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Tracks financial services regulatory developments and provides insight and commentary

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    Overview: On 10 July 2017, the Singapore Government unveiled its draft Cybersecurity Bill (the Bill) and announced a public consultation to seek views and comments from the industry and members of public. The public consultation runs from 10 July to 3 August 2017. This Bill comes on the back of various moves by the Singapore...… Continue Reading

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    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)...… Continue Reading

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    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...… Continue Reading

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    On 25 August 2017, the Securities and Futures Commission (SFC) and the Hong Kong Police (HKP) signed a memorandum of understanding (MoU) to formalise and strengthen the parties’ co-operation in combating financial crime. The MoU, which became effective on 25 August 2017, covers a variety of matters, including referral of cases, joint investigations, exchange and...… Continue Reading

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    On 28 August 2017, the Securities and Futures Commission (SFC) and the Dubai Financial Services Authority (DFSA) signed a co-operation agreement to collaborate on the promotion of financial innovation in Hong Kong and Dubai. The co-operation agreement sets out a framework for collaboration between the SFC and the DFSA and covers matters such as referrals,...… Continue Reading

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    The Securities and Futures Commission (SFC) recently issued two circulars to licensed corporations engaged in asset management business.  The circulars were issued following routine inspection by the SFC of corporations licensed for such activity. Irregularities identified relating to private funds and discretionary accounts The first circular was issued by the SFC on 31 July 2017...… Continue Reading

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    On 14 September 2017, the Securities and Futures Commission (SFC) and the Securities Commission Malaysia (SCM) signed a co-operation agreement to collaborate on the promotion of financial innovation in Hong Kong and Malaysia The co-operation agreement sets out a framework for collaboration between the SFC and the SCM and covers matters such as referrals, information...… Continue Reading

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    On 28 September 2017, the Hong Kong Monetary Authority (HKMA) issued a circular on the Global Code of Conduct Standards and Practices for the Wholesale Foreign Exchange Market (the FX Global Code). The circular notes that the Hong Kong Treasury Markets Association (TMA) has incorporated the FX Global Code into its Code of Conduct. In...… Continue Reading

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    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...… Continue Reading

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    On 29 September 2017, the Securities and Futures Commission (SFC) issued a circular announcing the launch of the SFC Regulatory Sandbox (the Sandbox) which aims to regulate qualified firms conducting regulated activities under the Securities and Futures Ordinance (SFO) in the financial technologies (Fintech) sphere. The circular was issued in tandem with announcements by the...… Continue Reading

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    On 29 September 2017, the Hong Kong Monetary Authority (HKMA) announced a range of initiatives aimed at preparing Hong Kong for a new era of smarter banking driven by technological advances. The HKMA press releases were announced on the same day as, and supplement, announcements by the Securities and Futures Commission (SFC) and the Insurance...… Continue Reading

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    The Securities and Futures Commission (SFC) this week outlined an optimistic vision for the future of Hong Kong as a continued pre-eminent global financial centre, especially in relation to its position as the main conduit to the Chinese Mainland, based on the increased collaboration and more effective enforcement measures set out below. Ashley Alder, chief...… Continue Reading

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    Following the end of a 6-month transition period, the Manager-In-Charge (MIC) regime introduced by the Securities and Futures Commission (SFC) is now fully implemented, starting from 17 October 2017. The regime seeks to heighten the accountability of senior management at licensed corporations and to promote greater awareness of their obligations. Under the MIC regime, licensed...… Continue Reading

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