Daily News Headlines

  • Daily News Headlines – 10 Jul 2020

    Court convicts and fines former officer of Wonderful Wealth Group Limited for unlicensed activities

    SFC, 9 Jul 2020

    The Eastern Magistrates’ Court today convicted Mr Simon Chan Ying Ming, former officer of Wonderful Wealth Group Limited (WWGL), of holding out as carrying on a business of dealing in futures contracts and asset management without a licence in a criminal prosecution brought by the Securities and Futures Commission (SFC).

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    HKEX unveils new clearing service

    The Standard, 10 Jul 2020

    The new optional service will facilitate more efficient pretrade checking of northbound sell orders and average pricing execution at the fund manager level, according to HKEX. "As a service enhancement to support Stock Connect, Master SPSA aims to address market demand for more efficient pretrading checking and provide added benefit and convenience for institutional investors and market participants," said HKEX's head of markets Wilfred Yiu.

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    FSDC considers tax refinements

    The Standard, 9 Jul 2020

    The Financial Services Development Council has advocated more competitive tax treatment for family offices, such as expanding the current tax exemption regimes to single-family offices, in a research report. The financial services industry considers there to be discernible benefits from cementing Hong Kong's role as a family office hub, said FSDC.

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    ESMA Consults on Guidelines on Calculation of Positions Under SFTR

    ESMA, 9 Jul 2020

    The aim of the Guidelines is to ensure consistency of position calculation across TRs, with regard to the time of calculations, the scope of the data used in calculations, the data preparation, the recordkeeping of data and the calculation methodologies.

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    ESMA Updates the ESEF Reporting Manual

    ESMA, 9 Jul 2020

    The ESEF Reporting Manual is aimed at all market participants involved in the implementation of the requirements set out in the ESEF Delegated Regulation, and in particular in the first-time preparation of IFRS consolidated financial statements in Inline XBRL.

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