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Securities / Derivatives
Hong Kong Cracks Down on Backdoor Listings, Shell Activities
By Editors | 28/07/2019
Effective from 1 October, new rules from HKEX will prohibit large disposals of businesses or assets by listed companies for three years following a change in control.
Enforcement
Hong Kong ICAC Charges Five More Individuals in Convoy Case
By Editors | 23/07/2019
Six individuals are now charged with conspiracy to defraud the Hong Kong stock exchange and the board of directors, shareholders and investors of Convoy.
Enforcement
S. Korea Forms Special Unit to Investigate Unfair Trading
By Editors | 18/07/2019
The squad comprises 16 special judicial police officers, one FSC public official and 15 FSS employees, tasked with handling unfair trading cases under the command of Seoul prosecutors.
Enforcement
SFC Fines Hong Kong Brokerage for Ineffective Short Selling Controls
By Editors | 16/07/2019
Glory Sun Securities has been fined HK$1.2m for failing to ensure compliance with short selling requirements. Two responsible officers and an account executive have also been suspended.
Enforcement
SFC Fines Celestial Commodities for Mishandling Client Money
By Editors | 10/07/2019
Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.
Securities / Derivatives
SFC Strengthens Protections for Client Assets Held by AIs
By Editors | 09/07/2019
Intermediaries and AIs must sign an acknowledgement letter making clear that assets held in designated client asset accounts are protected from recourse.
Enforcement
SFC Warns Against Misconduct Involving Acquisitions, Disposals
By Editors | 06/07/2019
Directors of listed companies have a duty to exercise due and reasonable care, skill and diligence when evaluating or approving the acquisition or disposal of a company or business.
Enforcement
Goldman Banker Tim Leissner Banned for Life in Hong Kong
By Editors | 04/07/2019
Leissner’s conduct in relation to the Malaysian state fund 1MDB called into question his fitness and properness to be a licensed person, the SFC said.
Enforcement
SFC Gains Access to Mainland Audit Papers for Investigations
By Editors | 04/07/2019
The MOF and CSRC agree to provide the “fullest assistance” in response to SFC requests for investigative assistance regarding the provision of audit working papers.
Securities / Derivatives
Hong Kong Finalises List of FSPs Under Clearing Obligation
By Editors | 01/07/2019
The list of Financial Services Providers identifies major dealers outside Hong Kong that are under the clearing obligation.
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