[Hong Kong] SFC issues quarterly report
SFC News, 23 Feb 2021
The
SFC published its latest Quarterly Report which summarises key developments
from October to December 2020. During the quarter, the SFC conducted 74
in-depth inspections of licensed corporations to review their compliance with
regulatory requirements and received 1,333 license applications including 55
corporate applications. Three licensed
corporations and three individuals were disciplined, resulting in total fines
of $2.72 billion.
Full
text: click here
[Hong
Kong] Fintech Co-operation between the Hong Kong Monetary Authority and the
Central Bank of the United Arab Emirates
HKMA
News, 23 Feb 2021
The
HKMA and the CBUAE jointly announced the exchange of a Memorandum of
Understanding to enhance collaboration on fintech between the two authorities,
with a view to strengthening co-operation between the two jurisdictions in
promoting innovative financial services and regulatory development. Under the
MoU, the two authorities have agreed that the CBUAE will join the multiple
central bank digital currency bridge (m-CBDC Bridge) project collaboratively
implemented by the HKMA, the Bank of Thailand (BOT), the Digital Currency
Institute of the People’s Bank of China and the Bank for International
Settlements Innovation Hub Centre in Hong Kong.
Full
text: click here
[Hong
Kong & Mainland China] Joint statement on the Multiple Central Bank Digital
Currency (m-CBDC) Bridge Project
HKMA
News, 23 Feb 2021
The
HKMA, together with the BOT, the CBUAE and the Digital Currency Institute of
the People’s Bank of China (PBC DCI), announced the joining of the CBUAE and
the PBC DCI to the second phase of Project Inthanon-LionRock, a central bank
digital currency project for cross-border payments initiated by the HKMA and
the BOT. The project has been renamed as “m-CBDC Bridge”. It will further
explore the capabilities of distributed ledger technology, through developing a
proof-of-concept prototype, to facilitate real-time cross-border foreign
exchange payment-versus-payment transactions in a multi-jurisdictional context
and on a 24/7 basis.
Full
text: click here
[Singapore]
MAS' response to queries on funds from Myanmar companies and individuals in
banks in Singapore
MAS
News, 23 Feb 2021
In
response to media queries, the Monetary Authority of Singapore said that its
regular surveillance of the banking system has not found significant funds from
Myanmar companies and individuals in banks in Singapore. MAS expects financial
institutions to remain vigilant to any transactions that could pose risks to
the institution, including dealings with companies and individuals subject to
financial sanctions by foreign jurisdictions.
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text: click here
[Hong
Kong] SFC welcomes government budget measures
SFC
News, 24 Feb 2021
The
SFC welcomes the measures proposed by the Financial Secretary, Mr Paul Chan, in
the government’s 2021-22 budget to further enhance Hong Kong’s role as an
international financial centre. “The proposed initiatives in relation to
Open-ended Fund Companies to set up businesses in Hong Kong and to encourage
more Real Estate Investment Trusts to list here will help expand our markets
and provide investors with more choices.” the SFC’s Chairman, Mr Tim Lui said.
Full
text: click here
[Hong
Kong] Insurance Authority welcomes Pilot Insurance-linked Securities Grant
Scheme
HKIA
News, 24 Feb 2021
The
Insurance Authority welcomes the Pilot Insurance-linked Securities Grant Scheme
(Pilot ILS Grant Scheme) announced in the 2021-22 Budget. “The Pilot ILS Grant
Scheme will attract insurance enterprises or organisations to issue
insurance-linked securities (ILS) in Hong Kong. Together with the new
regulatory regime to be launched later this year, it will pave way for Hong
Kong to become the preferred domicile for ILS, in particular catastrophe bonds.”
said Dr Moses Cheng, Chairman of the IA.
Full
text: click here
[Hong
Kong] Insurance Authority extends the validity of temporary facilitative
measures to 30 June 2021
HKIA
News, 24 Feb 2021
In
view of the latest developments of the COVID-19 pandemic, the IA issued a
circular to authorized long-term insurers announcing the extension of temporary
facilitative measures for non-face-to-face distribution of specific protective
insurance products to 30 June 2021. The scope of products covered and the
implementation details of the measures remain unchanged.
Full
text: click here
[Hong
Kong] Circular to Money Service Operators - Anti-Money Laundering /
Counter-Terrorist Financing
C&ED
Circular, 24 Feb 2021
Hong
Kong Customs and Excise Department issued a circular regarding the publication
of an updated list of “individuals, groups, undertakings and entities” under
section 25 of the United Nations Sanctions (ISIL and AlQaida) Regulation. An
updated list specifying terrorists and terrorist associates designated by the
UNSC under section 4 of the United Nations (Anti-Terrorism Measures) Ordinance
and an updated list specifying “individuals and entities” under section 33 of
the United Nations Sanctions (Central African Republic) Regulation 2020 were also
published.
Full
text: click here
[Singapore]
MAS bans former representative of insurance broker for dishonest conduct
MAS
Enforcement, 24 Feb 2021
The
MAS has issued four-year prohibition orders against Mr Lau Man Chun, a former
representative of an insurance broker, for dishonest conduct relating to the
sale of personal accident (PA) policies. Mr Lau joined Manulife Financial Advisers
Pte Ltd (Manulife) in April 2018 and left in July 2019. While at Manulife, Lau
was authorised only to advise on and sell life policies. In December 2018,
despite not being authorised to advise on or sell general insurance policies,
Mr Lau met three persons to sell them Liberty Insurance Pte Ltd’s PA policies.
Mr Lau obtained their signatures on blank policy proposal forms and collected
$100 cash from each person, as payment for the policy premiums. Further, in
January 2019, Mr Lau sent falsified policy schedules to the clients when the
clients sought an update on their policy status.
Full
text: click here
