Tag Archives: HKMA
A NEW GLOBAL TOOLKIT FOR FIGHTING MISCONDUCT RISK: WHAT DOES THIS MEAN FOR FIRMS AND REGULATORS?
On 20 April 2018, the Financial Stability Board (FSB) released its long awaited toolkit (Toolkit) for firms and regulators’ use in fighting misconduct risk. The Toolkit forms part of the FSB’s workplan to mitigate misconduct risk, and builds on existing … Continue reading
HKMA CONDUCTS THEMATIC REVIEW OF AUTHORISED INSTITUTIONS’ SANCTIONS SCREENING SYSTEMS AND PLANS REVIEW OF SVF LICENSEES
Late last week, the HKMA published a circular to provide feedback to authorised institutions (AIs) on its thematic review of their sanctions screening systems, which took place in the past few months. While the review indicated that the screening systems examined were in … Continue reading
Corporate Crime update – March 2018
Welcome to the March 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on each jurisdiction, … Continue reading
SFC ISSUES GUIDANCE ON BEST EXECUTION FOLLOWING THEMATIC REVIEW
On 30 January 2018, the Securities and Futures Commission (SFC) issued a circular to set out its guidance on the standards expected of licensed corporations on best execution (Circular). The SFC also provided further detailed guidance in its Report on … Continue reading
Open Banking catching the eye of global regulators: Developments in Hong Kong, Singapore and Australia
The banking industry has undergone rapid change in recent years with the rise of virtual currency, fintech and digital innovation challenging the status quo. One of the key developments emerging in the last couple of years is the concept of … Continue reading
Hong Kong regulators warn of common instances of non-compliance in asset management
The Hong Kong Securities and Futures Commission (SFC) has recently conducted around 250 inspections of licensed corporations engaged in asset management business, and has identified a number of common instances of regulatory non-compliance among them, which it has set out … Continue reading
Filed under Announcements, Asset management, Hong Kong
HKMA CONTINUES ITS FOCUS ON CORPORATE GOVERNANCE HONG KONG WITH CIRCULAR TO HARMONISE SECTION 72B WITH “MANAGER IN CHARGE” REGIME
On 16 October 2017, the Hong Kong Monetary Authority (HKMA) introduced by way of a circular new measures to heighten management accountability at Registered Institutions (RIs) for conducting or supervising the conduct of businesses that constitute regulated activities (RAs). These … Continue reading
Filed under Hong Kong, Regulatory Reform
SFC and HKMA continue to prioritise AML/CFT compliance with six new disciplinary actions in Hong Kong
Since early March 2017, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) in Hong Kong have collectively taken disciplinary actions against five regulated entities and an individual relating to breaches of anti-money laundering (AML) and … Continue reading
Filed under Asia, Hong Kong, Sanctions and Money Laundering
UK and Hong Kong regulators enter into co-operation agreement to foster collaboration and promote innovation
On 7 December 2016, the UK's Financial Conduct Authority (FCA) and the Hong Kong Monetary Authority (HKMA) entered into a co-operation agreement as part of an initiative to promote innovation in their respective markets and to reduce barriers to entry … Continue reading
Filed under Hong Kong
Consultation launched on proposed regulations on protected arrangements following enactment of the Financial Institutions (Resolution) Ordinance
The Financial Institutions (Resolution) Ordinance (Ordinance), which sets out the framework for a cross-sector regime for the orderly resolution of financial institutions in Hong Kong, was passed by the Legislative Council (LegCo) on 22 June 2016. The Ordinance largely follows … Continue reading
