Daily News Headlines

  • News Headlines – 15-16 Sep 2021

    [Hong Kong] SFC concludes consultation on anti-money laundering guidelines

    SFC News, 15 Sept 2021

    The SFC released consultation conclusions on proposed amendments to its anti-money laundering and counter-financing of terrorism (AML/CFT) guidelines. The amendments aim to align the guidelines with the Financial Action Task Force’s AML/CFT standards, which include additional guidance to facilitate the implementation of risk-based AML/CFT measures by securities industry participants. The revised guidelines also provide greater clarity and additional flexibility in meeting the requirements for cross-border correspondent relationships. The revised AML/CFT guidelines will become effective upon gazettal on 30 September 2021, with the exception of the new cross-border correspondent relationships requirements, which will take effect on 30 March 2022.

    Full text: click here; Consultation conclusions: click here

    [Hong Kong] Frequently Asked Questions (FAQs) on Anti-Money Laundering and Counter-Financing of Terrorism

    SFC FAQs, 15 Sept 2021

    The SFC updated its Frequently Asked Questions (FAQs) on Anti-Money Laundering and Counter-Financing of Terrorism.

    Full text: click here

    [Hong Kong & Mainland China] Joint Announcement of the People’s Bank of China and the Hong Kong Monetary Authority

    HKMA News, 15 Sept 2021

    The People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) have approved Mainland financial infrastructure services institutions, together with Hong Kong Exchanges and Clearing Limited and Central Moneymarkets Unit of the HKMA and custodian banks of Hong Kong (together the “Hong Kong financial infrastructure services institutions”), to collaborate in establishing Southbound Trading under mutual bond market access between Hong Kong and Mainland China  (Southbound Bond Connect). Southbound Bond Connect will be launched on 24 September 2021.

    Full text: click here

    [Hong Kong & Mainland China] HKMA welcomes Southbound Trading under Bond Connect

    HKMA News, 15 Sept 2021

    The HKMA and the PBOC have agreed on the principles of cross-boundary supervisory cooperation under Southbound Trading and have signed an amended version of “Memorandum of Understanding between the People’s Bank of China and Hong Kong Monetary Authority on Strengthening Supervisory Cooperation under Bond Connect”. Southbound Trading under Bond Connect will provide Mainland institutional investors with a convenient and secure channel to invest in the Hong Kong bond market via the connection between the Mainland and Hong Kong financial infrastructure services institutions.

    Full text: click here; MoU: click here

    [Singapore] Joint Statement By Monetary Authority of Singapore And Securities and Exchange Commission of Thailand - MAS and SEC Thailand welcome the launch of the Thailand-Singapore DR Linkage

    MAS News, 15 Sept 2021

    The Monetary Authority of Singapore (MAS) and the Securities and Exchange Commission of Thailand (SEC Thailand) welcome the launch of the Thailand-Singapore Depositary Receipts (DR) Linkage by the Singapore Exchange (SGX) and the Stock Exchange of Thailand (SET). Under the DR Linkage, depositary receipts representing securities listed on one market will be issued for trading on the other. The enhanced connectivity between the two markets will increase cross-border investment opportunities for investors.

    Full text: click here

    [Hong Kong & Mainland China] Bond link a win-win for mainland, HK: Officials

    China Daily, 16 Sept 2021

    In the initial stage of the Southbound Bond Connect, eligible investors will include a selected number of primary dealers for open market operations in the mainland as approved by the central bank, qualified domestic institutional investors and RMB qualified domestic institutional investors. All types of bonds issued offshore and tradable in the Hong Kong bond market will be allowed to trade, with primary dealers subject to an annual quota of 500 billion yuan and a daily quota of 20 billion yuan. Eddie Yue, chief executive of the HKMA, said given that the demand of mainland financial institutions for overseas asset allocation has continued to grow, "the southbound trading will enable mainland financial institutions to increase the allocation of offshore bond assets through Hong Kong in a convenient and secure manner".

    Full text: click here

     

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