Daily News Headlines

  • Daily News Headlines – 24 Jun 2020

    SFC bans former responsible officer of Guosen Securities (HK) Brokerage Company, Limited for 12 months

    SFC, 23 Jun 2020

    The disciplinary action follows the SFC’s sanctions against Guosen over its failures to comply with anti-money laundering (AML) and counter financing of terrorism (CFT) regulatory requirements when handling third party fund deposits between November 2014 and December 2015.

    The SFC found that Guosen’s breaches were attributable to Chu’s failure to discharge her duties as an RO and a member of Guosen’s senior management.

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    China Banking and Insurance Regulatory Commission extends preferential treatment for the Hong Kong insurance industry to 30 June 2021

    Insurance Authority, 23 Jun 2020

    The CBIRC said that continuation of the preferential treatment would help to strengthen mutual trust in insurance supervision while increasing market efficiency and enhancing supervisory effectiveness, which are conducive to global diversification of insurance risks in the Mainland and promoting joint development of the insurance market with Hong Kong.

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    FCA seeks industry views on a new prudential regime for UK investment firms

    FCA, 23 Jun 2020

    The FCA has today published a discussion paper on a prudential regime for UK investment firms. This marks the first step in introducing a set of prudential rules for investment firms to better reflect their business models and the risk of harm they pose to consumers and markets.

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    FCA statement on planned amendments to the Benchmarks Regulation

    FCA, 23 Jun 2020

    The FCA welcomes the Government’s announcement today(link is external) that it intends to bring forward legislation to amend the Benchmarks Regulation (BMR) to give the FCA enhanced powers. These could help manage and direct an orderly wind-down of critical benchmarks such as LIBOR, and, in particular, help deal with the problem identified by the Sterling Risk Free Rate Working Group(link is external) of ‘tough legacy’ contracts that cannot transition from LIBOR.

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    CSRC chairman calls for closer China-US cooperation in securities regulation

    China Daily, 23 Jun 2020

    China will continue to seek closer cooperation in securities regulation with the US side, and is confident in resolving relevant disagreements, according to the head of China's top securities watchdog.

    The China Securities Regulatory Commission is willing to further the pilot mechanism of joint inspections over accounting issues of US-listed Chinese firms, as a feasible framework of regulatory cooperation, CSRC Chairman Yi Huiman said in an interview with business media news organization Caixin.

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    New Zealand regulator sues Hong Kong forex trader for money laundering, terrorism financing law breaches

    SCMP, 23 Jun 2020

    Regulators in New Zealand filed a lawsuit on Tuesday against the local arm of Hong Kong-based foreign-exchange trader CLSA Premium, accusing the company of breaching anti-money-laundering and terrorism financing laws.

    The Financial Markets Authority (FMA) accused CLSA Premium New Zealand, formerly known as KVB Kunlun New Zealand, of failing to conduct sufficient customer due diligence, failing to report suspicious transactions and failing to keep required records on numerous occasions.

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    Twenty-three-year-old to be charged with unlicensed Bitcoin dealing tied to online scams

    Business Times, 23 Jun 2020

    A 23-year-old Singaporean will be charged with unlicensed Bitcoin dealing, with the alleged transactions tied to proceeds from victims of online scams.

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    US Supreme Court sets limits on SEC's power to recover ill-gotten gains

    Business Times, 23 Jun 2020

    The US Supreme Court on Monday placed limits on the Securities and Exchange Commission's practice of forcing defendants to surrender profits obtained through fraud as part of its enforcement of investor-protection laws in federal courts.

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    Asset managers find due diligence solution in virtual realm

    Business Times, 23 Jun 2020

    Asset managers are turning to new ways to raise funds to get around travel bans, and hosting virtual due diligence sessions with investors in place of face-to-face meetings.

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