Daily News Headlines

  • News Headlines – 23 Dec 2020

    [Hong Kong] HKMA and HKAB online exchange with the Mainland financial regulators

    HKMA News, 22 Dec 2020

    Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), led the delegation of Hong Kong Association of Banks (HKAB) to have annual meetings with the Mainland financial regulators on 17, 21 and 22 December. The delegation met with Mr Yi Gang, Governor of the People’s Bank of China, Mr Zhou Liang, Vice Chairman of the China Banking and Insurance Regulatory Commission and Mr Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission respectively to discuss the recent financial developments in Hong Kong and the Mainland, as well as issues on financial cooperation that are of interest to various parties. Yue highlighted that notwithstanding the challenges brought by the COVID-19 and the external environment over the past year, Hong Kong’s banking system had remained robust, the Linked Exchange Rate System had been operating smoothly, and financial activities had stayed vibrant.

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    [Singapore & Mainland China] MAS and CSRC Enhance Cooperation at the 5th Bilateral Roundtable

    MAS News, 22 Dec 2020

    The Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) held their 5th MAS-CSRC Supervisory Roundtable which followed up on capital market developments and co-operation that had been discussed at the recent 16th Joint Council for Bilateral Cooperation. The key areas of discussion included the impact of COVID-19 on capital markets, the management of financial, operational, and technology and cyber risks during the pandemic, as well as regulatory support for financial institutions in managing the challenges arising from the pandemic. MAS and CSRC also exchanged views on capital markets supervision, including areas of supervisory co-operation as well as possible collaborations between Singapore and Chinese exchanges.

    Full text: click here

    [Singapore] Joint response to “Risk of having all financial data in one place” – The Straits Times, 18 December 2020

    MAS News, 22 Dec 2020

    The MAS respond to concern raised by the Straits Times editor that individuals’ financial data might be exposed, should the Singapore Financial Data Exchange be compromised. The MAS respond that SGFinDex will not consolidate individuals’ financial information in one place.  Rather, it enables individuals to use financial planning applications to access their financial information held across different government agencies and financial institutions. SGFinDex only transmits the data, it does not keep a copy of it. So, it does not introduce a single point of compromise of the individual's financial data. Stringent security measures have also been put in place to safeguard the data as it transits through SGFinDex.

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    [Hong Kong] SFC concludes consultation on customer due diligence requirements for open-ended fund companies

    SFC News, 23 Dec 2020

    The SFC released consultation conclusions on proposed customer due diligence requirements for open-ended fund companies (OFCs). The SFC will implement the proposal to require OFCs to appoint a responsible person to carry out anti-money laundering and counter financing of terrorism (AML/CFT) functions. Upon the completion of the legislative process, the new requirements will come into effect after a six-month transition period.

    Full text: click here; Consultation conclusions: click here

    [Hong Kong] SFC reprimands and fines Fulbright Securities Limited $3.6 million

    SFC News, 23 Dec 2020

    The SFC has reprimanded Fulbright Securities Limited (Fulbright) and fined it $3.6 million for internal control failures relating to short selling and for failing to report related short selling incidents to the SFC in a timely manner as required by the SFC’s Code of Conduct. The SFC’s investigation found that between October 2015 and March 2016, there were at least 93 instances of short sales executed by Fulbright which resulted from its failure to put in place effective internal control procedures to detect and prevent illegal short selling.

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    [Hong Kong] Circular to licensed corporations Deferral of margin requirements for non-centrally cleared OTC derivative transactions

    SFC Circulars, 23 Dec 2020

    The SFC issued a circular to inform licensed corporations (LCs) that the SFC will defer the effective date of its margin requirements for non-centrally cleared single-stock options, equity basket options and equity index options by three years until 4 January 2024.

    Full text: click here