• News Headlines – 6-10 Nov 2020

    [Hong Kong] Circular to Licensed Corporations and Associated Entities - Anti-Money Laundering / Counter-Financing of Terrorism Anti-Money Laundering and Counter-Financing of Terrorism Webinar

    SFC Circulars, 6 Nov 2020

    The Securities and Futures Commission (SFC) will host two sessions of anti-money laundering and counter-financing of terrorism (AML/CFT) webinar to provide an update on major AML/CFT regulatory developments on 4 and 7 December 2020 respectively.

    Full text: click here; Appendix: click here

    [Singapore] Notice 827 Unsecured Credit Facilities to Individuals

    MAS Regulation, 6 Nov 2020

    This notice applies to all finance companies in Singapore. It sets out the requirements a finance company has to comply with when granting an unsecured non-card credit facility to an individual.

    Full text: click here

    [China] China to raise violation fraud costs in capital market

    China Daily, 7 Nov 2020

    China will significantly raise the violation cost of financial fraud in the capital market and fully employ related regulations and policies to hold violators strictly accountable to their criminal responsibilities, an official with the Supreme People's Procuratorate said. Measures will include the application of property penalties, which will increase the economic punishments for criminals of financial fraud.

    Full text: click here

    [Hong Kong] SFC reprimands and fines Credit Suisse Securities (Hong Kong) Limited $2.1 million over breaches of electronic trading requirements

    SFC Enforcement News, 9 Nov 2020

    The SFC has reprimanded Credit Suisse Securities (Hong Kong) Limited (CSSHK) and fined it $2.1 million for regulatory breaches related to failures in its electronic trading systems. The SFC found that between 09:39 and 09:47 on 28 February 2019, CSSHK submitted 16,935 erroneous market making quotes to the market, resulting in the execution of 8,042 stock options trades at prices that deviated from the then prevailing market prices. The incident was caused by a logic error in the symbol mapping programme used by CSSHK.

    Full text: click here

    [Hong Kong] Circular to Licensed Corporations and Associated Entities - Anti-Money Laundering / Counter-Financing of Terrorism (1) FATF Statement on High-Risk Jurisdictions subject to a Call for Action (2) FATF Statement on Jurisdictions under Increased Monitoring (3) Outcomes from the FATF Plenary, 21-23 October 2020

    SFC Circulars, 9 Nov 2020

    This circular serve to inform licensed corporations and associated entities that the Financial Action Task Force’s (“FATF”) call for action on high-risk jurisdictions remains in effect. It also reminds licensed corporations and associated entities that FATF issued an updated statement on Jurisdictions under Increased Monitoring and published various other outcomes of its recent Plenary which may be of interest to LCs and AEs.

    Full text: click here

    [Hong Kong] International Finance Corporation and the Hong Kong Monetary Authority Launch New Alliance to Address Climate Change

    HKMA News, 9 Nov 2020

    International Finance Corporation (IFC), a member of the World Bank Group, signed a new partnership with the Hong Kong Monetary Authority (HKMA) to encourage commercial banks in Asia to adopt strategies and targets to become greener. The signing of the agreement makes the HKMA the first partner to work with IFC on the initiative. The HKMA will serve as the hub for green finance among commercial banks in Asia.

    Full text: click here

    [Singapore] $35 Million Grant to Help Small Financial Institutions Adopt Digital Solutions for Data Reporting

    MAS News, 9 Nov 2020

    The Monetary Authority of Singapore (MAS) announced the launch of a S$35 million Productivity Solutions Grant (PSG) for the financial services sector to help smaller financial institutions adopt digital solutions for more streamlined data reporting to MAS. The PSG provides funding support for smaller financial institutions to adopt regulatory reporting solutions from pre-approved managed service providers. It is currently applicable to banks and will be subsequently expanded to include insurers and capital market intermediaries.

    Full text: click here

    [Singapore] Application for Approval to obtain Effective Control of Holder of Capital Markets Services Licence under Section 97A (2) of the Securities and Futures Act

    MAS Forms, 9 Nov 2020

    The MAS has published a form for potential acquirers to seek MAS' approval for obtaining effective control of capital markets services licensees.

    Full text: click here

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