Joint Announcement of the People’s Bank of China, the Hong Kong Monetary Authority, and the Monetary Authority of Macao on the Launch of the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area
HKMA, 29 Jun 2020
Wealth Management Connect refers to the arrangement under
which individual residents in the Greater Bay Area carry out cross-boundary
investment in wealth management products distributed by banks in the Greater Bay
Area. The scheme has a southbound and a northbound components, depending on the
residency of the investors. Under
Southbound Wealth Management Connect, residents of the Mainland cities in the
Greater Bay Area can invest in eligible investment products distributed by
banks in Hong Kong and Macao by opening designated investment accounts with
these banks; under Northbound Wealth Management Connect, residents of Hong Kong
and Macao can invest in eligible wealth management products distributed by
Mainland banks in the Greater Bay Area by opening designated investment
accounts with these banks.
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Speech by Eddie Yue: Click Here
Extension
of buy-in exemption for Exchange Traded Funds and Leveraged and Inverse
Products transactions
HKEX,
29 Jun 2020
The pilot
program that grants buy-in exemption for certain exchange traded products (“ETP”)
transactions to give Securities Market Makers one extra day in addition to the
standard settlement period to cover any short positions resulting from their
market making activities (“ETP buy-in exemption”) will be extended for one more
year from 4 July 2020.
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Details of the Program: Click Here
Chinese
brokerages hammered in Hong Kong on media report banks to get broker licences
SCMP,
29 Jun 2020
Citic
Securities leads a sell-off in brokerage stocks after a Caixin report says
banks to get new licences to raise competition.
CSRC, the
market regulator, is coy on the report, saying there are multiple options to
create large-sized investment banks.
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MAS
working with police to scrutinise other aspects of Wirecard case
MAS,
29 Jun 2020
Singapore's
central bank is working with the police to scrutinise collapsed German payments
company Wirecard, it said on Monday (June 29). MAS noted that it requires
financial institutions to report all suspicious transactions, "including
transactions that are large, complex or present unusual patterns with no
apparent economic or lawful purposes". It said that it has been in touch
with relevant financial institutions to determine if there had been any abuse
of Singapore's financial system for illicit purposes.
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ESMA
responds to European Commission consultation on the Digital Finance Strategy
ESMA,
29 Jun 2020
The
European Securities and Markets Authority (ESMA), the EU’s securities markets
regulator, has submitted a response to the European Commission’s (EC)
consultation on a new digital finance strategy for the European Union (EU).
ESMA welcomes the EC consultation noting that it builds on the 2018 FinTech
Action Plan that set a number of deliverables for the ESAs, all of which were
completed.
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FCA
statement on Wirecard
FCA,
29 Jun 2020
FCA has
been working closely with Wirecard UK and other authorities over the last few
days to ensure that the firm was able to meet certain conditions required to
lift the restrictions. FCA is now in a position to allow Wirecard to resume
operational activity. The objective of Wirecard is to protect the interests and
money of consumers.
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The
Climate Financial Risk Forum publishes its guide to help the financial industry
address climate-related financial risks
FCA,
29 Jun 2020
The
objective of the guide is to help firms understand the risks that arise from
climate change, and to provide support on how to integrate these risks into
their strategy and decision-making processes. Each chapter within the guide
provides practical tools, experience, knowledge and case studies, which firms
can use as they develop their strategies, processes and approaches.
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SEC
Updates Filing Threshold to Rule 17h Reporting Requirements for Broker-Dealers
SEC,
29 Jun 2020
The
Securities and Exchange Commission today issued an order to update the filing
threshold for broker-dealers’ Form 17-H filings made pursuant to Exchange Act
Rules 17h-1T and Rule 17h-2T. The threshold, which had not been updated in
nearly 30 years, will exempt certain smaller broker-dealers from the reporting
requirements of the rules while continuing to provide important information to
the Commission on the financial condition of covered broker-dealers and their
affiliates.
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CFTC
Charges Chicago-Based Firm and Six Individuals in Multi-Million Dollar Options
Fraud Scheme
CFTC,
29 Jun 2020
The
defendants are charged with defrauding customers in connection with options on
futures transactions. Some of the
defendants are also charged with registration and disclosure violations. The
CFTC also issued two orders filing and simultaneously settling charges against
two additional former associated persons of Long Leaf, Scott J. Gecas, of
Tinley Park, Illinois, and James E. Leeney, of Chicago, Illinois for their
participation in the firm’s fraud scheme.
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CFTC
Orders Illinois Firm to Pay $250,000 for Supervision Violations
CFTC,
29 Jun 2020
The
Commodity Futures Trading Commission today issued an order filing and settling
charges against Cunningham Commodities, LLC, a registered futures commission
merchant with its principal place of business in Itasca, Illinois, for failing
to diligently supervise accounts set up by an introducing broker whose
activities it guaranteed (GIB).
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