Financial Services Regulation

Spotlight on investor protection: The Hong Kong Financial Dispute Resolution Centre implements a more moderate package of reforms

The Financial Dispute Resolution Centre (FDRC) in Hong Kong has issued its conclusions to its consultation on proposals to significantly expand the jurisdiction of the Financial Dispute Resolution Scheme (FDRS), its alternative dispute resolution scheme for conflicts between financial institutions … Continue reading

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Filed under Financial Services Regulation, Hong Kong

Hong Kong Court of Appeal finds against bank on the basis that the bank’s exclusion of liability clauses were unconscionable and unreasonable

The Hong Kong Court of Appeal (CA) has recently affirmed a decision of the Court of First Instance (CFI), in which a ruling was made in favour of the plaintiff investors in a mis-selling claim against a bank, albeit on … Continue reading

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Filed under Contract, Financial Services Regulation, Hong Kong

SFC and HKMA continue to prioritise AML/CFT compliance with six new disciplinary actions

Since early March 2017, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have collectively taken disciplinary actions against five regulated entities and an individual relating to breaches of anti-money laundering (AML) and counter financing of … Continue reading

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Filed under Enforcement, Financial Services Regulation, Hong Kong

Recent SFC actions highlight increased regulatory focus on directors in Hong Kong, including INEDs

The Securities and Futures Commission (SFC) in Hong Kong has recently sought disqualification orders against listed company directors in a number of court actions commenced in the past few months.  The proceedings against the directors have been brought under section … Continue reading

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Filed under Financial Services Regulation, Hong Kong

Bank win confirmed by Hong Kong’s highest court

Last Friday, the Hong Kong Court of Final Appeal brought to a close the long-running case of DBS Bank (Hong Kong) Limited v Sit Pan Jit (FAMV 45/2016). The dispute concerned a claim by DBS Bank (Hong Kong) Limited (DBS) … Continue reading

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Filed under Financial Services Regulation, Hong Kong

Hong Kong government launches two consultations on legislative proposals to enhance regime for combatting money laundering and terrorist financing

Earlier this month, the Hong Kong government launched two consultations on legislative proposals aimed at bringing Hong Kong in line with international standards for combatting money laundering and terrorist financing.  With a mutual evaluation of Hong Kong’s regime with other … Continue reading

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Filed under Financial Services Regulation, Hong Kong

SFC announces “Manager in Charge” regime to heighten senior management accountability for financial institutions in Hong Kong

In its recent circular (with annexes 1 and 2 and a set of FAQs), the Securities and Futures Commission (SFC) introduced new measures to heighten the accountability of the senior management of all licensed corporations (LCs). The circular clarifies who … Continue reading

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Filed under Financial Services Regulation, Hong Kong

Hong Kong SFC confirms enforcement priorities and approach following strategic review

In its recently relaunched Enforcement Reporter newsletter (see first issue), the Securities and Futures Commission (SFC) has confirmed that corporate fraud and misfeasance, anti-money laundering, Growth Enterprise Market companies and multiple intra-group failings are issues high on its agenda and … Continue reading

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Filed under China, Corporate, Enforcement, Financial Services Regulation, Hong Kong, Investigation and compliance

Singapore: SGX reprimands oilfield services firm for failure to provide a balanced and fair announcement to the market

The Singapore Exchange (SGX) issued a public reprimand to Swiber Holdings Limited (Swiber), an oilfield services firm, on 31 October 2016 (Regulatory Announcement) for failing to provide a balanced and fair project announcement to the market. SGX was of the … Continue reading

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Filed under Financial Services Regulation

Singapore: MAS withdraws second merchant bank status in AML push

In line with its increased commitment to combat money laundering and terrorist financing in Singapore, the Monetary Authority of Singapore (MAS) has ordered the closure of Falcon Private Bank Ltd, Singapore Branch (Falcon Bank). On 11 October 2016, the MAS … Continue reading

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Filed under Financial Services Regulation, Investigation and compliance, South East Asia