Take a look at the latest video in our Dealing with Bank Assets series where Emma de Ronde, Alan Bainbridge and Jochen Vester discuss the issues raised by the new EU directive on credit services and credit purchases for NPLs.
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
Hong Kong: New initiatives by the Insurance Authority to facilitate Insurtech in Hong Kong
To promote the development of Insurtech in Hong Kong, the Insurance Authority (IA) launched two initiatives on 29 September 2017, “Insurtech Sandbox” and “Fast Track”.
Insurtech Sandbox
Insurtech Sandbox aims to facilitate a pilot run of innovative Insurtech applications by authorized insurers in their business operations. Insurtech Sandbox allows authorized insurers to experiment with new
Hong Kong: Key persons in control functions – 30 September 2017 deadline for approval under transitional arrangements
Summary
Hong Kong has recently introduced fit and proper requirements for “key persons in control functions”. As a result, an insurer must now obtain the Insurance Authority’s prior approval before appointing a key person in a control function. Individuals who were key persons in control functions before 26 June 2017 can benefit from the Insurance
Hong Kong: Consultation conclusion and further consultation on changes to the Securities and Futures (Financial Resources) Rules
Following a consultation paper issued by the Securities and Futures Commission (SFC) in July 2015, the SFC, on 24 July 2017, published consultation conclusions and further consultation on the proposed capital and other prudential requirements for licensed corporations engaged in over-the-counter derivatives (OTCD) activities and other proposed changes to the Securities and Futures (Financial Resources)
Hong Kong: Issue of HKMA circular providing certain categories of authorized institutions with guidance on their recovery plan obligations
On 6 July 2017, the Hong Kong Monetary Authority (HKMA) issued a circular in respect of its Supervisory Policy Manual module RE-1 “Recovery Planning” (SPM RE-1). The circular provides certain categories of authorized banks in Hong Kong (AIs), in particular, overseas incorporated banks with branch operations in Hong Kong and Hong Kong incorporated small scale
Hong Kong: Consultation on new regulations on open-ended fund companies
On 28 June 2017, the Securities and Futures Commission (SFC) launched a consultation on the proposed rules and code for Hong Kong-incorporated open-ended fund companies (OFCs).
At present, Hong Kong investment funds can only be established in the form of a unit trust, and not in corporate form. This is due to the restrictions under
Hong Kong: Proposed AML reforms – Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017
On 28 June 2017, Hong Kong’s Legislative Council considered the new Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017 (the Bill). Subject to the Bill being passed by the Legislative Council, the Government proposes to implement the amendments on 1 March 2018.
The Bill proposes to introduce statutory customer due diligence (CDD) and
Hong Kong: SFC clarifies competency requirements for existing licenced persons intending to carry on asset management business
On 23 June 2017, the Securities and Futures Commission (the SFC) issued a circular clarifying certain competency requirements for market participants seeking to be licensed for Type 9 (asset management) regulated activity (Type 9 RA).
Pursuant to the circular, the SFC has provided public guidance on the circumstances in which an applicant’s existing experience could
Disclosure of interests in Hong Kong: Be ready to file with a brand new system
Hong Kong’s Securities and Futures Commission (SFC) will introduce a new system for mandatory electronic filing of disclosure of interests notifications (DI notices), which will come into effect on 3 July 2017. From that day onwards, market participants are required to submit DI notices electronically through the new Disclosure of Interests Online System (DION System).