Daily News Headlines

  • News Headlines – 16-20 Oct 2020

    [Hong Kong] SFC publicly censures So Yuk Kwan and imposes a cold-shoulder order for breach of the Takeovers Code

    SFC Enforcement News, 15 Oct 2020

    The Securities and Futures Commission (SFC) has publicly censured and imposed a 24-month cold-shoulder order against So Yuk Kwan for breaching the mandatory general offer obligation under the Takeovers Code. The SFC found that Mr. So has breached the Takeovers Code and deprived AV Concept Holdings Limited ’s shareholders of the right to receive a general offer for their shares. Mr. So will be denied direct or indirect access to the Hong Kong securities market for a period of 24 months commencing on 15 October 2020 to 14 October 2022.

    Full text: click here

    [Hong Kong] All licensed corporations, licensed representatives and registered institutions within the meaning of the Securities and Futures Ordinance (Cap. 571) or relevant individuals within the meaning of section 20(10) of the Banking Ordinance (Cap. 155)

    SFC Circulars, 15 Oct 2020

    The SFC reminds all licensed corporations, licensed representatives and registered institutions or relevant individuals that the “cold-shoulder order” requires them not to, without the prior consent of the Executive in writing, act or continue to act directly or indirectly in their capacity as licensed corporations, licensed representatives, registered institutions or relevant individuals for So Yuk Kwan or any corporation controlled by him other than AV Concept Holdings Limited and its subsidiaries; or knowingly assist directly or indirectly in a breach of this Order during the period commencing on 15 October 2020 and ending on 14 October 2022 (both dates inclusive).

    Full text: click here

    [Singapore] Notice 648 Issuance of Covered Bonds by Banks Incorporated in Singapore

    MAS Regulation, 15 Oct 2020

    This MAS Notice is issued pursuant to Banking Act (Cap. 19) section 55 and sets out requirements that banks incorporated in Singapore must comply with when issuing covered bonds. It applies to all banks incorporated in Singapore.

    Full text: click here

    [Hong Kong] Market Misconduct Tribunal sanctions CMBC Capital Holdings Limited and its former directors for late disclosure of inside information

    SFC Enforcement News, 16 Oct 2020

    The Market Misconduct Tribunal (MMT) has found that CMBC Capital Holdings Limited and six of its former directors failed to disclose inside information as soon as reasonably practicable under the Securities and Futures Ordinance (SFO) and imposed a 15-month disqualification order against the company’s former Chief Executive Officer and Company Secretary Mr Philip Suen Yick Lun. The information about significant improvement in the company’s financial performance for the five months ended 31 August 2014 came to CMBC Capital and six former directors’ knowledge on or around 13 October 2014.  However, such information was not made public until 7 November 2014 when a positive profit alert was published in relation to the company’s financial performance for the six months ended 30 September 2014.

    Full text: click here

    [Hong Kong] Reform of interest rate benchmarks

    HKMA Circulars, 16 Oct 2020

    The HKMA request authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol published recently by the International Swaps and Derivatives Association (ISDA). The launch of the Protocol and the IBOR Fallbacks Supplement marks an important step for derivatives markets in the transition from LIBOR to alternative reference rates (ARRs). The HKMA expects authorized institutions to adhere to the Protocol before it takes effect and take proactive steps to encourage their counterparties to do the same.

    Full text: click here

    [Singapore] National Jobs Council appoints IBF as Jobs Development Partner for Financial Services Sector

    MAS News, 16 Oct 2020

    The Institute of Banking and Finance (IBF) has been appointed by the National Jobs Council as the Jobs Development Partner (JDP) for financial services sector. As JDP, IBF will boost opportunities for Singaporeans to access jobs, traineeships, and training in the financial services sector.

    Full text: click here

    [Singapore] Consultation Paper on Proposed Regulations and Notices for Licensed Credit Bureaus and Approved Members

    MAS Consultation, 16 Oct 2020

    This consultation seeks views on the draft regulations and notices applicable to the licensed credit bureaus and approved members regulated under the Credit Bureau Act 2016. In Singapore, credit bureaus currently recognised under the Banking Act (Cap 19) are permitted to collect and disclose borrower credit information from member banks, finance companies and credit card companies to facilitate members’ credit assessments and loan underwriting decisions.

    Full text: click here

    [China] Chinese banking regulator fines China Construction Bank $1m for violations

    Business Times, 17 Oct 2020

    The southern Shenzhen branch of the China Banking and Insurance Regulatory Commission said on Saturday it had fined a branch of the China Construction Bank (CCB), the country's second-largest lender by assets, 7.3 million yuan (S$1.5 million) for rule violations. The Shenzhen branch of CCB had hidden risks, used loans for purposes than otherwise stated and money allocated for small-and medium-sized enterprise loans were used for other purposes.

    Full text: click here