[Hong Kong] SFC
obtains disqualification orders against former senior executives of Long
Success International (Holdings) Limited
SFC
Enforcement News, 22 Mar 2021
The SFC has obtained disqualification orders
in the Court of First Instance against the former chief executive officer and
executive director of Long Success International (Holdings) Limited, Mr Hu
Dongguang, and former executive director, Mr Guo Wanda, in the proceedings
commenced by the SFC against 13 former directors of the company. Hu and Guo
admitted that they were in breach of their fiduciary duties and common law
duties to act in the interest of Long Success and to exercise due and
reasonable skill, care and diligence in the course of acting as directors of
Long Success.
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[Singapore] Envy Asset
Management and Envy Global Trading not licensed by MAS
MAS News, 22 Mar 2021
Referring to the charges of cheating and
fraudulent trading brought in the State Courts against Ng Yu Zhi, a director of
Envy Asset Management Pte Ltd (EAM) and Envy Global Trading Pte Ltd (EGT), the
Monetary Authority of Singapore said that EAM and EGT are not licensed by MAS. Notwithstanding
that EAM and EGT are not licensed by MAS, MAS is concerned with the scale of
the alleged investment fraud scheme.
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[Hong Kong] SFC
reprimands and fines GEO Securities Limited $6.3 million for regulatory
breaches
SFC Enforcement News, 23
Mar 2021
The SFC has reprimanded and fined GEO
Securities Limited $6.3 million for breaching its licensing conditions and
failures related to the sale of unlisted bonds. The SFC investigation found
that GEO had provided discretionary account management services to eight clients
in return for an annual management fee between 1 July 2014 and 15 June 2015,
and introduced 36 clients directly to four listed companies to subscribe for
their unlisted bonds totalling about $108 million between 28 October 2014 and
16 November 2015. The SFC also found serious deficiencies in GEO’s systems and
controls.
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[Hong Kong] Circular to
Licensed Corporations Updated Technical Specifications for OTC Derivatives
Trade Reporting
HKMA Circular, 23 Mar
2021
The HKMA issued a notice about updated
technical specifications for over-the-counter derivatives trade reporting under
the Hong Kong Trade Repository. The revised version of the Administration and
Interface Development Guide ("AIDG") updated the coding schemes
supported in the HKTR reporting templates and made corresponding changes in
some business validation rules.
Full text: click here
[Singapore] Person
charged for offences under the Securities and Futures Act and Corruption, Drug
Trafficking and Other Serious Crimes (Confiscation of Benefits) Act
MAS Enforcement, 23 Mar
2021
Mr Tang Boon Hai was charged for offences
under the Securities and Futures Act (SFA) and Corruption, Drug Trafficking and
Other Serious Crimes (Confiscation of Benefits) Act (CDSA). Mr Tang is accused
of being involved in a conspiracy with Mr Tan Kheng Yeow for false trading in
the shares of KTL Global Limited, by using multiple trading accounts to carry
out trades for the purpose of creating a false or misleading appearance of active
trading in the security. Mr Tang is also accused of engaging in a practice
which was likely to operate as a deception upon the brokerages through the
unauthorised use of the trading accounts. In addition, he is alleged to have
received monies amounting to $999,980, when he had reasonable grounds to
believe that the monies represented benefits from Mr Tan KY’s criminal conduct.
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[Singapore] Study to
Enhance the Resilience of Future Workplace of Financial Institutions
ABS News, 23 Mar 2021
The Association of Banks in Singapore and
the Monetary Authority of Singapore jointly issued a “Study on Future
Workplaces” for financial institutions in Singapore as part of the ongoing
collaboration between ABS’ Return to Onsite Operations Taskforce (ROOT) and
MAS, to coordinate responses to the crisis and prepare for a post COVID-19 new
normal. The Study presented workplace strategies and good practices relating to
the building, environment and Safe Management Measures which aims to support financial
institutions in building resilience in their operations for the present and
beyond.
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[Mainland China] Central
bank to improve cross-border financial monitoring
China Daily, 23 Mar 2021
The People's Bank of China announced that it
will improve its monitoring on cross-border financial information and data
transfer to prevent cross-border payment risks and enhance financial stability.
The main purpose of establishing a centralized node of the network domestically
is to improve the stability, resilience and security of cross-border financial
information services, and to prevent unexpected situations, such as a cut off
of the network.
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[Hong Kong] United
Nations Sanctions (ISIL and Al-Qaida) Regulation & United Nations
(Anti-Terrorism Measures) Ordinance
C&ED Circular, 24 Mar
2021
Hong Kong Customs and Excise Department
issued a circular regarding the updated list of “individuals, groups, undertakings
and entities” under section 25 of the United Nations Sanctions (ISIL and Al-Qaida)
Regulation (Cap. 537CB) and the updated list specifying terrorists and
terrorist associates designated by the UNSC under section 4 of the United
Nations (Anti-Terrorism Measures) Ordinance (Cap. 575). The Customs and Excise
Department expects all new designations to be screened by money service
operators against their client lists as soon as practicable whenever there are
updates.
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