[Hong
Kong] SFC publicly censures So Yuk Kwan and imposes a cold-shoulder order for
breach of the Takeovers Code
SFC
Enforcement News, 15 Oct 2020
The
Securities and Futures Commission (SFC) has publicly censured and imposed a
24-month cold-shoulder order against So Yuk Kwan for breaching the mandatory
general offer obligation under the Takeovers Code. The SFC found that Mr. So
has breached the Takeovers Code and deprived AV Concept Holdings Limited ’s
shareholders of the right to receive a general offer for their shares. Mr. So
will be denied direct or indirect access to the Hong Kong securities market for
a period of 24 months commencing on 15 October 2020 to 14 October 2022.
Full
text: click here
[Hong
Kong] All licensed corporations, licensed representatives and registered
institutions within the meaning of the Securities and Futures Ordinance (Cap.
571) or relevant individuals within the meaning of section 20(10) of the
Banking Ordinance (Cap. 155)
SFC
Circulars, 15 Oct 2020
The
SFC reminds all licensed corporations, licensed representatives and registered
institutions or relevant individuals that the “cold-shoulder order” requires
them not to, without the prior consent of the Executive in writing, act or
continue to act directly or indirectly in their capacity as licensed
corporations, licensed representatives, registered institutions or relevant
individuals for So Yuk Kwan or any corporation controlled by him other than AV
Concept Holdings Limited and its subsidiaries; or knowingly assist directly or
indirectly in a breach of this Order during the period commencing on 15 October
2020 and ending on 14 October 2022 (both dates inclusive).
Full
text: click here
[Singapore] Notice 648 Issuance of Covered Bonds by
Banks Incorporated in Singapore
MAS Regulation, 15 Oct 2020
This MAS Notice is issued
pursuant to Banking Act (Cap. 19) section 55 and sets out requirements that
banks incorporated in Singapore must comply with when issuing covered bonds. It
applies to all banks incorporated in Singapore.
Full text: click here
[Hong
Kong] Market Misconduct Tribunal sanctions CMBC Capital Holdings Limited and
its former directors for late disclosure of inside information
SFC
Enforcement News, 16 Oct 2020
The
Market Misconduct Tribunal (MMT) has found that CMBC Capital Holdings Limited
and six of its former directors failed to disclose inside information as soon
as reasonably practicable under the Securities and Futures Ordinance (SFO) and
imposed a 15-month disqualification order against the company’s former Chief
Executive Officer and Company Secretary Mr Philip Suen Yick Lun. The
information about significant improvement in the company’s financial
performance for the five months ended 31 August 2014 came to CMBC Capital and
six former directors’ knowledge on or around 13 October 2014. However, such information was not made public
until 7 November 2014 when a positive profit alert was published in relation to
the company’s financial performance for the six months ended 30 September 2014.
Full text: click here
[Hong Kong] Reform of interest rate benchmarks
HKMA Circulars, 16 Oct 2020
The HKMA request authorized institutions to take
early action to adhere to the IBOR Fallbacks Protocol published recently by the
International Swaps and Derivatives Association (ISDA). The launch of the
Protocol and the IBOR Fallbacks Supplement marks an important step for
derivatives markets in the transition from LIBOR to alternative reference rates
(ARRs). The HKMA expects authorized institutions to adhere to the Protocol
before it takes effect and take proactive steps to encourage their
counterparties to do the same.
Full text: click here
[Singapore] National Jobs Council appoints IBF as
Jobs Development Partner for Financial Services Sector
MAS News, 16 Oct 2020
The Institute of Banking and Finance (IBF) has been
appointed by the National Jobs Council as the Jobs Development Partner (JDP)
for financial services sector. As JDP, IBF will boost opportunities for
Singaporeans to access jobs, traineeships, and training in the financial
services sector.
Full text: click here
[Singapore] Consultation Paper on Proposed
Regulations and Notices for Licensed Credit Bureaus and Approved Members
MAS Consultation, 16 Oct 2020
This consultation seeks views on the draft
regulations and notices applicable to the licensed credit bureaus and approved
members regulated under the Credit Bureau Act 2016. In Singapore, credit
bureaus currently recognised under the Banking Act (Cap 19) are permitted to
collect and disclose borrower credit information from member banks, finance
companies and credit card companies to facilitate members’ credit assessments
and loan underwriting decisions.
Full text: click here
[China] Chinese banking regulator fines China
Construction Bank $1m for violations
Business Times, 17 Oct 2020
The southern Shenzhen branch of the China Banking
and Insurance Regulatory Commission said on Saturday it had fined a branch of
the China Construction Bank (CCB), the country's second-largest lender by
assets, 7.3 million yuan (S$1.5 million) for rule violations. The Shenzhen
branch of CCB had hidden risks, used loans for purposes than otherwise stated
and money allocated for small-and medium-sized enterprise loans were used for
other purposes.
Full text: click here
