Etelka Bogardi (HK)

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Coming soon – The new Hong Kong VASP licensing regime

Introduction In May 2021, following a 3 month consultation, the Financial Services and the Treasury Bureau (FSTB) issued its consultation conclusions for a new licensing regime for virtual assets services providers (VASPs) in Hong Kong. Recently, further steps were taken to make the new licensing regime for VASPs a reality with the Hong Kong Government … Continue Reading

Webinar | The Buy Now Pay Later global landscape and latest trends | Wednesday 6th July @8.30am and 3pm BST

Join our global Financial services regulation team to hear about the developing regulatory approaches and trends in the BNPL sector across the world. Register here  … Continue Reading

Global financial services webinar – Crypto fund and buy-side developments

Tuesday, 7 June, 2022 08:00 – 09:00 BST / 11:00 – 12:00 GST / 15:00 – 16:00 HKT 11:00 – 12:00 EDT / 16:00 – 17:00 BST / 19:00 – 20:00 GST In this webinar, members of our global financial services team will compare notes on their jurisdiction’s approach to crypto funds. The speakers will … Continue Reading

Happy Easter to our readers

To all of our global readers we would like to take this opportunity to wish you all a Happy Easter. We will resume posting material on 26 April although if there are any significant developments we will endeavour to provide an update.… Continue Reading

Regulation Around the World Podcast – Crypto asset regulation

The first instalment in our new monthly podcast series, Regulation Around the World, is available now to stream and download. In Regulation Around the World we take a hot topic in financial services and apply a global lens, examining key developments in different jurisdictions. In this month’s episode, in line with our financial services team’s … Continue Reading

Merry Christmas and a Happy New Year to our readers

To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 6 January 2021 although if there are any significant developments we will endeavour to provide an update.… Continue Reading

Global webinar on 18 November 2021 – ESG regulation: Global themes and what’s on the horizon

We invite you to join our webinar on 18 November 2021 in which our global financial services team will discuss and examine recent ESG related developments across key jurisdictions and provide their views on what’s on the horizon. The webinar will be held on the following times during 18 November 2021: 14:00 SGT and HKT … Continue Reading

Global webinar on 18 November 2021 – ESG regulation: Global themes and what’s on the horizon

We invite you to join our webinar on 18 November 2021 in which our global financial services team will discuss and examine recent ESG related developments across key jurisdictions and provide their views on what’s on the horizon. The webinar will be held on the following times during 18 November 2021: 14:00 SGT and HKT … Continue Reading

Hong Kong: Wealth Management Connect launches: the nuts and bolts at a glance

The widely anticipated Cross-boundary Wealth Management Connect Pilot Scheme (Wealth Management Connect), expected to create a combined funds flow of RMB 300 billion (US$46.5 billion) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), has formally launched on 10 September 2021. Wealth Management Connect, which will come into operation in October 2021, consists of northbound and … Continue Reading

Hong Kong implements uncertificated securities market regime and refines OTC derivative licensing regime

Uncertificated securities market regime On 11 June 2021, the Hong Kong Government gazetted the Securities and Futures and Companies Legislation (Amendment) Ordinance 2021 (SFCA Ordinance), marking a significant milestone in moving Hong Kong towards an uncertificated securities market (USM) where investors will have the option of holding securities in their own names and without paper … Continue Reading

Insurance Authority takes first disciplinary actions against licensed insurance brokers

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 its kind … Continue Reading

Hong Kong: HKMA releases plans for Phases III and IV of Open API Framework

On 13 May 2021, the Hong Kong Monetary Authority (HKMA) released its implementation plan for Phases III and IV of the Open API Framework (click here to read our previous blog on the launch of the Open API Framework in July 2018).  The initial batch of API functions for Phases III and IV, covering deposit … Continue Reading

Hong Kong: Consultation conclusions on licensing regime for virtual assets services providers

Following a 3-month consultation on the proposal to introduce a licensing regime for virtual assets services providers (VASPs) in Hong Kong under the amended Anti-Money Laundering and Counter-Terrorist Financing Ordinance (the AMLO) (see our previous blog here), the Financial Services and the Treasury Bureau (FSTB) has now issued its consultation conclusions in a paper published … Continue Reading

Navigating global crypto-custody requirements

29 April 2021 09:00 – 10:00 BST / 16:00 – 17:00 HKT 16:00 – 17:00 BST / 11:00 – 12:00 EDT As the global crypto-economy continues to grow and mature, one area stands out as a critical core capability: custody. In this webinar, members of our global financial services team will compare notes on their … Continue Reading

Regulation Tomorrow Podcast Episode 5 – out now

Episode 5 of the Regulation Podcast is out now. In our latest monthly offering, we look at ESG initiatives in Hong Kong with Etelka Bogardi, Albert Weatherill and Hannah Meakin provide an extended fintech update, including a look at the Khalifa Review in the UK; and Mayling Blanco from our New York office discusses recent … Continue Reading

Regulation Tomorrow Episode 5 and Regulation Tomorrow Plus – out next week

Next week sees a double dose of podcast releases: Episode 5 of the Regulation Tomorrow podcast will be released early next week, closely followed by the first episode of our new spin-off podcast, Regulation Tomorrow Plus. Regulation Tomorrow Plus is designed to be a shorter, sharper and more reactive podcast, released as and when news … Continue Reading

Hong Kong: Consultation to bring non-securities virtual assets under SFC oversight opens

The Financial Services and Treasury Bureau (FSTB) issued a consultation paper on 3 November 2020 seeking comments on its proposal (the New Regs) to amend Hong Kong’s anti-money laundering legislation to bring exchanges that offer virtual assets (VAs) that are not securities within the regulatory remit of Hong Kong’s securities regulator, the Securities and Futures … Continue Reading

Download now | Global operational resilience and COVID-19 survey report

Financial institutions have had to deal with two challenges in the face of the COVID-19 pandemic. The first challenge is financial – how to address and mitigate the sharp drop in the value of financial assets or loss of liquidity. The second challenge is operational – how to address the risk of failure of resources … Continue Reading

SFC launches consultation on anti-money laundering guidelines

The Securities and Futures Commission (SFC) has launched a three-month consultation on proposals to amend its anti-money laundering and counter-financing of terrorism (AML/CFT) guidelines for licensed corporations (LCs) and associated entities (AEs).[1] The proposed amendments aim to align the AML/CTF guidelines with the Guidance for a Risk-based Approach for the Securities Sector (RBA Guidance) issued … Continue Reading

Insurance Authority consults on draft rules for insurance-linked securities regulatory regime

On 4 September 2020, the Insurance Authority (IA) launched a six-week consultation on the proposed Insurance (Special Purpose Business) Rules (SPB Rules). The consultation ties in with the introduction of the new regulatory regime for the issuance of insurance-linked securities (ILS) which is expected to come into operation in 2021. The SPB rules will be added … Continue Reading

SFC issues FAQs on licensing obligations of family offices

The Securities and Futures Commission (SFC) has published FAQs to provide additional guidance on the licensing obligations of single family offices and multi-family offices under the Securities and Futures Ordinance (SFO). The FAQs follow the SFC’s circular issued on 7 January 2020 relating to the licensing obligations of family offices which conduct business in Hong … Continue Reading

Insurance Authority extends the validity of temporary facilitative measures to 31 December 2020

The Insurance Authority has issued a circular today extending Phase 2 of the temporary facilitative measures (TFMs), introduced in March 2020, by another three months (i.e. to 31 December 2020) in light of the current COVID-19 situation. The Phase 2 TFMs permit insurers and intermediaries to use non-face-to-face distribution methods for selling certain insurance products … Continue Reading

Insurance Authority consults on the proposed capital rules for insurance groups

The Hong Kong Insurance Authority (IA) has published a consultation paper on the proposed Insurance (Group Capital) Rules (Group Capital Rules), marking the launch of a six-week public consultation which will end on 30 September 2020.  The consultation ties in with the implementation of the new supervisory framework for multinational insurance groups, which is due … Continue Reading
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