• News Headlines – 2-3 Jun 2021

    [Hong Kong] SFC identifies vaccination as key element of operational risk management

    SFC News, 1 Jun 2021

    The SFC issued a circular urging licensed corporations to review their business continuity plan and consider Covid-19 vaccination as a critical part of operational risk management. In this connection, they should identify functions that are critical to their business operations and client interests and to encourage staff performing such critical functions to get vaccinated.

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    [Hong Kong] Circular to licensed corporations Business continuity planning in view of COVID-19 Vaccination Programme

    SFC Circulars, 1 Jun 2021

    In view of the availability of vaccines after the launch of a territory-wide COVID-19 Vaccination Programme by the Hong Kong Special Administrative Region Government earlier this year, licensed corporations are strongly encouraged to consider vaccination as a critical part of operational risk management to ensure that their business operations and client interests are not unduly affected by COVID-19. In this regard, the SFC urges licensed corporations to review their business continuity plan and identify functions which are critical to their business operations and client interests and encourage staff performing such critical functions, for example client-facing and critical support staff, to get vaccinated. Licensed corporations are also reminded to maintain proper documentation of any changes to their BCPs.

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    [Hong Kong] The HKMA invites registration for its flagship Regtech event – “Unlocking the Power of Regtech”

    HKMA News, 1 Jun 2021

    The HKMA invites everyone who is interested in developing Regtech to transform risk management and regulatory compliance to register for its flagship Regtech event - “Unlocking the Power of Regtech” scheduled for 30 June 2021. The virtual event brings together senior figures from the global Regtech ecosystem including financial institutions, regulators, Regtech providers and other industry experts to share their experience and insights into the enormous potential of Regtech. It comprises panel discussions, experience sharing sessions and demonstrations, designed to encourage dialogues and networking.

    Full text: click here; Event Agenda: click here

    [Hong Kong] COVID-19 Vaccination Programme

    HKMA Circulars, 1 Jun 2021

    The HKMA urge all authorized institutions to introduce additional effective measures to encourage all bank staff to get vaccinated. The HKMA also requires that all AIs should strongly encourage staff performing client-facing roles or critical support functions to get vaccinated. To this end, AIs should identify and draw up a list of designated staff expected to receive inoculation. The list should include, but should not be limited to, those staff involved in branch operation, wealth management and commercial banking, who have frequent face-to-face interactions with customers, as well as those responsible for critical IT, data centre, treasury and settlement operations. AIs are required to submit to the HKMA, within two weeks from the date of this circular, a breakdown by department or function of designated staff expected to receive inoculation. Staff included in the list should undergo the first COVID-19 test by 30 June 2021 if they have not yet taken the first dose of vaccine by then.

    Full text: click here

    [Hong Kong] First exchange traded funds listed under cross-border scheme

    The Standard, 1 Jun 2021

    The first exchange traded funds were listed simultaneously in Hong Kong and Shanghai under the new Hong Kong-mainland ETF Cross-listing Scheme. The new ETF, CSOP Huatai-Pinebridge CSI Photovoltaic Industry ETF, invests 90 percent or more of its total net assets in an ETF currently listed in Shanghai, through the Renminbi Qualified Foreign Institutional Investor (RQFII) status.

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    [Hong Kong] Hong Kong bourse scraps fees for bond and money market ETFs

    Asia Asset Management News, 2 Jun 2021

    Hong Kong’s stock exchange has eliminated trading fees for bond and money market exchange-traded funds (ETFs) in a move to increase liquidity and bring greater product diversity to the market. Hong Kong Exchanges and Clearing charges HK$0.50 per ETF transaction and a minimum stock settlement fee of HK$2. The fees will be scrapped for 29 listed ETFs, HKEX says in a statement on May 31, when the move became effective.

    Full text: click here

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