[Hong Kong] Consultation conclusions on the Insurance
(Special Purpose Business) Rules
IA News, 19 Jan 2021
The
Insurance Authority (IA) published the consultation conclusions on the draft
Insurance (Special Purpose Business) Rules (the SPB Rules) in respect of
restrictions on the sale of insurance-linked securities (ILS) issued in Hong
Kong. The draft SPB Rules imposes restrictions on the sale of ILS, which
include spelling out the scope of eligible ILS investors, a minimum investment
sum, and the penalties for contraventions of sales restrictions. The SPB Rules
will be tabled at the Legislative Council for negative vetting and are expected
to come into operation together with the Insurance (Amendment) Ordinance 2020
in end-March 2021.
Full
text: click here
[Hong
Kong] Wealth Connect to focus on bonds
The
Standard, 20 Jan 2021
Wealth
Management Connect will operate within existing regulatory frameworks. The move
is meant to avoid setting up new rules and regulations so as to launch the WMC
as soon as possible, HKMA executive director Darryl Chan told the Asian
Financial Forum. WMC will mainly focus on bonds at this stage, but will review
the possibility of including insurance products in the future, said Chan.
Full
text: click here
[Hong
Kong] Hong Kong and Thailand regulators sign MoU on Mutual Recognition of Funds
SFC
News, 20 Jan 2021
The
Securities and Futures Commission (SFC) and the Securities and Exchange
Commission of Thailand (SEC) have entered into a Memorandum of Understanding
(MoU) on Mutual Recognition of Funds (MRF) to allow eligible Hong Kong and Thai
public funds to be distributed in each other’s market through a streamlined
process. The two regulators have also agreed to expedite the approval process
of a local feeder fund investing in an MRF-eligible Thai or Hong Kong master
fund and to clarify how they may be operated in a streamlined manner.
Full
text: click here;
Circular: click here
[Hong
Kong] HK bank staff arrested in HK$6.3b laundering probe
Business
Times, 21 Jan 2021
Seven
former and current bank employees have been arrested in Hong Kong as part of a
major operation against a HK$6.3 billion international money-laundering
syndicate, police said on Wednesday (20/1). Superintendent from the Commercial
Crime Bureau said it was the first time local bank staff had been arrested for
involvement in money laundering. Investigators said those detained are alleged
to have helped a key Hong Kong-based member of the syndicate apply for business
accounts, including falsifying company documents and coaching applicants for
interviews. At least 14 business accounts were opened and handled a total of
HK$6.3 billion in illicit funds between 2017 and 2018.
Full
text: click here
