Hong Kong

Asset managers and their senior management (including MICs) warned of action for regulatory non-compliance in Hong Kong

Boards and senior management (including Managers-in-Charge of Core Functions (MICs)) of asset managers have been called on by the Hong Kong Securities and Futures Commission (SFC) (31 July 2017 circular) and the Hong Kong Monetary Authority (2 August 2017 circular) … Continue reading

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Filed under Hong Kong, Regulatory Reform

HKMA and PWMA in Hong Kong collaborate to develop a Treat Customers Fairly Charter for the PWM industry

On 8 June 2017, the Hong Kong Monetary Authority (HKMA) announced that it has been working together with the Private Wealth Management Association to develop a Treat Customers Fairly Charter (the Charter) to further promote a customer-centric culture in the … Continue reading

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Filed under Hong Kong

Hong Kong SFC consults on new rules and code for open-ended fund company structure

On 28 June 2017, the Securities and Futures Commission (SFC) launched a two-month consultation (Consultation) on the detailed legal and regulatory requirements applicable to the new open-ended fund company (OFC) structure. Currently, investment funds in Hong Kong are established only … Continue reading

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Filed under Hong Kong

SFC and AMF sign MOU on mutual recognition of funds between Hong Kong and France

Last week, the Securities and Futures Commission (SFC) of Hong Kong announced that it had signed a Memorandum of Understanding (MOU) with the Autorité des Marchés Financiers (AMF) of France on mutual recognition of funds (MRF) between Hong Kong and France. … Continue reading

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Filed under Hong Kong

Hong Kong SFC closes consultation on proposed guidelines to reduce and mitigate hacking risks related to internet trading

On 7 July 2017, the consultation by the Securities and Futures Commission (SFC) on proposals to reduce and mitigate hacking risks associated with internet trading closed. The consultation follows on from the SFC’s thematic review of the resilience to hacking … Continue reading

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Filed under Hong Kong

New Insurance Authority in Hong Kong commences regulation of insurers with enhanced powers

With effect from 26 June 2017, the independent Insurance Authority (IA) assumed its regulatory responsibilities and replaced the Office of the Commissioner of Insurance (OCI) in regulating insurers. The IA will be a much more powerful regulator than its predecessor, … Continue reading

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Filed under Hong Kong, Insurance, Regulatory Reform

Former Chief Secretary and property tycoon lose appeal in Hong Kong’s highest profile corruption case

The convictions of former Chief Secretary of Hong Kong, Rafael Hui, former Sun Hung Kai chairman, Thomas Kwok, and two others have been upheld by Hong Kong's Court of Final Appeal. The appellants have resumed serving their sentences for conspiracy to commit … Continue reading

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Filed under Bribery and Corruption, Hong Kong

HK SFC launches consultation on Proposed Guidelines on online distribution and advisory platforms and proposes to extend Suitability Requirement

On 5 May 2017, the Hong Kong SFC launched a three-month consultation in relation to proposed guidelines on online distribution and advisory platforms (Proposed Guidelines). The aim of the Proposed Guidelines is to provide tailored guidance and clarity on the … Continue reading

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Filed under Asia, Hong Kong

Consultation conclusions published in Hong Kong on protected arrangements regulation under proposed resolution regime

The Financial Services and the Treasury Bureau, jointly with the Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority (together, Authorities) published their conclusions on the consultation relating to the proposed regulations on protected arrangements (PARs) … Continue reading

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Filed under Hong Kong, International

Government proceeds with proposals to enhance Hong Kong regulations on anti-money laundering and counter-terrorist financing

In 2018, Hong Kong's regime will be subject to mutual evaluation with those of other members of the Financial Action Task Force (FATF). FATF sets international standards for anti-money laundering and counter-terrorist financing regulation and reviews the effectiveness of regulation … Continue reading

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Filed under Bribery and Corruption, Hong Kong, Uncategorized