[Hong Kong] HKMA and HKAB online exchange with the
Mainland financial regulators
HKMA News, 22 Dec 2020
Mr Eddie Yue, Chief
Executive of the Hong Kong Monetary Authority (HKMA), led the delegation of
Hong Kong Association of Banks (HKAB) to have annual meetings with the Mainland
financial regulators on 17, 21 and 22 December. The delegation met with Mr Yi
Gang, Governor of the People’s Bank of China, Mr Zhou Liang, Vice Chairman of
the China Banking and Insurance Regulatory Commission and Mr Fang Xinghai, Vice
Chairman of the China Securities Regulatory Commission respectively to discuss
the recent financial developments in Hong Kong and the Mainland, as well as
issues on financial cooperation that are of interest to various parties. Yue highlighted
that notwithstanding the challenges brought by the COVID-19 and the external
environment over the past year, Hong Kong’s banking system had remained robust,
the Linked Exchange Rate System had been operating smoothly, and financial
activities had stayed vibrant.
Ful text: click here
[Singapore
& Mainland China] MAS and CSRC Enhance Cooperation at the 5th Bilateral
Roundtable
MAS News, 22 Dec 2020
The Monetary Authority of Singapore (MAS)
and the China Securities Regulatory Commission (CSRC) held their 5th MAS-CSRC
Supervisory Roundtable which followed up on capital market developments and
co-operation that had been discussed at the recent 16th Joint Council for
Bilateral Cooperation. The key areas of discussion included the impact of
COVID-19 on capital markets, the management of financial, operational, and
technology and cyber risks during the pandemic, as well as regulatory support
for financial institutions in managing the challenges arising from the
pandemic. MAS and CSRC also exchanged views on capital markets supervision,
including areas of supervisory co-operation as well as possible collaborations
between Singapore and Chinese exchanges.
Full text: click here
[Singapore]
Joint response to “Risk of having all financial data in one place” – The
Straits Times, 18 December 2020
MAS News, 22 Dec 2020
The MAS respond to concern raised by the
Straits Times editor that individuals’ financial data might be exposed, should
the Singapore Financial Data Exchange be compromised. The MAS respond that SGFinDex
will not consolidate individuals’ financial information in one place. Rather, it enables individuals to use
financial planning applications to access their financial information held across
different government agencies and financial institutions. SGFinDex only
transmits the data, it does not keep a copy of it. So, it does not introduce a
single point of compromise of the individual's financial data. Stringent
security measures have also been put in place to safeguard the data as it
transits through SGFinDex.
Full text: click here
[Hong Kong] SFC concludes consultation on customer due
diligence requirements for open-ended fund companies
SFC
News, 23 Dec 2020
The SFC released consultation conclusions on
proposed customer due diligence requirements for open-ended fund companies
(OFCs). The SFC will implement the proposal to require OFCs to appoint a
responsible person to carry out anti-money laundering and counter financing of
terrorism (AML/CFT) functions. Upon the completion of the legislative process,
the new requirements will come into effect after a six-month transition period.
Full text: click here;
Consultation conclusions: click here
[Hong Kong] SFC reprimands and fines Fulbright
Securities Limited $3.6 million
SFC News, 23 Dec 2020
The SFC has reprimanded Fulbright Securities
Limited (Fulbright) and fined it $3.6 million for internal control failures
relating to short selling and for failing to report related short selling
incidents to the SFC in a timely manner as required by the SFC’s Code of
Conduct. The SFC’s investigation found that between October 2015 and March
2016, there were at least 93 instances of short sales executed by Fulbright
which resulted from its failure to put in place effective internal control
procedures to detect and prevent illegal short selling.
Full text: click here
[Hong Kong] Circular to licensed
corporations Deferral of margin requirements for non-centrally cleared OTC
derivative transactions
SFC Circulars, 23 Dec
2020
The SFC issued a circular to inform licensed
corporations (LCs) that the SFC will defer the effective date of its margin
requirements for non-centrally cleared single-stock options, equity basket
options and equity index options by three years until 4 January 2024.
Full text: click here
