New guide to the Independent Insurance Authority in Hong Kong launched

Hong Kong is about to establish a unified insurance regulatory regime under the auspices of a new body, to be named the 'Insurance Authority'. The creation and set up of an independent insurance authority is regarded by the Hong Kong Government as the most important regulatory reform in the insurance sector since the passage of … Read more

SFC new power to provide overseas regulators with supervisory assistance – a glimpse of the regulators’ future cooperation

With effect from 13 November 2015, the Securities and Futures Ordinance was amended to give new powers to the Securities and Futures Commission (SFC) to provide supervisory assistance to overseas regulators. The SFC now has the power to compel licensed corporations to produce records and documents or provide answers upon the request of overseas regulators in … Read more

SFC hands out hefty fine as it steps up scrutiny over intermediaries’ compliance with self-reporting obligations

On 30 July 2015, the Securities and Futures Commission (SFC) announced that it had reprimanded and fined Nomura International (Hong Kong) Limited HK$4.5 million for failing to report significant misconduct by a former trader in a timely manner. This case underlines and reinforces the importance of the self-reporting obligations contained under Paragraph 12.5 of the … Read more

First proceedings taken against Hong Kong-listed company and its officers for breach of statutory inside information disclosure requirements

On 22 July 2015, the Securities and Futures Commission (SFC) commenced proceedings in the Market Misconduct Tribunal against AcrossAsia Limited, its chairman and its CEO for breach of disclosure requirements under Part XIVA of the Securities and Futures Ordinance (SFO). This action is the first of its kind taken by the SFC under Part XIVA of the … Read more

Regulator warns intermediaries of the need to fully comply with notification requirements

The Securities and Futures Commission (SFC) recently issued a circular reminding intermediaries, and their substantial shareholders, of the various notification requirements under the law and the Code of Conduct.  In short, timely notification must be given to the SFC upon the occurrence of certain events, whether to the intermediary or other related parties. The circular … Read more