Daily News Headlines

  • News Headlines – 10-14 Sep 2021

    [Hong Kong & Mainland China] SAR Government welcomes formal launch of Cross-boundary Wealth Management Connect

    HKSAR Press Releases, 10 Sept 2021

    The online ceremony of Cross-boundary Wealth Management Connect (Wealth Management Connect) in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area) was held today. According to the implementation details of Wealth Management Connect, institutions with retail banking or private banking business and registered under the Securities and Futures Ordinance for carrying out Type 1 (Dealing in securities) regulated activity can carry out Wealth Management Connect business in Hong Kong. For the Southbound Scheme and Northbound Scheme, there will be an aggregate quota of RMB 150 billion in each direction and an individual investor quota of RMB 1 million. Under the Northbound Scheme, Hong Kong investors have to open a designated remittance account at an eligible bank of their own choice in Hong Kong and a designated investment account with its Mainland partner bank. The scheme will cover relatively simple investment products with low to medium risk and will primarily adopt an "execution only" model on sales and marketing arrangement, i.e. clients will initiate transaction instructions while banks will execute such instructions and respond to clients' enquiries.

    Full text: click here

    [Hong Kong & Mainland China] HKMA Promulgates Implementation Details for Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area

    HKMA News, 10 Sept 2021

    The HKMA promulgated the implementation details for the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (Cross-boundary WMC), providing supervisory guidance for the industry. It sets out for registered institutions in Hong Kong the implementation arrangements and specific regulatory requirements of the pilot Cross-boundary WMC between the nine Mainland cities in the GBA and Hong Kong.

    Full text: click here (Circular); here (Regulatory Requirements on the Southbound Scheme); here (Regulatory Requirements on the Northbound Scheme) & here (FAQ).

    [Hong Kong] United Nations (Anti-Terrorism Measures) Ordinance, United Nations Sanctions (Libya) Regulation 2019 (Amendment) Regulation 2021

    C&ED Circulars, 10 Sept 2021

    Hong Kong Customs and Excise Department issued a circular regarding an updated list specifying terrorists and terrorist associates designated by the United Nations Security Council and The United Nations Sanctions (Libya) Regulation 2019 (Amendment) Regulation 2021.

    Full text: here

    [Hong Kong] New speech by Tim Lui: Opening address at ACCA Hong Kong Virtual Annual Conference 2021

    SFC Speeches, 13 Sept 2021

    Chairman of the SFC Mr Tim Lui delivered a speech entitled “Hong Kong’s leadership role in green and sustainable finance” (Chinese version only)” at the ACCA Hong Kong Virtual Annual Conference 2021.

    Full text: click here

    [Hong Kong & Mainland China] Wealth Management Connect: Hong Kong banks prepare to launch investment products under cross-border link

    SCMP, 13 Sept 2021

    Banks in Hong Kong are gearing up to submit applications to the Hong Kong Monetary Authority (HKMA) to launch financial products under the US$46.5 billion cross-border Wealth Management Connect scheme. The HKMA started accepting applications on Friday, while mainland regulators will begin accepting applications next month. More than 20 Hong Kong banks were expected apply for inclusion in the programme, Edmond Lau, HKMA’s deputy chief executive, said during the launch on Friday.

    Full text: click here

    [Singapore] Response to Feedback Received on Proposed Implementation of the Final Basel III Reforms in Singapore – Market Risk Capital Requirements

    MAS News, 13 Sept 2021

    The MAS published the consultation response relating to the Market Risk Capital Requirements. MAS will generally consider a bank’s market risk portfolio to be small if its risk-weighted assets (RWA) for market risk (excluding CVA RWA) using the Simplified Standardised Approach for Market Risk is S$200 million or less, or is 2% or less of the bank’s total RWA.

    Full text: click here

    [Singapore] Consultation Paper on Draft Standards for Market Risk Capital and Capital Reporting Requirements

    MAS News, 13 Sept 2021

    The MAS seeks feedback on draft standards relating to market risk capital and capital reporting requirements for Singapore-incorporated banks.

    Full text: click here

     

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