[Hong
Kong] SFC reprimands and fines Ewarton Securities Limited $1.5 million
SFC
Enforcement News, 27 May 2021
The
SFC has reprimanded and fined Ewarton Securities Limited $1.5 million for
internal control failings and breaches of the SFC’s Code of Conduct. The
disciplinary action follows the SFC’s sanctions against Mr Mung Wai Sun, a
former licensed representative of Ewarton, for effecting transactions in a
client’s account on a discretionary basis without obtaining the client’s prior
written authorization and failing to ensure transactions undertaken on behalf
of the client were given priority over orders for his own account between May
2017 and March 2018.
Full
text: click here
[Hong Kong] Insurance
Authority extends the validity of temporary facilitative measures to 30
September 2021
IA News, 27 May 2021
In view of the latest developments of the
COVID-19 pandemic, the Insurance Authority issued a circular to authorized
long-term insurers announcing the extension of temporary facilitative measures
for non-face-to-face distribution of specific protective insurance products to
30 September 2021. The scope of products covered and the implementation details
of the measures remain unchanged.
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[Hong Kong] Circular to
licensed corporations Postponement of effective date of revised financial
return form
SFC Circulars, 28 May
2021
The SFC informs licensed corporations that
the effective date of the revised form of the returns required to be submitted
by them under section 56 of the Securities and Futures (Financial Resources)
Rules will be postponed to 1 January 2022. An upgraded version of WINGS is
being developed with enhanced features. The electronic submission of financial
returns will migrate to WINGS after the enhancements.
Full text: click here
[Hong Kong] Circular to
licensed corporations Exemption for senior executives of licensed corporations
- Compulsory Quarantine of Certain Persons Arriving at Hong Kong Regulation
(Cap. 599C) - Compulsory Quarantine of Persons Arriving at Hong Kong from
Foreign Places Regulation (Cap. 599E)
SFC Circulars, 28 May 2021
The HKSAR Government has designated certain categories of persons in the
financial services sector to be exempted from the compulsory quarantine
arrangements in Hong Kong under Cap. 599C and Cap. 599E (Exemption Scheme).
Senior executives of licensed corporations or their overseas affiliates who are
fully vaccinated and meet the eligibility criteria may apply for exemption from
the compulsory quarantine arrangements when they return or travel to Hong Kong.
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[Hong Kong] IA takes its first
disciplinary actions against two broker companies for regulatory breaches
IA News, 28 May 2021
The Insurance Authority has taken its first disciplinary actions against
two licensed insurance broker companies. The disciplinary actions involve the
failure by the broker companies to submit their audited financial statements
and auditor’s reports within six months following the end of their respective
financial years. Both broker companies have been fined and one of the companies
has had its licence suspended. Failure by a licensed insurance broker company
to submit its Financial Documents on time under the new regulatory regime can
be prosecuted by the IA as an offence under Ordinance.
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[Hong Kong] Circular to Licensed
Corporations and Associated Entities - Anti-Money Laundering /
Counter-Financing of Terrorism United Nations Sanctions (Yemen) Regulation 2019
(Amendment) Regulation 2021
SFC Circulars, 28 May 2021
The SFC would like to draw the industry’s attention that the United
Nations Sanctions (Yemen) Regulation 2019 (Amendment) Regulation 2021, made
under the United Nations Sanctions Ordinance (Cap. 537), was published in the
Gazette (L.N. 72 of 2021) on 28 May 2021 with immediate effect. The Yemen
Amendment Regulation implements sanctions against Yemen as imposed or renewed
by the United Nations Security Council under Resolution 2564, which include prohibition
against making available to certain persons or entities any funds or other
financial assets or economic resources, or dealing with funds or other
financial assets or economic resources of certain persons or entities.
Full text: click here
