Securities and Futures Commission

Enforcement

Hong Kong: Appeals Tribunal Overturns Ban Against UBS Banker

By Editors | 07/06/2021

The SFAT concluded that the former UBS banker cannot be held personally responsible for the failings of the China Metal Recycling transaction team.

AML / KYC

Hong Kong’s Proposed Licensing Regime for VASPs

By Michael P Wong | 06/06/2021

Dechert partner Michael Wong looks at the potential impact of Hong Kong’s newly proposed licensing regime for virtual asset service providers.

HK to Exempt Top Execs of Financial Firms from Quarantine

By Sanday Chongo Kabange | 31/05/2021

Senior executives of licensed financial corporations or their overseas affiliates who are fully vaccinated, and meet the eligibility criteria, may apply for the exemption.

Enforcement

SFC Fines Ewarton Securities Over Staff Trading Controls

By Manesh Samtani | 27/05/2021

A lack of internal controls resulted in Ewarton’s failure to detect and prevent unauthorised or improper activities by a licensed representative.

AML / KYC

HKMA Urges Banks to Use iAM Smart in Remote Onboarding

By Manesh Samtani | 25/05/2021

The HKMA clarifies that when iAM Smart is used for identity verification, record keeping requirements may be met by retaining data obtained via API.

AML / KYC

Hong Kong to Bar Retail Investors from Crypto Trading

By Manesh Samtani | 24/05/2021

Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.

Enforcement

HKEX Finalises Rule Changes to Enhance Market Quality

By Manesh Samtani | 21/05/2021

HKEX will increase the profit requirement to HKD 80 million in combined profits over the three years. Proposals to enhance its disciplinary powers and sanctions will also be adopted.

Enforcement

SFC to Investigate, Punish Misconduct in ‘Problematic’ IPOs

By Manesh Samtani | 20/05/2021

In a joint statement with the stock exchange, the SFC says it will not hesitate to take enforcement action against intermediaries for IPO-related misconduct.

Market Infrastructure

HKEX Clears First SOFR-HONIA Cross Currency Swaps

By Editors | 18/05/2021

OTC Clear announced last week that it was launching clearing services for cross-currency interest rates swaps and basis swaps referencing HONIA and SOFR.