Market integrity and misconduct

The Insurance Authority (IA) has taken its first disciplinary actions against two licensed insurance broker companies for failure to submit their audited financial statements and auditor’s reports within required timeframes.  One of the broker companies has had its licence suspended, and both companies have been fined.  The enforcement actions are the first of

The SFC has identified a growing number of arrangements and transactions involving dubious private funds or discretionary accounts during recent inspections conducted on asset managers, raising concerns that asset managers are simply following investor’s instructions when structuring private funds or discretionary accounts and effecting transactions, and turning a blind eye to potential red flags.

The

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

On 12 December 2017, the Securities and Futures Commission (SFC) issued an updated guidance note regarding the benefits of cooperating on its investigations and enforcement proceedings (Guidance Note). The SFC also published a new set of Frequently Asked Questions to supplement the Guidance Note (FAQs).

As noted in the FAQs, one of the key changes

On 24 November 2017, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) issued a joint circular on the results of their joint review on the potential conflicts of interest which may arise from the sale of in-house products by licensed corporations and registered institutions (collectively, intermediaries) within a single financial

Following the end of a 6-month transition period, the Manager-In-Charge (MIC) regime introduced by the Securities and Futures Commission (SFC) is now fully implemented, starting from 17 October 2017.

The regime seeks to heighten the accountability of senior management at licensed corporations and to promote greater awareness of their obligations. Under

The Securities and Futures Commission (SFC) this week outlined an optimistic vision for the future of Hong Kong as a continued pre-eminent global financial centre, especially in relation to its position as the main conduit to the Chinese Mainland, based on the increased collaboration and more effective enforcement measures set out below.

Ashley

On 25 August 2017, the Securities and Futures Commission (SFC) and the Hong Kong Police (HKP) signed a memorandum of understanding (MoU) to formalise and strengthen the parties’ co-operation in combating financial crime.

The MoU, which became effective on 25 August 2017, covers a variety of matters, including referral of cases, joint investigations, exchange and

In the wake of the order to close BSI Bank, the Monetary Authority of Singapore (MAS) has announced that it will, from 1 August 2016, establish dedicated departments to combat money laundering and strengthen enforcement respectively.

MAS has indicated its resolve to ensure that Singapore retains its reputation as a clean and trusted financial

MAS Takes Action against BSI Bank in Singapore

On 24 May 2016, the Monetary Authority of Singapore (MAS) gave BSI Bank Limited (BSI Bank) notice that the MAS will:

  1. withdraw BSI Bank’s status as a merchant bank for serious breaches of anti-money laundering requirements, poor management oversight and gross misconduct of bank staff.
  2. impose S$13.3