The use of electronic data storage as a means to store information and documents is increasingly prevalent – generally and amongst licensed corporations. However, regulatory requirements in Hong Kong around keeping of records...more
Banks, asset managers and insurers have 18 months to introduce and implement environmental risk management practices in accordance with new Guidelines on Environmental Risk Management. The Guidelines were issued by the...more
Recent annual and quarterly reports published by Hong Kong’s Securities and Futures Commission (the SFC) highlight the SFC’s regulatory work for the period dated April 2019 to March 2020 (the 2019/2020 Period), and the period...more
The SFC published its annual report for 2019/2020 in June and has also published its quarterly report for Q2 2020. -
These reports show that the SFC continues to focus its enforcement team on cases that have the potential...more
(i) a licensing regime for virtual asset trading platforms in Hong Kong, including anti-money laundering obligations; (ii) a two-tier registration regime for dealers in precious metals and stones; and...more
11/9/2020
/ AML/CFT ,
Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Digital Assets ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Hong Kong ,
Money Laundering ,
Popular ,
Terrorist Financing Regulations ,
Trading Platforms
A company applying for a licence from the Securities and Futures Commission (SFC) may seem daunting but with careful thought and observation of some fundamental aspects of the SFC’s requirements, a successful outcome can be...more
The final report (the Report) of the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission) was released on 4 February 2019. The Report provides 76...more
On 30 October 2018, the Hong Kong Monetary Authority (MA) issued guidance on enhanced investor protection measures on the sale and distribution of debt instruments with loss-absorption features and related products...more
The Australian Royal Commission into Misconduct in the Banking Superannuation and Financial Services Industry published its interim report on 28 September 2018 (Initial Report). It provides no formal recommendations but...more
In Securities and Futures Commission v Yiu Hoi Ying Charles and Others, the Court of Final Appeal (CFA) curtailed the ambit of the “innocent purpose defence” to insider dealing under s.271(3) of the Securities and Futures...more
Background -
The Securities and Futures Commission (“SFC”) has recently published the much anticipated conclusions (“Consultation Conclusions”) to the Consultation Paper on the Proposed Guidelines on Online Distribution...more
The MAS is proposing to require financial institutions to clearly identify and delineate the responsibilities of senior management and of employees in material risk functions. The proposed "Guidelines on Individual...more
In December 2017, the Process Review Panel (PRP), tasked to ensure fairness and consistency in the operation of the Securities and Futures Commission (SFC), published its annual report for 2016-17. The PRP’s report provides...more
On 12 December, the Securities and Futures Commission (the SFC) published updated guidance on cooperation (the Guidance) in disciplinary, civil court and Market Misconduct Tribunal (MMT) proceedings. Much of the guidance is...more
On the day the transition period for the implementation of the Securities and Futures Commission’s (SFC) Manager-in-Charge regime (MIC Regime) for licensed corporations ended, the Hong Kong Monetary Authority (HKMA) announced...more
The Hong Kong Government and the Securities and Futures Commission (SFC) have announced the introduction of mandatory electronic filing (Mandatory E-Filing) of disclosure of interests (DOI) notifications and reports under...more
Senior management accountability has been a priority of global financial services conduct regulators in recent years.
One need only look to a speech on 19 January 2017 by Mark Steward, director of enforcement and market...more
On 16 December 2016, the Securities and Futures Commission (SFC) issued a Circular to Licensed Corporations entitled Augmenting the Accountability of Senior Management (Circular).
At the heart of the Circular was the...more
On 16 December 2016, the Securities and Futures Commission (SFC) announced the introduction of a Manager-in- Charge initiative (MIC Regime) aimed at increasing the accountability of the senior management of Hong Kong licensed...more
On 21 March 2017, the Securities and Futures Commission (SFC) published its consultation conclusions on proposed changes to the position limit regime in Hong Kong. Expected to come into force on 1 June 2017, the changes...more
On 1 March 2017, the Securities and Futures Commission (SFC) published a consultation paper on proposals to standardise the rules for prescribing professional investors.
The Proposals -
The SFC proposes...more
Financial technology (“fintech”) has exploded in recent years, with innovations like blockchain, artificial intelligence and cloud-based software promising to disrupt every financial service from banking and payments to...more
The recent suspension of trading on Hong Kong based Bitcoin exchange Bitfinex following the apparent theft of approximately US$60m worth of bitcoins is the latest in a series of Bitcoin thefts. With Bitcoin still in its...more