Daily News Headlines

  • News Headlines – 30 Sep - 5 Oct 2020

    [Hong Kong] SFC reprimands and fines China Everbright Securities (HK) Limited $2.5 million

    SFC Enforcement News, 29 Sep 2020

    The Securities and Futures Commission (SFC) has reprimanded China Everbright Securities (HK) Limited (CESHK) and fined it $2.5 million for pledging its clients’ securities with banks for financial accommodation without valid authorization. The SFC’s investigation found that between 1 April 2018 and 19 August 2018, CESHK relied on expired standing authority given by around 6,841 clients to pledge their securities as collateral in obtaining credit line from three banks in Hong Kong.

    Full text: click here

    [Hong Kong] Circular on the electronic dissemination of investment product documents

    SFC Circulars, 29 Sep 2020

    This circular serve to inform issuers of investment products authorised by the SFC under Part IV of the Securities and Futures Ordinance (SFC-authorised Products) and intermediaries who hold investment products on behalf of their clients of a guidance on the post-sale dissemination of documents in electronic form.

    Full text: click here

    [Hong Kong] Circular to intermediaries - Provision of trade documents to clients by access through intermediaries’ websites

    SFC Circulars, 29 Sep 2020

    This circular provides updated guidance on the provision of specified documents to clients by access through intermediaries’ websites for complying with the Securities and Futures (Contract Notes, Statements of Account and Receipts) Rules

    Full text: click here; Suppl. document: click here

    [Hong Kong] HKMA Quarterly Bulletin and Half-Yearly Monetary and Financial Stability Report (September 2020 Issue)

    HKMA Press Releases, 29 Sep 2020

    The Hong Kong Monetary Authority (HKMA) published the September 2020 issue of its Quarterly Bulletin and Half-Yearly Monetary and Financial Stability Report. The Quarterly Bulletin carries a feature article, entitled “Green and Sustainable Banking: Latest Developments”.

    Full text: click here

    [Hong Kong] Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Surveillance Capability Enhancement Project

    HKMA Circulars, 29 Sep 2020

    The HKMA announced the implementation of the “AML/CFT Surveillance Capability Enhancement Project” (AMLS Project), The AMLS Project is one of the initiatives under the HKMA’s Digitalisation Programme to respond to the risks and opportunities resulting from new and emerging technologies, which are driving changes across the financial services landscape. It also aims to help prioritise resources of the banking sector as a key stakeholder within the broader AML/CFT ecosystem in Hong Kong.

    Full text: click here; Encl. : click here

    [Singapore] Electronic Dissemination of Rights Issue and Take-over Documents Extended to 30 June 2021

    MAS News, 29 Sep 2020

    The Monetary Authority of Singapore (MAS), the Securities Industry Council (SIC) and the Singapore Exchange Regulation (SGX RegCo) announced that listed issuers and parties involved in rights issues and take-over or merger transactions will continue to have the option to electronically disseminate Offer Documents through publication on SGXNET and their corporate websites for another 9 months, until 30 June 2021.

    Full text: click here

    [Hong Kong] SFAT affirms SFC decision to ban Lai Voon Wai for five years for IPO sponsor failures

    SFC Enforcement News, 30 Sep 2020

    The Securities and Futures Appeals Tribunal (SFAT) has affirmed the decision of the Securities and Futures Commission (SFC) to ban Mr Lai Voon Wai, a former responsible officer (RO) of CCB International Capital Limited (CCBIC) and BOCOM International (Asia) Limited (BIAL), from re-entering the industry for five years from 29 September 2020 to 28 September 2025 for failing to discharge his supervisory duties as a sponsor principal in charge of supervising the execution of two listing applications. The SFC found that the failures committed by CCBIC and BIAL, as the sole sponsor in the listing applications of Fujian Dongya Aquatic Products Co., Ltd. and China Huinong Capital Group Company Limited respectively, were attributable to the neglect on the part of Lai.

    Full text: click here

    [Hong Kong] Findings of Mystery Shopping Programme (“MSP”) on Selling Practices of Authorized Institutions (“AIs”) in respect of Investment and Insurance Products

    HKMA Circulars, 30 Sep 2020

    The Hong Kong Monetary Authority (“HKMA”) engaged a service provider from the second half of 2018 to 2020 to undertake a MSP to test check the selling practices in respect of investment and insurance products by AIs. In respect of the sale of investment products, the AIs were generally in compliance with the Know-Your-Customer (“KYC”) procedures, suitability assessment and implementation of additional safeguards for less sophisticated customers (including pre-investment cooling-off period), save for some isolated samples.

    Full text: click here; Encl.: click here

    [Singapore] MAS Directs Wirecard to Cease Payment Services in Singapore

    MAS News, 30 Sep 2020

    The Monetary Authority of Singapore (MAS) announced that it has directed Wirecard entities in Singapore (Wirecard SG) to cease their payment services in Singapore and to return all customers’ funds by 14 October 2020. MAS has been monitoring the impact of Wirecard SG’s insolvency on the ability of Wirecard SG to continue providing payment services in Singapore.

    Full text: click here

    [Singapore] Banking (Publication and Provision of Accounts) Regulations

    MAS Regulation, 1 Oct 2020

    The MAS make amendment to the Banking (Publication and Provision of Accounts) Regulations in the area of “Publication of accounts” and “Provision of Accounts”.

    Full text: click here

    [Singapore] Form 3A - Notification for Appointment of an Appointed Representative

    MAS Regulation, 2 Oct 2020

    The form should be used only by corporations which are applying for:

    • A capital markets services licence (other than for fund management) for the notification of appointment of representatives and it should be submitted by email.
    • A capital markets services licence for fund management for the notification of appointment of representatives and it should be submitted using Corporate e-Lodgment.
    • A financial advisers' licence for the notification of appointment of representatives and it should be submitted via email.

    Full text: click here

    [Singapore] Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Fund Managers

    MAS Regulation, 2 Oct 2020

    This Compliance Toolkit aims to guide and facilitate licensed fund management companies, registered fund management companies, venture capital fund managers’ compliance with the various MAS approval and reporting requirements and timelines.

    Full text: click here

    [Singapore] Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for REIT Managers

    MAS Regulation, 2 Oct 2020

    This Compliance Toolkit aims to guide and facilitate REIT managers’ compliance with the various MAS approval and reporting requirements and timelines.

    Full text: click here