Notice under ss.169 and 399 of SFO publishing amendments to the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission
SFC, 19 Jun 2020
On 19 Jun 2020, gazette notices are published regarding to margin requirements, under section 169 and 399 of SFO, the amendments to the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (Code of Conduct).
For the purposes of paragraph 50 of Part III of Schedule 10 to the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission publishing list of jurisdictions with comparable OTCD margin requirements and specified conditions
G.N. 3284/2020: Click Here; G.N. 3283/2020: Click Here
Supervisory Policy Manual (“SPM”): “Overview of Capital Adequacy Regime for Locally Incorporated Authorized Institutions” (Revised)
HKMA, 19 Jun 2020
The Monetary Authority (“MA”) is issuing by notice in the Gazette today a revised version of the SPM module “Overview of Capital Adequacy Regime for Locally Incorporated Authorized Institutions” as statutory guideline under section 7(3) of the Banking Ordinance.
Full Text: Click Here; Revised SPM: Click Here
Circular of Supervisory Policy Manual (SPM): RE-1 “Recovery Planning”
HKMA, 19 Jun 2020
The Monetary Authority issues by notice in the Gazette today a revised version of the SPM module RE-1 “Recovery Planning” (as attached) as a statutory guideline under section 7(3) of the Banking Ordinance. The revised SPM module has incorporated the additional guidance relating to recovery planning set out in the HKMA’s circular of 6 July 2017 (with appropriate modifications) and reflected the latest developments in related local and international standards and practices.
Full Text: Click Here; Encl. SPM: Click Here
FCA announces proposals to further support consumer credit customers
FCA, 19 Jun 2020
The proposals outline the support firms would be expected to provide credit card and other revolving credit (store card and catalogue credit) and personal loan customers coming to an end of a payment freeze, as well as those who are yet to request one.
For customers yet to request a payment freeze or an arranged interest-free overdraft of up to £500, the time to apply for one would be extended until 31 October 2020.
Full Text: Click Here
Response to "Are Banks Observing Due Diligence Before Selling Elderly Customers High-Risk Products" - The Straits Times, 15 June 2020
MAS, 19 Jun 2020
When investment products are sold to vulnerable customers such as elderly persons who are not well-versed in English, FIs must implement additional safeguards. Before the sale of an investment product to vulnerable customers can be completed, a supervisor from the FI has to call the customer to check on his or her understanding of the product and the risks; the customer too may reconsider the investment and inform the FI’s supervisor if he or she no longer wishes to proceed with the transaction.
Full Text: Click Here
SEC Emergency Action Halts Brothers’ Cryptocurrency Offering Fraud
SEC, 19 Jun 2020
The Securities and Exchange Commission today announced that it filed an emergency action and obtained a temporary restraining order and asset freeze against two Pennsylvania-based brothers and three entities they control to stop an offering fraud and the misappropriation of investor proceeds.
Full Text: Click Here
China greenlights first wholly foreign-owned futures brokerage
China Daily, 19 Jun 2020
China's top securities regulator announced Thursday that it has granted approval allowing JP Morgan Futures Co Ltd to become the country's first wholly foreign-owned futures trading firm.
Full Text: Click Here
