Securities and Futures Commission

SFC to Get Another Three Year Term from CEO Ashley Alder

By Editors | 18/05/2020

Alder was expected to step down in September, but has decided to stay on to ensure regulatory clarity through the current period of “exceptional stress”.

Enforcement

SFC Declines to Take Action Against HSBC for No-dividend Decision

By Editors | 15/05/2020

Some investors in HSBC alleged the bank failed to safeguard their interests. Others questioned whether the bank’s discussions with the Bank of England were disclosed in a timely manner.

ESG / Sustainability

Hong Kong Launches New Certification Scheme for ESG Funds

By Editors | 14/05/2020

The new green finance certification scheme for ESG funds is an extension of the HKQAA’s certification service for green funds, launched in September 2019.

Enforcement

Hong Kong: Investors Seek Compensation for Failed IPOs – Report

By Editors | 11/05/2020

The SFC has issued almost HK$1bn in penalties for IPO sponsor failures over 20 years. These proceeds have gone to the government, not investors.

Securities / Derivatives

SFC Defers IM Rules, Maintains 1 September for VM Requirements

By Editors | 07/05/2020

While variation margin requirements will still take effect from 1 September 2020 as planned, initial margin requirements for non-centrally cleared OTC derivatives will be deferred by one year.

Enforcement

SFC Fines Mega International Commercial Bank Over Sales Practices

By Editors | 07/05/2020

Mega did not properly assess clients’ investment objectives, risk tolerance levels and knowledge of derivatives, or ensure the suitability of its fund recommendations for clients.

Market Infrastructure

HK Regulators Establish Green and Sustainable Finance Steering Group

By Editors | 05/05/2020

Initiated by the HKMA and SFC, the Steering Group will coordinate across other agencies and sectors to position Hong Kong as a global leader in green and sustainable finance.

Securities / Derivatives

HK Govt Under Fire for ‘False’ Justification of Broker Subsidies

By Manesh Samtani | 03/05/2020

Average daily market turnover jumped 54.5% in Q1 2020 compared to Q4 2019, which has led to a corresponding increase in brokerage revenues and profits.

SFC Offers Guidance on Cyber Risk of Remote Office Arrangements

By Editors | 29/04/2020

In a circular, the SFC sets out examples of controls and procedures to help licensed corporations protect their internal networks and data.