Daily News Headlines

  • Daily News Headlines – 13 Jul 2020

    Guideline on Minimum Criteria for Authorization

    HKMA, 10 Jul 2020

    This “Guideline on Minimum Criteria for Authorization” (the Guideline), which is issued under section 16(10) of the Banking Ordinance (the Ordinance) (Cap. 155), sets out the manner in which the Monetary Authority (MA) will interpret the licensing criteria set out in the Seventh Schedule to the Ordinance (the Schedule) and exercise the functions conferred by it. Under section 16(1) of the Ordinance the MA has a general discretion to grant or refuse an application for authorization. Under section 16(2), the MA is required to refuse to authorize if any one or more of the criteria specified in the Schedule are not fulfilled with respect to the applicant.

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    Broker war deepens as Huatai scraps fees

    The Standard, 13 Jul 2020

    Huatai International, the Hong Kong arm of China's third-largest broker, is no longer charging commissions and platform fees for stock trades, but just a HK$8 monthly fee, as of last month, in a move set to deepen the pain for the city's many hard-pressed trading houses. The move could have a knock-on effect across the sector, putting pressure on rivals who are already suffering under thin margins.

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    Derivatives trading spikes as investors embrace risk in volatile markets

    Business Times, 11 Jul 2020

    Investors who want to trade derivatives on platforms regulated by the Monetary Authority of Singapore (MAS) must undergo a customer knowledge assessment. Financial institutions offering derivatives must also implement safeguards to protect inexperienced customers from large losses. "With the increased financial literacy and access to so much information, you can get a reasonable idea of the financial strength and reasons behind substantial movements intraday quickly," said Franky Ng, CGS-CIMB Securities' regional head of futures.

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    New EU rules and guidance for a fairer online economy

    European Commission, 10 Jul 2020

    The Commission publishes today a set of resources to help traders, online platforms and search engines get the most out of the new Platform to Business rules, which apply from this Sunday, 12 July. In addition, three progress reports prepared by the expert group for the Observatory on the Online Platform Economy are published for feedback. The reports will inform the broader work of the Commission on online platforms and in particular on the upcoming Digital Services Act package.

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    SEC Proposes Amendments to Update Form 13F for Institutional Investment Managers; Amend Reporting Threshold to Reflect Today’s Equities Markets

    US SEC, 10 Jul 2020

    The Securities and Exchange Commission today announced that it has proposed to amend Form 13F to update the reporting threshold for institutional investment managers and make other targeted changes. The threshold has not been adjusted since the Commission adopted Form 13F over 40 years ago.

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