Regulation and compliance

On 17 October 2024, the Financial Stability Board (FSB) issued a consultation on a Format for Incident Reporting Exchange (FIRE).

FIRE is a common format for financial firms’ reporting of operational incidents, including cyber incidents. It provides a set of common information items for reporting incidents but does not define common

On 9 October 2024, the Securities and Futures Commission (SFC) issued a circular (the Circular) stating its intention to place greater emphasis on the supervision of asset management firms and reminding personnel of their regulatory obligations, after it identified various deficiencies and substandard conduct in respect of the management of private

On 25 September 2024, following a public consultation, the Financial Services and the Treasury Bureau (FSTB) published consultation conclusions and legislative proposals aimed at promoting paperless communication for Hong Kong companies. The final proposals largely mirror those in the original consultation paper and a draft amendment bill (Amendment Bill) to the

In summer 2024, the Prudential Regulation Authority (PRA) published a Consultation Paper, CP11/24, on International firms: Updates to Supervisory Statement (SS5/21) and branch reporting. CP11/24 is key to understanding the booking models that the PRA will accept and reflects the debates which the branches of European banks have had in

On 28 August 2024, the Hong Kong Monetary Authority (HKMA) launched the Project Ensemble Sandbox (Sandbox) to explore asset tokenisation use cases and the settlement of tokenised asset transactions. The Sandbox is a crucial component of Project Ensemble, which launched in March 2024, to explore new financial market infrastructure (FMI

In the second issue of Global Asset Management Review, our cross-border team provide market updates followed by a closer look at some of the key issues impacting the asset management sector including: 

  • The suitability test under ELTIF 2.0 and investment
  • Last week, two major stablecoin announcements were made to support Hong Kong’s efforts in facilitating the responsible development of its virtual asset ecosystem.[1] On 17 July 2024, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) jointly published consultation conclusions on the proposed regulatory

    On 22 July 2024, the Financial Stability Board issued a progress report regarding enhancing the resilience of non-bank financial intermediation (NBFI).

    The progress report describes recent and ongoing work by the FSB to address systemic risk of NBFI. It sets out the main findings of work over the past year to assess and

    On 16 July 2024, the Financial Stability Board (FSB) issued consultation reports on proposed recommendations intended to promote greater alignment in data frameworks related to cross-border payments and consistency in the regulation and supervision of bank and non-bank payment service providers.

    The recommendations regarding data frameworks follow an FSB stocktake of national and