Guideline on Minimum Criteria for Authorization
HKMA, 10 Jul 2020
This “Guideline on Minimum Criteria for Authorization” (the
Guideline), which is issued under section 16(10) of the Banking Ordinance (the
Ordinance) (Cap. 155), sets out the manner in which the Monetary Authority (MA)
will interpret the licensing criteria set out in the Seventh Schedule to the
Ordinance (the Schedule) and exercise the functions conferred by it. Under
section 16(1) of the Ordinance the MA has a general discretion to grant or
refuse an application for authorization. Under section 16(2), the MA is
required to refuse to authorize if any one or more of the criteria specified in
the Schedule are not fulfilled with respect to the applicant.
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Broker war deepens as Huatai scraps fees
The Standard, 13 Jul 2020
Huatai International, the Hong Kong arm of China's
third-largest broker, is no longer charging commissions and platform fees for
stock trades, but just a HK$8 monthly fee, as of last month, in a move set to
deepen the pain for the city's many hard-pressed trading houses. The move could
have a knock-on effect across the sector, putting pressure on rivals who are
already suffering under thin margins.
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Derivatives trading spikes as investors embrace risk in
volatile markets
Business Times, 11 Jul 2020
Investors who want to trade derivatives on platforms
regulated by the Monetary Authority of Singapore (MAS) must undergo a customer
knowledge assessment. Financial institutions offering derivatives must also
implement safeguards to protect inexperienced customers from large losses. "With
the increased financial literacy and access to so much information, you can get
a reasonable idea of the financial strength and reasons behind substantial
movements intraday quickly," said Franky Ng, CGS-CIMB Securities' regional
head of futures.
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New EU rules and guidance for a fairer online economy
European Commission, 10 Jul 2020
The Commission publishes today a set of resources to help
traders, online platforms and search engines get the most out of the new
Platform to Business rules, which apply from this Sunday, 12 July. In addition,
three progress reports prepared by the expert group for the Observatory on the
Online Platform Economy are published for feedback. The reports will inform the
broader work of the Commission on online platforms and in particular on the
upcoming Digital Services Act package.
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SEC Proposes Amendments to Update Form 13F for
Institutional Investment Managers; Amend Reporting Threshold to Reflect Today’s
Equities Markets
US SEC, 10 Jul 2020
The Securities and Exchange Commission today announced that
it has proposed to amend Form 13F to update the reporting threshold for
institutional investment managers and make other targeted changes. The
threshold has not been adjusted since the Commission adopted Form 13F over 40
years ago.
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