Daily News Headlines

  • Daily News Headlines – 9 Jul 2020

    Court of Final Appeal dismisses leave application of Andrew Left

    SFC, 8 Jul 2020

    In August 2016, the Market Misconduct Tribunal (MMT) found that Left was culpable of market misconduct in the publication of a report on Evergrande Real Estate Group Limited in June 2012.  The MMT imposed several orders on Left, including a “cold shoulder” order banning him from trading securities in Hong Kong for five years.

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    Circular to Licensed Corporations - Updated Technical Specifications for OTC Derivatives Trade Reporting

    SFC, 8 Jul 2020

    Hong Kong Trade Repository (HKTR) issued a notice (Notice) about updated specifications for over-the-counter (OTC) derivatives trade reporting. The key changes made in the revised AIDG include (i) updates of coding schemes supported in the HKTR reporting templates, (ii) modification of some input fields) checking and (iii) changes in some business validation rule(s). Reporting entities are reminded to read the revised AIDG for the details of the changes and their obligation to report all transactions involving the updated coding schemes supported by the HKTR.

    Full Text: Click Here; Notice: Click Here

    How China’s Greater Bay Area wealth management connect could help millionaires move their money across borders

    SCMP, 9 Jul 2020

    Wealth Management Connect, which was first proposed two years ago, still lacks a launch date, list of products and investment quota size. Size of quota, launch date as well as decisions on movement of people and capital still need to be fleshed out. Cross-border banking partnerships seen as key to implementation.

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    ESMA Updates the CSDR Q&As - July 2020

    ESMA, 8 Jul 2020

    The latest Q&A relates to the implementation of the settlement discipline regime and clarifies that, for the purpose of initiating a buy-in process, the concept of “business days” under CSDR refers to the definition given in the rules of the securities settlement systems where the settlement fail occurred.

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    ESMA Updates its Q&As on MIFID II and MIFIR Transparency - July 2020

    ESMA, 8 Jul 2020

    The new Q&A document provides technical clarifications for the performance of the mandatory systematic internaliser (SI) test. The Q&A specifies how the number of transactions and the nominal amount traded of a derivative shall be allocated when a derivative contract changes over the observation period from one sub-class to another.

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    ESMA Updates Q&A on MIFIR Data Reporting (July 2020)

    ESMA, 8 Jul 2020

    The Q&A provides clarifications in relation to the reporting requirements for submission of transaction reports under Art. 26 of MiFIR and RTS 22. In particular, the new Q&A provides two reporting scenarios where an Investment Firm executes a transaction through an execution algorithm provided by another Firm.

    The amendments to the existing Q&A on MiFIR data reporting becomes effective from 8 July 2020.

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    EIOPA Guidelines on outsourcing to cloud service providers

    FCA, 8 Jul 2020

    The FCA has notified EIOPA that the Guidelines are not applicable to regulated activities within the UK’s jurisdiction, as they will enter into force on 1 January 2021, after the EU withdrawal transition period is expected to end. 

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