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Enforcement
SFC Publicly Criticises CICC Units for Breaching Takeovers Code
By Editors | 19/06/2020
CICC and CICC Financial Trading – as associates of the CICC securities unit advising on certain offers – dealt in the relevant securities without making timely disclosures.
Securities / Derivatives
SFC to Narrow Scope of OTC Derivatives Licensing Regime
By Manesh Samtani | 10/06/2020
The OTC derivatives licensing regime will not capture corporate treasury activities of non-financial groups, portfolio compression services, and certain portfolio management activities.
Securities / Derivatives
SFC Proposes to Grant Greater Investment Flexibility to REITs
By Editors | 09/06/2020
REITs will be given more flexibility to invest in minority-owned properties and property development projects, and borrowing limits will be increased.
Capital / Liquidity
SFC Fines Potomac Capital for Breaching Financial Resources Rules
By Editors | 08/06/2020
Potomac misinterpreted the financial resources rules and incorrectly including aged fees receivables as liquid assets, leading to an overstatement of liquid capital.
Securities / Derivatives
HKEX Continues to Bolster Derivatives Product Ecosystem
By Manesh Samtani | 02/06/2020
HKEX is launching silver futures and four new rupee futures contract months, on top of new derivative products linked to MSCI indices and a new set of exchange-traded products.
Enforcement
SFC Bans Guosen Fund Manager for Violating Staff Trading Policies
By Editors | 29/05/2020
The fund manager concealed his beneficial interests, direct control and trading activities in securities accounts held at an external brokerage.
Securities / Derivatives
SFC to Allow Leveraged, Inverse ETFs Tracking Mainland Indices
By Editors | 24/05/2020
The SFC is prepared to initially only accept ‘swap-based’ L&I products tracking Mainland equity indices, with a leverage factor up to 2x, or negative 1x for inverse products.
Securities / Derivatives
Hong Kong: Securities Industry Subsidies to be Available from 25 May
By Editors | 20/05/2020
A cash subsidy of HK$50,000 will be available for securities firms ranked 15th onwards by market turnover, and HKD 2,000 for each individual licensed by the SFC.
Enforcement
SFC Fines Convoy Asset Management Over Bond Sales
By Editors | 20/05/2020
The firm failed to comply with product due diligence requirements, client suitability obligations and specific guidance on the sale of fixed income products.
Securities / Derivatives
HKMA, SFC to Jointly Review OTC Product Pricing at Intermediaries
By Manesh Samtani | 19/05/2020
The thematic review will assess the spreads intermediaries charge for non-exchange traded investment products such as bonds and structured products.
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