On 5 June 2015, the Securities and Futures Commission (SFC) published its consultation conclusions on proposed amendments to the Securities and Futures Ordinance (SFO) for providing assistance to overseas regulators in certain situations.
The proposed amendments will give the SFC discretion to provide supervisory assistance to an overseas regulator, but will not impose an obligation
Technology-led innovation has the potential to truly disrupt existing business models and distribution channels in the financial services industry.
In Australia and more broadly, we have seen start-ups build innovative payment systems, peer-to-peer lending platforms, crypto-currencies, robo-advice and automated investment management.
However, the large institutions are well capitalised, have large customer bases and are adapting
On 15 May the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) published Consultation Conclusions on their further consultation on rules on mandatory reporting and related record keeping obligations under the new over-the-counter (OTC) derivatives regime (Rules).
The consultation considered
On 8 May 2015, the Hong Kong Financial Services and the Treasury Bureau (FSTB) and Hong Kong Monetary Authority (HKMA) jointly published their Consultation Conclusions on Enhancements to the Deposit Protection Scheme (DPS) (the Consultation Conclusions).The Consultation Conclusions set out the FSTB’s and HKMA’s responses to the three-month public consultation (the Consultation) with the intention
The Asia Pacific Regional Committee (APRC) of the International Organization of Securities Commissions (IOSCO) published (on 23 March 2015) a framework strategy (Roadmap) to enhance collaboration and cooperation amongst regulators in the Asia Pacific region. The Roadmap provides APRC’s 29 members with an outline of areas for contributions by regulators in support of the region’s
The 2008 financial crisis launched a debate on remuneration in the financial services industry which has been particularly acute within the banking sector.
To help our clients navigate, understand and keep up to date with current developments, we have produced a comparative analysis on how regulatory requirements concerning remuneration in banks are being treated in
The Securities and Futures Commission (SFC) has launched a three-month consultation period commencing on 2 March 2015 on the proposed Principles of Responsible Ownership (Principles). The principles are proposed to operate on a non-binding and voluntary basis and investors in Hong Kong listed companies will be encouraged to comply, or to explain why some, or
The short-selling service of Northbound shares (A Shares) (flagged in our previous blog post on 31 January 2015) began on 2 March 2015. Hong Kong and overseas investors can now participate in trading permitted Shanghai Stock Exchange securities (Eligible SSE Securities) under the Shanghai-Hong Kong Stock Connect (Stock Connect). The purpose of rolling out this
The Financial Secretary of Hong Kong announced his budget proposals on 25 February 2015 http://www.budget.gov.hk/2015/eng/speech.html. “Competitiveness” was the stated theme and it included proposals to bolster Hong Kong as an international hub and promote certain industries. In relation to the financial services industry the following was announced:
Consensus has been reached between the Securities
The Hong Kong Monetary Authority (HKMA) issued a new module on Systemically Important Banks (CA-B-2) (SIB Module) to its Supervisory Policy Manual on 18 February 2015. The SIB Module constitutes a statutory guideline under the Banking Ordinance and applies to all Authorised Institutions (AIs) whether locally incorporated or not.
The SIB Module follows policy frameworks