Tag: Hong Kong Securities and Futures Commission

SFC fines
July 10, 2018 BY Valentina Kirilova

Citigroup Global Markets Asia Ltd fined $4 million for alternative liquidity pool failures

The Hong Kong Securities and Futures Commission (SFC) has just announced that it has reprimanded and fined Citigroup Global Markets Asia Limited (CGMAL) $4 million over CGMAL’s regulatory breaches in relation to the operations of its alternative liquidity pool (ALP). The disciplinary action followed an SFC investigation on CGMAL, which found that the operations of…

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July 05, 2018 BY Valentina Kirilova

SFC consults on amendments to anti-money laundering

The Hong Kong Securities and Futures Commission (SFC) has launched a consultation on proposals to amend the Guideline on Anti-Money Laundering and Counter-Terrorist Financing to keep it in line with international anti-money laundering and counter-financing of terrorism (AML/CFT) standards and make it more useful and relevant. The proposed amendments expand the types of politically exposed…

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June 29, 2018 BY Valentina Kirilova

SFC endorses Stock Exchange of Hong Kong’s initiative to tackle backdoor listings

The Hong Kong Securities and Futures Commission (SFC) has shared its support of the proposals in the Stock Exchange of Hong Kong Limited’s (Exchange) consultation paper published today relating to backdoor listings and shell activities. These proposals are part of a series of initiatives to address concerns about problematic corporate and market conduct and represent…

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June 19, 2018 BY Valentina Kirilova

SFC proposes margin requirements for non-centrally cleared OTC derivatives

The Hong Kong Securities and Futures Commission (SFC) has today launched a two-month consultation on proposals to impose margin requirements for non-centrally cleared over-the-counter (OTC) derivatives. Under the proposals, a licensed corporation which is a contracting party to a non-centrally cleared OTC derivative transaction entered into with an authorised institution, a licensed corporation or another…

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June 08, 2018 BY Valentina Kirilova

CBIRC and Hong Kong SFC sign MoU

The China Banking and Insurance Regulatory Commission (CBIRC) and the Hong Kong Securities and Futures Commission (SFC) have announced that they have entered into a Memorandum of Understanding (MoU). The MoU is regarding the cooperation and exchange of information in connection with the supervision and oversight of regulated entities of the CBIRC or the SFC…

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June 07, 2018 BY Valentina Kirilova

SFC imposes a cold-shoulder order against individual

The Hong Kong Securities and Futures Commission (SFC) announced that it has publicly censured and imposed a 24-month cold-shoulder order against Chan Shing for breaching the mandatory general offer obligation of the Takeovers Code. Chan was the chairman and managing director of Burwill Holdings Limited at the time the breach took place. He and his…

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June 06, 2018 BY Valentina Kirilova

SFC signs MoU with BaFin on enhanced supervision of cross-border regulated entities

The Hong Kong Securities and Futures Commission (SFC) announced that it has entered into a memorandum of understanding (MoU) with the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) providing for consultation, cooperation and exchange of information in connection with the supervision and oversight of cross-border regulated entities in Hong Kong and Germany. BaFin is the integrated financial…

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May 31, 2018 BY Valentina Kirilova

SFC fines Hang Seng Investment Management Limited $3 million for regulatory breaches

The Hong Kong Securities and Futures Commission (SFC) has informed that it has reprimanded and fined Hang Seng Investment Management Limited (HSIM) $3 million for its failure to comply with regulatory requirements on cash management involving SFC-authorized funds. The SFC’s disciplinary action followed an independent review jointly agreed by the SFC and HSIM. The review…

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May 29, 2018 BY Valentina Kirilova

SFC fines Noah Holdings Limited HK$5 million for regulatory breaches

The Hong Kong Securities and Futures Commission (SFC) announced that it has publicly reprimanded and fined Noah Holdings (Hong Kong) Limited (Noah HK) HK$5 million over Noah HK’s internal system and control failures in its sale and distribution of investment products. In particular, Noah HK had failed to comply with various regulatory requirements on know-your-client,…

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