[Hong Kong] Company secretary convicted of insider dealing
SFC News, 17 Dec 2020
The Eastern Magistrates’ Court convicted Mr Chow Chiu Chi, company secretary of China Automation Group Limited (China Automation), of insider dealing in the shares of China Automation following a prosecution by the Securities and Futures Commission. Before the trading suspension which took place at around 3:12 pm on 11 April 2016, Chow, who knew that the possible general offer was a piece of inside information, purchased a total of 534,000 China Automation shares through his wife’s securities account between 1:57 pm and 3:03 pm. Between 14 and 21 April 2016, Chow sold some of the China Automation shares and made a profit of $7,417. The notional profit of the shares remained unsold was $36,865.
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[Singapore] MAS Announces Further Extension of the US$60 Billion Swap Facility with the US Federal Reserve and the MAS USD Facility
MAS News, 17 Dec 2020
The MAS announced the further extension of the US$60 billion swap arrangement with the US Federal Reserve (Federal Reserve) through 30 September 2021. The MAS USD Facility will also be extended to 30 September 2021, offering up to US$60 billion of funding to banks, to facilitate USD lending to businesses in Singapore and the region.
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[Singapore] Response to Feedback Received on Proposed Implementation of the Final Basel III Reforms in Singapore – Operational Risk Capital and Leverage Ratio Requirements
MAS Consultation, 17 Dec 2020
This document sets out MAS’ response to feedback received on the consultation paper published on 7 May 2019 that pertains to the proposals on operational risk capital and leverage ratio requirements. MAS proposed not to implement the loss component in the calculation of the operational risk capital requirement for all banks.
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[Singapore] Consultation Paper on Draft Standards for Operational Risk Capital and Leverage Ratio Requirements for Singapore-incorporated Banks
MAS Consultation, 17 Dec 2020
The MAS seeks feedback on draft standards relating to operational risk capital and leverage ratio requirements for Singapore-incorporated banks. The draft provisions in MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore take into account standards relating to operational risk capital and leverage ratio requirements in the final Basel III reforms published by the Basel Committee on Banking Supervision (BCBS)
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[Singapore] Form 23A - Notice of Change of Particulars for a Registered Fund Management Company or a Venture Capital Fund Manager
MAS Regulation, 18 Dec 2020
The MAS published a form for registered fund management companies and venture capital fund managers to notify MAS of changes to their particulars and particulars of their directors, representatives, relevant professionals or shareholders. This form must be submitted within 14 days after the date of the change.
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[Singapore] Consultation Paper on Notices to Banks and Merchant Banks on Management of Outsourced Relevant Services
MAS Consultation, 18 Dec 2020
The MAS issued a consultation paper which seeks feedback on a proposed Notice to Banks on Management of Outsourced Relevant Services. MAS also intends to mirror requirements of this notice for Merchant Banks in a Notice to Merchant Banks on Management of Outsourced Relevant Services.
Full text: click here; Consultation: click here
[Hong Kong] SFC proposes amendments to the Code on Pooled Retirement Funds
SFC News, 18 Dec 2020
The SFC launched a three-month consultation on proposed amendments to the Code on Pooled Retirement Funds (PRF Code). The proposals would enhance the SFC’s requirements for the operation of these funds and clarify the obligations of key operators including product providers, trustees, management companies and insurance companies.
Full text: click here; Consultation: click here
[Hong Kong] Circular to Intermediaries - Anti-bribery Guidance
SFC Circulars, 18 Dec 2020
The SFC reminds intermediaries of their existing obligations to put in place robust internal control systems to prevent contravention of the Prevention of Bribery Ordinance (Cap. 201) (POBO) when conducting regulated activities. According to the Code of Conduct, intermediaries should comply with, and implement appropriate measures and be familiar with the POBO. They should also draw reference from the sample code of conduct issued by the ICAC for the private sector.
Full text: click here; Appendix: click here
[Hong Kong] Circular to intermediaries Joint product survey by the SFC and the HKMA
SFC Circulars, 18 Dec 2020
The SFC and the HKMA issued a joint circular in December 2019 to announce the launch of a joint annual survey on the sale of non-exchange traded investment products by licensed corporations (LCs) and registered institutions (RIs). This circular reminds intermediaries to submit the survey questionnaire for the first reporting period, which covers 1 January to 31 December 2020. All LCs and RIs licensed or registered for Type 1 or 4 regulated activity should submit the completed questionnaires to the SFC electronically through WINGS by the due dates.
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[Hong Kong] Statistics of Stored Value Facilities (SVF) Schemes Issued by SVF Licensees
HKMA News, 18 Dec 2020
The HKMA published statistics on SVF schemes issued by SVF licensees for the third quarter of 2020. According to the quarterly statistics, the total number of SVF accounts in use was 63.97 million by the end of Q3/2020, representing a 0.1% increase from the previous quarter. The total number of SVF transactions was around 1.3 billion for Q3/2020, or 0.8% lower than the previous quarter. The total value of SVF transactions was HK$56.3 billion for Q3/2020, representing a 1.4% increase from the previous quarter.
Full text: click here; Annex: click here
[Hong Kong] Enhanced Competency Framework on Operational Risk Management
HKMA Circulars, 18 Dec 2020
The HKMA announced the launch of the Enhanced Competency Framework on Operational Risk Management (ECF-ORM), a collaborative effort of the HKMA, the Hong Kong Institute of Bankers (HKIB) and the banking sector in establishing a set of common and transparent competency standards for raising the professional competence of relevant practitioners working in the operational risk management function of authorized institutions (AIs). Details of the ECF-ORM, including its scope of application, competency standards, qualification structure, certification and grandfathering arrangements, and continuing professional development (CPD) requirements are set out in the Guide.
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[Hong Kong] SFC previews new electronic licensing services
SFC News, 21 Dec 2020
The SFC unveiled new electronic licensing functions on WINGS, an online platform for submitting information to the regulator. These functions are a cornerstone of the fully digitalised licensing process which the SFC plans to launch in 2021. The new online features include web-based licensing forms with auto-fill and skip logic features and pre-set validation rules to reduce errors. Electronic signatures will also be supported.
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