[Hong Kong] SFC suspends Lun Sheung Nim for 7.2 months
SFC Enforcement News, 10 Jun 2021
SFC has suspended the licence of Mr Lun Sheung Nim, a responsible officer of GEO Securities Limited, for 7.2 months from 10 June 2021 to 16 January 2022. The SFC found that GEO’s breaches of its licensing conditions and failures related to its sale of unlisted bonds between 1 July 2014 and 16 November 2015 were attributable to Lun’s failure to discharge his duties as an RO and a member of GEO’s senior management. By allowing GEO to provide discretionary account management services to clients and introduce clients directly to listed companies to subscribe for their unlisted bonds during the material period, Lun directly contributed to GEO’s breach of the conditions on its licence.
Full text: click here
[Hong Kong] Revised Basel III implementation timeline
HKMA Circular, 10 Jun 2021
In order to provide the industry with additional time to prepare for the implementation of the revised capital standards in the Basel III final reform package amid competing priorities, the HKMA would like to inform the industry about HKMA’s intention to revise the target effective dates of the standards in Hong Kong. For example, the Revised frameworks on credit risk, operational risk, output floor and leverage ratio will take effects minimum requirements from 1 July 2023.
Full text: click here
[Hong Kong] Finance bears brunt of cyberattacks
The Standard, 11 Jun 2021
The Financial Services Development Council released its Cybersecurity Strategy for Hong Kong's Financial Services Industry report, which found that the financial services industry suffered 23 percent of total cyberattacks, the most among all industries. The report showed that Hong Kong accounted for three percent of the cyberattacks on financial institutions with a potential economic loss of HK$249 billion.
Full text: click here
[Hong Kong] Market Misconduct Tribunal sanctions Cheng Chak Ngok for insider dealing in China Gas shares
SFC News, 11 Jun 2021
The Market Misconduct Tribunal has banned Mr Cheng Chak Ngok, former executive director, chief financial officer and company secretary of ENN Energy Holdings Limited, from dealing in securities in Hong Kong for 54 months after finding him culpable of engaging in insider dealing in the shares of China Gas Holdings Limited in 2011 following a retrial. The MMT said in its determination on sanctions that he is “unfit to be a director of any corporation, whether listed or not” and that he “abused his expertise and breached the trust and confidence which he enjoyed”.
Full text: click here
[Hong Kong] TDC digital platform to support small business in Greater Bay
The Standard, 11 Jun 2021
GoGBA platform, a new business support programme, has been launched to help Hong Kong's small and medium-sized companies access the Guangdong-Hong Kong-Macao Greater Bay Area, the Hong Kong Trade Development Council said. It provides digital information and business tools, advisory services and training as well as promotional and networking activities. The GoGBA digital platform, is made up of the GoGBA WeChat mini program digital messaging platform. The platform is run in collaboration with the government offices of Guangdong province and municipal governments in the GBA, providing important information on the region including updates on policies and subsidies, listings of related business and trade organizations, regional guides, and information on GBA government services and applications.
Full text: click here
[Singapore] Notice 601 Capital Funds, Net Head Office Funds and Head Office Capital Funds
MAS Notice, 11 Jun 2021
The Notice amend the definitions for the terms "capital funds," "net head office funds" and "head office capital funds," which banks must adhere to.
Full text: click here
[Singapore] Notice 637 Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore
MAS Notices, 14 Jun 2021
The Notice sets out:
Full text: click here
[Mainland China] Banking, insurance sector to aid clean energy transition
China Daily, 15 Jun 2021
China's banking and insurance sector will accelerate the development of green finance and provide comprehensive financial services to assist in the country's transition toward a greener and low-carbon economy, said Zhou Liang, vice-chairman of the China Banking and Insurance Regulatory Commission. The regulator has also encouraged banks to strictly control carbon emission management for new projects, improve credit management, conduct scenario analysis and stress tests, assess the risk exposure of carbon emission reduction and environmental protection policies, and make contingency plans accordingly.
Full text: click here
