securities must be distributed to at least 20 institutional professional investors, down from 30 proposed during consultation.
ESG / Sustainability
HK Steering Group Announces Next Steps in Green Transition
By Editors | 18/12/2021
HKMA to develop new ECF module on Green and Sustainable Finance. Steering Group to explore local taxonomy and voluntary carbon market.
AML / KYC
SFC Fines Mason Securities for AML Breaches
By Editors | 17/12/2021
In deciding the disciplinary sanction, the SFC took into account the “extensive period of time” over which the failures occurred.
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