• News Headlines – 9-13 Jul 2021

    [Hong Kong] SFC and Canadian securities regulators establish Fintech cooperation agreement

    SFC News, 8 Jul 2021

    The SFC has entered into an agreement with eight members of the Canadian Securities Administrators (CSA) to establish a financial technology cooperation framework. Under the agreement, the SFC and the CSA members will cooperate on information sharing and referrals between their innovation functions.

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    [Hong Kong] HKEX Establishes Mainland China Advisory Group and Mainland Markets Panel; Appoints New International Advisory Council Member

    HKEX News, 8 Jul 2021

    Hong Kong Exchanges and Clearing Limited announced the establishment of a Mainland China Advisory Group. The Advisory Group comprises senior industry experts with deep China market knowledge and experience, who will act as advisors to the Board of HKEX on the development of China’s financial markets and economy. HKEX also announced the establishment of a new Mainland Markets Panel to be chaired by HKEX Chief Executive Officer Nicolas Aguzin. The Panel will comprise industry and market practitioners, who will share knowledge and provide feedback and advice to HKEX on the Group’s China business and initiatives through the Panel’s regular meetings.

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    [Singapore] MAS and French central bank complete wholesale cross-border payment and settlement experiment using CBDC

    Business Times, 8 Jul 2021

    The Monetary Authority of Singapore and French central bank Banque de France announced that they have successfully completed a wholesale cross-border payment and settlement experiment using central bank digital currency (CBDC). This is the first multi-CBDC experiment that applied automated market making and liquidity-management capabilities to reap cross-border payment and settlement efficiencies, said the two central banks in a joint statement.

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    [Singapore] Acra, SAC and ASC secretariat to merge under single entity in H2 2022

    Business Times, 8 Jul 2021

    The Ministry of Finance announced it will merge its accountancy-related units in the Accounting and Corporate Regulatory Authority (Acra), the Singapore Accountancy Commission (SAC), and the Accounting Standards Council (ASC) secretariat into a single-function entity from H2 of 2022. Currently, Acra registers and regulates public accountants, business entities, and corporate service providers; SAC develops the accountancy sector and oversees the Chartered Accountant of Singapore designation as well as the latter's Singapore Chartered Accountant Qualification programme; while ASC sets accounting standards for companies, charities, societies, and co-operative societies. The merged entity will encompass the enlarged functions and will be overseen by Ong Khiaw Hong, the chief executive of Acra.

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    [Mainland China] China targets listing structure of offshore IPOs, to require ministry approval

    The Standard, 9 Jul 2021

    The China Securities Regulatory Commission is setting up a team to review plans by Chinese companies for initial public offerings abroad, sources with knowledge of the matter said, including those using a corporate structure which Beijing says has led to abuse. Chinese companies looking to list offshore will also need approval from the relevant ministry, the sources said, in a break from a decades-old arrangement that did not require them to seek a formal go-ahead from any authorities in China.

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    [Hong Kong] Circular to Licensed Corporations and Associated Entities - Anti-Money Laundering / Counter-Financing of Terrorism - United Nations Sanctions (Libya) Regulation 2019 (Amendment) Regulation 2021

    SFC News, 9 Jul 2021

    The SFC informed licensed corporations and associated entities that the United Nations Sanctions (Libya) Regulation 2019 (Amendment) Regulation 2021 was published in the Gazette (L.N. 111 of 2021) on 9 July 2021 with immediate effect. The Libya Amendment Regulation implements sanctions against Libya as extended by the United Nations Security Council (“UNSC”) under Resolution 2571, which include, inter alia, prohibition against engaging in financial transactions related to any petroleum from Libya aboard ships designated by the relevant UNSC Sanctions Committee.

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    [Singapore] Consultation Paper on Proposed New AML/CFT Notice for Precious Stones and Precious Metals Activities and Updates to AML/CFT Notices

    MAS News, 9 Jul 2021

    This consultation paper seeks views on MAS’ proposals to issue a new AML/CFT Notice for financial institutions in the conduct of their operations and business activities in precious stones, precious metals and precious products, as well as, to update MAS’ existing AML/CFT Notices.

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    [Singapore] Consultation Paper on Proposals to Refine the Tier Structure Requirements and to Introduce New Requirements Relating to Remuneration

    MAS News, 12 Jul 2021

    This consultation paper seeks to:

             i.            clarify and refine the tier structure requirements;

           ii.            consolidate and effect the tier structure requirements under the Financial Advisers Act (Cap. 110);

         iii.            introduce restrictions on the direct payment of remuneration to, and acceptance of remuneration by, representatives and/or supervisors of other FA firms

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