[Mainland China]
Illegal activities in securities market targeted
China
Daily, 7 Jul 2021
China
will crack down on illegal activities in the securities market and step up
supervision of Chinese firms listed offshore, according to a guideline released
by the State Council. Clear targets have been set in the guideline released by
the State Council. By 2022, major progress should be made in the accountability
system to crack down on illegal activities in the capital market. As for
strengthening cross-border securities regulation, the guideline said laws and
regulations regarding data security, cross-border data transmission, and
classified information should be further completed. Meanwhile, the country will
seek to further deepen cross-border audit supervision cooperation in a
law-based and reciprocal manner.
Full
text: click here
[Mainland China] Anti-trust
regulator fines Alibaba, Tencent, and Suning.com
The Standard, 7 Jul 2021
Six companies owned by Alibaba Group, five
by Tencent Holding Ltd. and two by retailer Suning.com were fined by Chinese
anti-monopoly regulators in a new move to tighten control over their
fast-developing industries. In 22 cases, companies were fined 500,000 yuan each
for actions including acquiring stakes in other companies that might improperly
increase their market power, the State Administration for Market Regulation
announced.
Full text: click here
[Hong Kong] SFC and ICAC
search a listed company and an underwriter
SFC Enforcement News, 7
Jul 2021
A senior executive of a listed company has
been arrested in a joint operation of the Securities and Futures Commission
(SFC) and the Independent Commission Against Corruption (ICAC). The SFC
conducted the search for the offences related to a suspected ramp-and-dump
market manipulation scheme and other market misconduct under the Securities and
Futures Ordinance.
Full text: click here
[Hong Kong] Circular to
Licensed Corporations and Associated Entities - Anti-Money Laundering /
Counter-Financing of Terrorism - (1) FATF Statement on High-Risk Jurisdictions
subject to a Call for Action, (2) FATF Statement on Jurisdictions under
Increased Monitoring, (3) Outcomes from the FATF Plenary, 20-25 June 2021
SFC Circular, 7 Jul 2021
The SFC issued the circular to inform licensed
corporations and associated entities that the Financial Action Task Force
(“FATF”) in a statement issued on 25 June 2021 advised its members to refer to
the list of high-risk jurisdictions subject to a call for action adopted in
February 2020, namely Iran and the Democratic People’s Republic of Korea. In
addition, the FATF issued an updated statement which sets out the list of
jurisdictions that have committed to resolve swiftly strategic deficiencies in
their regime to counter money laundering, terrorist financing, and
proliferation financing within agreed timeframes and are subject to increased
monitoring. In addition to the two statements above, the FATF also published
various other outcomes of its recent Plenary which may be of interest to LCs
and AEs.
Full text: click here
[Hong Kong] The Insurance
Authority reprimands and bans Yam Wai Shu for 5 months
IA News, 7 Jul 2021
The Insurance Authority has reprimanded Yam
Wai Shu, a former individual insurance agent appointed by Prudential Hong Kong
Limited and prohibited him from applying to be licensed for 5 months from 28
June 2021 to 27 November 2021 for contravening the Insurance Ordinance (Cap.
41) and the IA’s Code of Conduct for Licensed Insurance Agents. Mr Yam sent a
message through his social media account to everyone on his contact list on 23
January 2020, seeking to use the outbreak of the novel coronavirus to encourage
recipients of the Message to leave Hubei Province and come to Hong Kong to
escape the pandemic and take out insurance from him. The Message was sent at a
time when the HKSAR Government was taking steps to limit travel from Hubei
Province to prevent the spread of COVID-19. The IA received numerous complaints
about the Message which appeared to be the cause of considerable public
concern. The IA concluded that Mr Yam is found guilty of one count of
misconduct as defined under section 80(1) of the Ordinance, and thereby Mr Yam
was not a fit and proper person as defined under section 81(1) of the Ordinance
to be a licensed individual insurance agent.
Full text: click here
