[Singapore]
MAS issues Prohibition Orders against Mr Younis Adnan Mohammed for fraud and
dishonest conduct
MAS
News, 3 Jun 2021
The
MAS has issued five-year prohibition orders against Mr Younis Adnan Mohammed,
following his convictions in the State Courts for offences involving fraud or
dishonesty, namely forgery and providing false information to a public servant.
He is prohibited from providing any financial advisory services, from
performing any regulated activity and from taking part in the management of any
capital markets services firm. In March 2019, Mr Younis was a representative of
investment management firm, Wellington Management Singapore Pte Ltd, when in
his personal capacity, he deceived online trading platform OANDA Asia Pacific
Pte. Ltd. into crediting $50,000 into his personal trading account. In order to
meet a margin call in his trading account, Mr Younis forged screenshots of a
bank transfer and his bank account details, to show that $50,000 had been
transferred to OANDA when no such transfer had been made. After OANDA reported
the matter to the police, Mr Younis lied to the investigation officer that a
third person had impersonated him to open the trading account with OANDA.
Full
text: click here
[Hong Kong] Court orders boiler room fraudsters to
compensate investors
SFC News, 3 Jun 2021
The
Court of First Instance has granted orders sought by the SFC against boiler
room fraudsters to compensate 75 investors who fell victim to the scams
following legal proceedings under section 213 of the Securities and Futures
Ordinance (SFO). The boiler room scams involved three unlicensed entities
purportedly based in and operating from Hong Kong. They are: (i) Broadspan Securities; (ii)
Shepherds Hill Partners, Hong Kong; and (iii) Rich Futures (HK) Limited. The
three unlicensed entities solicited investors through cold calls to open
trading accounts via their websites and to invest in securities and/or futures
in 2014. They also asked investors to
deposit funds purportedly for their investments into six bank accounts in Hong
Kong.
Full
text: click here
[Hong
Kong] Implementation guidance on counterparty credit risk capital standard
HKMA
Circular, 3 Jun 2021
The
HKMA issued Q&As on the counterparty credit risk framework under the
Banking (Capital) Rules (“BCR”) to assist authorized institutions in
interpreting the BCR at a more detailed level in a number of specific areas.
The Q&As cover questions raised by the industry in previous consultations
on the Banking (Capital) (Amendment) Rules 2020 and updates to reflect the
passage of time and the implementation of revised or new Basel capital
standards.
Full
text: click here;
Q&As: click here
[Mainland
China] China expands QDII quotas as outbound investment demand grows
China
Daily, 3 Jun 2021
State
Administration of Foreign Exchange (SAFE) expanded quotas under the Qualified
Domestic Institutional Investor (QDII) program to meet the growing demand of
domestic investors. A total of $10.3 billion in quotas was granted to 17
institutions.
Full
text: click here
[Philippines]
Philippines’ regulator drafts guidelines for ASEAN fund passporting scheme
Asia
Asset Management News, 4 Jun 2021
The
Philippines’ securities regulator is drafting guidelines to facilitate a
Southeast Asian fund passporting scheme after becoming its newest member last
month. Among other things, the guidelines will allow Philippine investment
companies that offer both shares and units to offer collective investment schemes
(CIS) in participating countries. However, they can only offer shares not units
in the CIS, in the other countries, the Securities and Exchange Commission
(SEC) says in a statement in June 2.
Full
text: click here
[Hong
Kong] Wealth Connect enters homestretch
The
Standard, 8 Jun 2021
The
long-awaited Wealth Management Connect is now in the home stretch, according to
a speech by Julia Leung Fung-yee, executive director and the deputy chief
executive of the Securities and Futures Commission. Leung said that as the
mainlanders are familiar with trading online, Hong Kong banks may face
challenges when joining the connect and have to shift to online sales to meet
the need of the mainland market. In other news, the Southbound Bond Connect is
expected to be launched this month, according to The Standard's sister
newspaper Sing Tao Daily. The report said that the details may be revealed as
early as this week, but the final implementation date still needs to be
confirmed with relevant regulatory agencies. The HKMA said it has worked
jointly with the People's Bank of China to finalize the details, striving for
an early start.
