On 23 May 2023, the Securities and Futures Commission (the SFC) published its much anticipated consultation conclusions (the Consultation Conclusions) on the proposed regulatory requirements for virtual asset (VA) trading platform operators (Platform Operators). The new licensing regime for Platform Operators under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) will come into effect on … Continue Reading
The Financial Services and Markets Act (FSMA) was passed in Parliament on 5 April 2022. The FSMA is expected to be implemented in phases, with the first phase having commenced on 28 April 2023. The FSMA is the Monetary Authority of Singapore’s (MAS) omnibus act for the sector-wide regulation of financial services and markets and … Continue Reading
Introduction In a landmark decision on the legal status of digital assets in Hong Kong handed down on 31 March 2023, the Court of First Instance, in Re Gatecoin Limited[1], has ruled that cryptocurrencies satisfy the definition of “property” under Hong Kong law and are capable of being held on trust. The case arose in connection … Continue Reading
The Insurance Ordinance (Amendment) Bill (the Bill) was published by the Hong Kong Government (Government) in the Gazette on 6 April 2023. The Bill seeks to amend the Insurance Ordinance (Cap.41) (the IO) and other relevant legislation to provide the legal framework for the implementation of a risk-based capital (RBC) regime for the Hong Kong … Continue Reading
In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions … Continue Reading
Introduction On 19 December 2022, the Financial Services and the Treasury Bureau (the FSTB) published a consultation paper (the Consultation) on proposals to enhance the regulation of crowdfunding activities in Hong Kong. The Consultation includes various recommendations on enhancing the transparency and accountability of crowdfunding activities in Hong Kong, and includes a requirement for persons … Continue Reading
Introduction On 31 January 2023, the Hong Kong Monetary Authority (the HKMA) issued its consultation conclusions on the proposed regulatory regime for crypto-assets and stablecoins (the Conclusions). The Conclusions confirm the HKMA’s plan to implement a regulatory regime for stablecoins and specified stablecoin-related activities (the Regime). The Conclusions follow the HKMA’s discussion paper on crypto-assets … Continue Reading
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 9 January 2023 although if there are any significant developments we will endeavour to provide an update.… Continue Reading
In the second in our global series of regulatory podcasts focusing on conduct issues, financial services partners from Australia, Hong Kong, Luxembourg, Germany, United Kingdom and the United States consider the cross border distribution of funds by focussing on the following five topics: What trends or industry developments are you seeing in your jurisdiction as … Continue Reading
Against the backdrop of recent turmoil in the crypto market and with increasing regulatory scrutiny in this area, understanding the regulators’ approach to investigations and enforcement and how best to avoid the common pitfalls is even more of a priority. In the latest webinar of our financial services crypto series, members of our global financial … Continue Reading
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
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
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
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
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
Introduction The Hong Kong Monetary Authority (HKMA) issued a discussion paper on 12 January 2022 in which it sets out its views on how to expand Hong Kong’s regulatory framework for crypto-assets. The discussion paper joins a number of papers that regulators across the world have issued on the subject of crypto-assets and has been … Continue Reading
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
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
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
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
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
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
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
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
