[Hong Kong] Circular to intermediaries – Workshops to introduce changes to the SFC online portal
SFC Circulars, 3 Nov 2020
The Securities and Futures Commission (SFC) will organise workshops to introduce WINGS 2.0, the revamped version of its online portal. WINGS 2.0 is designed to help improve the efficiency and transparency of the SFC’s licensing processes, which will eventually become paperless. During an initial phase beginning in December 2020, licence applicants, licensees and registrants, as well as their professional advisors, will be able to activate or create an account on WINGS 2.0. Users will then have the opportunity to familiarise themselves with new features such as web-based licensing forms and a means of signing licensing applications electronically.
Full text: click here
[Hong Kong] Circular to Licensed Corporations – Updated Technical Specifications for OTC Derivatives Trade Reporting
SFC Circulars, 3 Nov 2020
The Hong Kong Trade Repository (HKTR) issued a notice about updated technical specifications for over-the-counter derivatives trade reporting. Specifically, in order to cope with the floating rate indices emerging from the markets from time to time, a bi-monthly update to the coding scheme “FloatingRateIndex” supported in the HKTR system will be published on the HKTR Info Page.
Full text: click here; Suppl. document: click here
[Hong Kong] The HKMA developed a two-year roadmap to promote Regtech adoption
HKMA News, 3 Nov 2020
The Hong Kong Monetary Authority (HKMA) commissioned an external consultant to explore the current state of Regtech in Hong Kong, examine common practices and barriers to adoption, and outline a two-year roadmap to accelerate adoption in the Hong Kong banking sector. To implement the recommendations in the white paper, the HKMA will roll out a series of events and initiatives in the coming two years, including: -
Full text: click here; White paper: click here; Summary of the white paper: click here
[Hong Kong] HKMA launches Cybersecurity Fortification Initiative 2.0
HKMA News, 3 Nov 2020
The Hong Kong Monetary Authority (HKMA) announced the launch of an upgraded Cybersecurity Fortification Initiative (CFI) 2.0, following industry consultation. To cope with the fast-changing cybersecurity landscape, the HKMA has recently completed a holistic review of the CFI. Taking into account the industry’s feedback during the review, the CFI has been further enhanced with a view to streamlining the cyber resilience assessment process while maintaining effective control standards that are commensurate with the latest technology trends. The CFI 2.0 will come into effect 1 January 2021 and be implemented following a phased approach.
Full text: click here; Encl.: click here; Annex: click here
[Hong Kong] The Fourth Hong Kong-Switzerland Financial Dialogue
HKMA News, 3 Nov 2020
The fourth Hong Kong-Switzerland Financial Dialogue was held virtually on 3 November 2020. HKMA and SIF discussed the latest development in sustainable finance and fintech, opportunities arising from Hong Kong’s latest measures to support the development of the private equity industry and the various Connect schemes between Hong Kong and the Mainland of China. Both sides also exchanged views on international cooperation issues including the work of the Bank for International Settlements Innovation Hub Centre and the Financial Stability Board.
Full text: click here
[Singapore] Discontinuation of $1,000 Note Issuance to Pre-empt Money Laundering and Terrorism Financing Risks
MAS News, 3 Nov 2020
The Monetary Authority of Singapore (MAS) announced that it plans to discontinue the issuance of the $1,000 note from 1 January 2021. This is a pre-emptive measure to mitigate the higher money laundering and terrorism financing (ML/TF) risks associated with large denomination notes. The move is aligned with international norms and major jurisdictions have already stopped issuing such large denomination notes.
Full text: click here
[Singapore] FAQs on Lodgement of Financial Returns under the Securities and Futures (Financial and Margin Requirements) Regulations
MAS Regulation, 3 Nov 2020
This set of FAQs provide guidance on the requirements and procedures relating to the lodgement of financial returns by capital markets services licensees.
Full text: click here
[Singapore] Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS (for FIs conducting regulated activities under the SFA other than for fund managers and REIT managers)
MAS Regulation, 3 Nov 2020
This Compliance Toolkit serves as a guide to capital market services licensees (other than fund managers and REIT managers), exempt financial institutions (e.g. banks and finance companies) and other exempt entities (e.g. exempt corporate finance advisers) on the various approval and reporting requirements and timelines under the SFA and its subsidiary instruments.
Full text: click here
[Singapore] FAQs on the Risk Based Capital Adequacy Requirements for Capital Markets Services Licence Holders
MAS Regulation, 3 Nov 2020
This set of FAQs aims to guide and assist capital markets services licensees in complying with the risk based capital adequacy requirements under the Securities and Futures (Financial and Margin Requirements) Regulations and the Notice on Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences.
Full text: click here
[Singapore] MAS accelerates reviews, investigations of criminal and civil cases
Business Times, 4 Nov 2020
THE Monetary Authority of Singapore (MAS) is taking less time to complete reviews and investigations of criminal and civil cases, according to its enforcement report. The report, which updates the market on enforcement matters in the financial markets undertaken by MAS between January 2019 and June 2020, is made public every 18 months. For the 18 months ended June 2020, criminal prosecutions took an average of 24 months compared with 33 months in the previous reporting period, and civil ones 26 months versus 30 months previously. Average time taken for regulatory actions, however, rose to eight months from six months.
Full text: click here; Enforcement report: click here
[Hong Kong] SFC to tighten control on virtual assets trade
The Standard, 4 Nov 2020
The Securities and Futures Commission has proposed a new regime on licensing for virtual assets trading, which requires all platforms that trade any types of crypto assets, including both those operating in Hong Kong and those targeting Hong Kong investors, to apply for an SFC license.
Full text: click here; Consultation: click here
[Hong Kong] New speech by Ashley Alder: Keynote address at Hong Kong FinTech Week 2020
SFC News, 4 Nov 2020
The SFC’s Chief Executive Officer Ashley Alder delivered a keynote address, entitled “Fintech: the regulatory response to evolving challenges”, at Hong Kong FinTech Week 2020. In his keynote address, Mr Ashley Alder announced a new regulatory framework for “virtual asset” trading platforms and shared his view on regulatory of security tokens.
Full text: click here
[Hong Kong] Keynote Speech by Mr Clement Cheung, Chief Executive Officer, at the Hong Kong FinTech Week 2020
IA News, 4 Nov 2020
The Chief Executive Officer of the Insurance Authority Clement Cheung delivered a keynote speech at Hong Kong FinTech Week 2020. In his keynote speech, Mr Clement Cheung shared his view on Insurtech Sandbox, digital transformation and virtual insurers.
Full text: click here
