[Hong
Kong] SFC issues restriction notices to 13 brokers to freeze client accounts
linked to suspected social media ramp-and-dump scam
SFC
Enforcement News, 18 Feb 2021
The
SFC has issued restriction notices to 13 brokers, including Celestial Securities
Ltd, Central China International Securities Co Ltd and China Industrial
Securities International Brokerage Ltd, to prohibit them from dealing with or
processing certain assets held in 54 trading accounts, which are related to a
suspected social media ramp-and-dump scam involving the manipulation of the
market in the shares of a company listed on The Stock Exchange of Hong Kong
Limited between September 2020 and November 2020.
Full
text: click here
[Hong
Kong] Circular to Licensed Corporations Engaged in Asset and Wealth Management
Activities - Asset and Wealth Management Activities Survey 2020
SFC
Circulars, 19 Feb 2021
The
SFC have commenced the Asset and Wealth Management Activities Survey 2020 as an
annual exercise to collect information on asset and wealth management
activities in Hong Kong for regulatory and market facilitation purposes and to
develop a better understanding of the state of the asset and wealth management
industry in Hong Kong. Licensed corporations, especially those that had had
gross operating income derived from asset management, giving advice on funds /
portfolios and / or private banking / private wealth management during the year
of 2020, are welcomed to complete the questionnaire through the online
submission system.
Full
text: click here
[Singapore]
Consultation Paper on Proposed Revisions to Enterprise Risk Management,
Investment and Public Disclosure Requirements for Insurers
MAS
Consultation, 19 Feb 2021
This
consultation paper sets out MAS' proposals to enhance the current requirements
relating to enterprise risk management, investment risk management and public
disclosure practices for insurers. The proposed requirements set out in this
consultation paper are designed to strengthen insurers’ risk management
practices, which includes the enhancement of liquidity risk management and
stress testing processes, and to help prevent insurance sector vulnerabilities
and exposures from developing into systemic risks.
Full
text: click here
[Singapore]
Notice 306 Market Conduct Standards for Life Insurers Providing Financial
Advisory Services as defined under the Financial Advisers Act
MAS
Regulation, 19 Feb 2021
This
Notice applies to all direct life insurers which provide financial advisory
services as defined under the Financial Advisers Act and set out requirements
and standards for life insurers providing financial advisory services.
Currently, life insurers are required to submit information on its provision of
financial advisory services annually to MAS as per paragraph 19 of MAS Notice
306. MAS has performed a review of the information collected under MAS Notice
306, and determined that the submission requirement for Appendix A is no longer
required.
Full
text: click here
[Singapore]
Former UOB V-P accused of multiple offences including misappropriating more
than S$5m
Business
Times, 19 Feb 2021
The
former vice-president of UOB Ling Shek Lun has been hauled to a district court
after he allegedly misappropriated cash totalling more than S$5.3 million while
he was holding the position. Ling was charged in court on Feb 10, currently
faces two cheating charges, 11 counts of criminal breach of trust, 28 counts of
forgery for the purpose of cheating, 54 counts of forgery and 47 counts of dealing
the benefits of his alleged criminal activities. He is accused of
misappropriating a total of nearly S$5.4 million and S$18,600 on multiple
occasions between 2004 and 2014. He is also accused of transferring more than
£1.8 million of the benefits of his alleged criminal conduct to an individual.
Full
text: click here
[Mainland
China] New requirements set to tighten control over online bank lending risks
China
Daily, 21 Feb 2021
China
unveiled detailed requirements and quantitative indicators to further tighten
control over risks in relation to commercial banks' online lending business
facilitated by their partners, the China Banking and Insurance Regulatory
Commission announced on Saturday. According to the new requirements, for a
single online loan jointly offered by a commercial bank and a partner, the
partner must provide no less than 30 percent of the loan fund.
Full
text: click here
[Hong
Kong] SFC reprimands and fines Brilliance Asset Management Limited $3.15
million over short position reporting failures
SFC
Enforcement News, 22 Feb 2021
The
SFC has reprimanded Brilliance Asset Management Limited and fined it $3.15
million over failures to ensure short position reports (SPRs) for four
collective investment schemes (CISs) under its management were accurate and
compliant with the requirements under the Securities and Futures (Short
Position Reporting) Rules. The SFC found that Brilliance had prepared and
submitted SPRs to the SFC for these four CISs between 8 July 2016 and 30 August
2019, but a total of 7,814 short positions held respectively by these CISs were
either misstated or omitted in these reports. Since Brilliance failed to
incorporate the code of a new prime broker in its automated programme, short
positions held through the broker were omitted in its calculations of the total
short positions set out in the SPRs, resulting in errors in the SPRs.
Full
text: click here
[Hong
Kong] Circular to Money Service Operators - Anti-Money Laundering /
Counter-Terrorist Financing
C&ED
Circular, 22 Feb 2021
Hong
Kong Customs and Excise Department issued a circular regarding six updated list
of United Nations Sanctions, which are “individuals, groups, undertakings and
entities” under section 25 of the United Nations Sanctions (ISIL and AlQaida)
Regulation (Cap. 537CB), updated list specifying terrorists and terrorist
associates designated by the UNSC, updated list specifying “individuals and
entities” under section 29 of the United Nations Sanctions (Democratic Republic
of the Congo) Regulation 2019 (Cap. 537CJ), the United Nations Sanctions
(Central African Republic) Regulation 2020 (Amendment) Regulation 2020, the
United Nations Sanctions (Mali) Regulation 2019 (Amendment) Regulation 2020,
and the United Nations Sanctions (Somalia) Regulation 2019 (Amendment)
Regulation 2021.
Full
text: click here
[Singapore]
Central Clearing of SORA Derivatives Extended To 21-Year Tenor
ABS
News, 22 Feb 2021
LCH
announced the extension of central clearing for over-the-counter SORA
derivatives from 5.5-years to 21-years. With the LCH move, the MAS will extend
the tenor of its daily SORA derivatives auctions with major derivatives dealers
from 5-years to 20- years. The extension would enable a build-up of liquidity
across all tenors in SORA Overnight Index Swaps and basis swaps between SOR and
SORA.
Full
text: click here
