Following strong market support for its concept paper, the Hong Kong Stock Exchange will proceed with proposals to introduce a new digital platform, FINI (Fast Interface for New Issuance), to manage the IPO settlement process. Read more

The Hong Kong Stock Exchange has updated its policy statement on Listing Rule enforcement, emphasising as one of its key priorities the holding accountable of individuals that are responsible for discharging duties in connection with listing matters. Read more

The Financial Services and the Treasury Bureau (FSTB) has recently published the conclusions to its consultation on proposals to enhance anti-money laundering and counter-terrorist financing (AML/CFT) regulation in Hong Kong, via amendments to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Read more

The Stock Exchange of Hong Kong Limited (SEHK) has recently published consultation conclusions on proposed enhancements to the listing rules (LRs) relating to disciplinary powers and sanctions. The revised LRs will come into effect on 3 July 2021. Read more

Welcome to the May 2021 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. Read more

The Hong Kong Stock Exchange is to increase the profit requirement for companies seeking to list on the Main Board of the Stock Exchange by 60%. This is a smaller increase than was initially proposed in the consultation paper. This will mean that a listing applicant relying on the profit test to satisfy its eligibility for listing will need to have profits in its most recent financial year of not less than HK$35 million (increased from HK$20 million currently) and in the two preceding years, in aggregate, profits of not less than HK$45 million (increased from HK$30 million currently). These changes, as set out in the consultation conclusions, will become effective on 1 January 2022. Read more

As part of its efforts to stop ‘rolling bad apples’, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on 14 May 2021 which proposes to mandate reference checks for individuals employed by financial institutions (FIs) as senior managers or in risk taking and risk and management control functions (Reference Checks Consultation Paper). This extends MAS’ 2018 proposal to mandate reference checks for representatives. Read more

Following a three-month industry consultation period, the Hong Kong Monetary Authority (HKMA) has released the Consultation Conclusions Paper on Implementation of Mandatory Reference Checking Scheme to Address the “Rolling Bad Apples” Phenomenon (Consultation Conclusions) dated 3 May 2021. Read more