[Hong Kong] SFC steps up efforts to combat IPO-related
misconduct
SFC News, 20 May 2021
An
SFC-SEHK joint statement notes some problematic issues in recent initial public
offerings which suggest the lack of genuine investor interest and call into doubt
the existence of an open, orderly and fair market in the shares. In some IPOs,
the initial listing requirements may only have been satisfied by artificial
means, such as allocating shares to controlled placees at an inflated IPO price
to satisfy the minimum market capitalisation requirement of $500 million under
the Main Board Listing Rules. As part of the regulatory response to address
improper behaviour, problematic applications with red flags are now subject to
heightened scrutiny. If necessary, the regulators will use their regulatory
powers to object to or reject an application. In addition, the SFC works
closely with SEHK to critically review each listing applicant’s valuation, such
as comparing its price-to-earnings ratio against listed peers, to assess
compliance with the minimum market capitalisation and other initial listing
requirements.
Full
text: click here
[Hong Kong] Remote
on-boarding and iAM Smart
HKMA Circular, 24 May
2021
This circular provides further elaboration
to encourage the wider adoption of iAM Smart in remote on-boarding arrangements
to enhance effectiveness. The Hong Kong Association of Banks (HKAB), with input
from the HKMA, has updated the Frequently Asked Questions (FAQs) in relation to
AML/CFT to help authorized institutions understand how iAM Smart can be used in
complying with the relevant AML/CFT requirements. For example, the FAQs clarify
that when iAM Smart is used for identity verification, record keeping
requirements may be met by retaining the specific data or information obtained
from iAM Smart through Application Programming Interface, showing the
customer’s iAM Smart authentication result and verified Hong Kong Identity Card
data. AIs do not need to obtain additional identification documents solely for
record keeping purposes.
Full text: click here
[Mainland China] Crypto
miners halt China business after Beijing's crackdown, Bitcoin dives
Business Times, 24 May
2021
Cryptocurrency mining operators, including a
Huobi Mall and BTC.TOP, are suspending their China operations after Beijing
stepped up its efforts to crack down on bitcoin mining and trading, sending the
digital currency tumbling. A State Council committee led by Vice Premier Liu He
announced the crackdown late on Friday - the first time the council has
targeted virtual currency mining.
Full text: click here
