Asia

Topic: Financial Services

Subscribe to Financial Services RSS feed

Hong Kong: The HKMA introduces a new Resolution Facility for banks

On 26 August 2019, the Hong Kong Monetary Authority (HKMA) announced that it has completed a review of its framework for the provision of Hong Kong dollar liquidity (the Liquidity Facilities Framework) to authorized institutions (AIs) in light of its ongoing work on Hong Kong’s resolution regime.  As part of this, the HKMA has introduced … Continue Reading

Hong Kong: Insurance Authority to take over regulation of intermediaries from 23 September 2019

With effect from 23 September 2019, the Hong Kong Insurance Authority (the IA), an independent statutory body, will take over regulation of insurance intermediaries from the three existing self-regulatory organisations (the Hong Kong Confederation of Insurance Brokers, the Professional Insurance Brokers Association, and Insurance Agents Registration Board) and administer a new statutory licensing regime. The … Continue Reading

Hong Kong: SFC releases consultation conclusions on proposed guidelines for securities margin financing activities

On 4 April 2019, the Securities and Futures Commission (SFC) released the conclusions of its consultation on proposed guidelines for securities margin financing activities (the Guidelines). The existing conduct requirements for securities margin financing activities are mainly prescribed in the Code of Conduct for Persons Licensed by or Registered with the SFC and the Management, … Continue Reading

Hong Kong: SFC issues reminder about security token offerings

On 28 March 2019, the Securities and Futures Commission (SFC) published a statement reminding parties who engage in security token offerings (STOs) to be aware of the applicable legal and regulatory requirements.  This statement is helpful given that STOs are a relatively new form of token issuance. STOs are specific offerings which are structured to … Continue Reading

Hong Kong: HKMA publishes Open API Framework

The Hong Kong Monetary Authority (HKMA) has recently (18 July 2018) released its final Open API Framework. The formulation of the Open API Framework is one of the seven initiatives announced by the HKMA in September 2017 to facilitate the move into a new era of Smart Banking. The framework sets out a phased approach to … Continue Reading

Norton Rose Fulbright Hong Kong contributes to pioneering ASIFMA report on Best Practices for Digital Asset Exchanges

‘Best Practices for Digital Asset Exchanges’ is a first-of its kind report released by ASIFMA, the region’s leading trade association for the financial industry. The report aims to guide digital exchanges towards international best practices and highlights key areas for consideration, including the listing processes, market abuse issues, regulatory considerations, cybersecurity and engagement with external … Continue Reading

Hong Kong: HKMA publishes a revised guideline on Virtual Banks

Following a public consultation, the Hong Kong Monetary Authority (HKMA) published a revised Guideline on Authorization of Virtual Banks (the Guideline) on 30 May 2018. The Guideline supersedes the previous guideline issued in 2000 (and updated in 2012). Our blog entry dated 4 March 2018 which provides details of the public consultation can be found … Continue Reading

SFC publishes consultation conclusion on disclosure requirements for discretionary accounts

The Securities and Futures Commission (SFC) published its consultation conclusion on 23 May 2018 in relation to the proposed disclosure requirements for intermediaries providing discretionary account management services (Discretionary Account Managers). This consultation conclusion has been released in connection with the consultation on this topic issued by the SFC in November 20171. In view of … Continue Reading
LexBlog