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AML / KYC
HKMA Issues Clarification on Non-Face-to-Face Onboarding
By Editors | 24/08/2019
In line with SFC requirements, the HKMA says banks need not re-verify a client’s identity when opening an investment account if they’ve already done so for bank account opening.
Market Infrastructure
SFC Highlights Liquidity Risk Management Deficiencies at Funds
By Editors | 24/08/2019
The SFC asks fund managers to review their current policies, procedures, systems and processes and take immediate action to rectify any inadequacies or deficiencies.
Enforcement
HK Court Orders Confiscation of HK$1.46m from Former UBS Exec
By Editors | 21/08/2019
The case relates to the 2017 conviction of a former UBS associate director for accepting over HK$1.4mn in bribes from a Shenzhen-based client.
Enforcement
SFC, ICAC Formalise Cooperation Arrangement with MoU
By Editors | 20/08/2019
The MoU covers case referrals, joint investigations, the exchange and use of information, mutual provision of investigative assistance, and capacity building.
Securities / Derivatives
HKEX Proposes Changes to Pre-Open Session, Volatility Controls
By Editors | 19/08/2019
The proposals aim to improve market liquidity and global competitiveness of the Hong Kong market, HKEX says in a new consultation paper.
Enforcement
SFC Fines Sincere Securities for Internal Control Failings
By Editors | 16/08/2019
The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.
Enforcement
SFC Imposes Lifetime Ban on Former UBS Adviser
By Editors | 06/08/2019
More than 10 years ago, the adviser accepted HK$1.4m in bribes from a client, paid at a rate of 20% of portfolio gains.
Market Infrastructure
HKIFA Announces New Roadmap Pushing ESG Agenda
By Manesh Samtani | 02/08/2019
The HKIFA is advocating for fund documents to only be delivered to investors digitally by default, increased use of cloud for record keeping, and greater alignment with international standards.
Securities / Derivatives
SFC Raises Standards for Data Submissions by Brokers
By Manesh Samtani | 01/08/2019
In-scope brokers are expected to implement system changes and make other arrangements needed for compliance with the new Data Standards by end-October 2020.
Securities / Derivatives
Twenty Suspended Firms Face Permanent Delisting in Hong Kong
By Editors | 30/07/2019
Of the 22 firms that were already suspended last August when new rules took effect, only two have so far been given the green light for their shares to resume trading.
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