Daily News Headlines

  • News Headlines – 24-25 Feb 2021

    [Hong Kong] SFC issues quarterly report

    SFC News, 23 Feb 2021

    The SFC published its latest Quarterly Report which summarises key developments from October to December 2020. During the quarter, the SFC conducted 74 in-depth inspections of licensed corporations to review their compliance with regulatory requirements and received 1,333 license applications including 55 corporate applications.  Three licensed corporations and three individuals were disciplined, resulting in total fines of $2.72 billion.

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    [Hong Kong] Fintech Co-operation between the Hong Kong Monetary Authority and the Central Bank of the United Arab Emirates

    HKMA News, 23 Feb 2021

    The HKMA and the CBUAE jointly announced the exchange of a Memorandum of Understanding to enhance collaboration on fintech between the two authorities, with a view to strengthening co-operation between the two jurisdictions in promoting innovative financial services and regulatory development. Under the MoU, the two authorities have agreed that the CBUAE will join the multiple central bank digital currency bridge (m-CBDC Bridge) project collaboratively implemented by the HKMA, the Bank of Thailand (BOT), the Digital Currency Institute of the People’s Bank of China and the Bank for International Settlements Innovation Hub Centre in Hong Kong.

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    [Hong Kong & Mainland China] Joint statement on the Multiple Central Bank Digital Currency (m-CBDC) Bridge Project

    HKMA News, 23 Feb 2021

    The HKMA, together with the BOT, the CBUAE and the Digital Currency Institute of the People’s Bank of China (PBC DCI), announced the joining of the CBUAE and the PBC DCI to the second phase of Project Inthanon-LionRock, a central bank digital currency project for cross-border payments initiated by the HKMA and the BOT. The project has been renamed as “m-CBDC Bridge”. It will further explore the capabilities of distributed ledger technology, through developing a proof-of-concept prototype, to facilitate real-time cross-border foreign exchange payment-versus-payment transactions in a multi-jurisdictional context and on a 24/7 basis.

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    [Singapore] MAS' response to queries on funds from Myanmar companies and individuals in banks in Singapore

    MAS News, 23 Feb 2021

    In response to media queries, the Monetary Authority of Singapore said that its regular surveillance of the banking system has not found significant funds from Myanmar companies and individuals in banks in Singapore. MAS expects financial institutions to remain vigilant to any transactions that could pose risks to the institution, including dealings with companies and individuals subject to financial sanctions by foreign jurisdictions.

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    [Hong Kong] SFC welcomes government budget measures

    SFC News, 24 Feb 2021

    The SFC welcomes the measures proposed by the Financial Secretary, Mr Paul Chan, in the government’s 2021-22 budget to further enhance Hong Kong’s role as an international financial centre. “The proposed initiatives in relation to Open-ended Fund Companies to set up businesses in Hong Kong and to encourage more Real Estate Investment Trusts to list here will help expand our markets and provide investors with more choices.” the SFC’s Chairman, Mr Tim Lui said.   

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    [Hong Kong] Insurance Authority welcomes Pilot Insurance-linked Securities Grant Scheme

    HKIA News, 24 Feb 2021

    The Insurance Authority welcomes the Pilot Insurance-linked Securities Grant Scheme (Pilot ILS Grant Scheme) announced in the 2021-22 Budget. “The Pilot ILS Grant Scheme will attract insurance enterprises or organisations to issue insurance-linked securities (ILS) in Hong Kong. Together with the new regulatory regime to be launched later this year, it will pave way for Hong Kong to become the preferred domicile for ILS, in particular catastrophe bonds.” said Dr Moses Cheng, Chairman of the IA.

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    [Hong Kong] Insurance Authority extends the validity of temporary facilitative measures to 30 June 2021

    HKIA News, 24 Feb 2021

    In view of the latest developments of the COVID-19 pandemic, the IA issued a circular to authorized long-term insurers announcing the extension of temporary facilitative measures for non-face-to-face distribution of specific protective insurance products to 30 June 2021. The scope of products covered and the implementation details of the measures remain unchanged.

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    [Hong Kong] Circular to Money Service Operators - Anti-Money Laundering / Counter-Terrorist Financing

    C&ED Circular, 24 Feb 2021

    Hong Kong Customs and Excise Department issued a circular regarding the publication of an updated list of “individuals, groups, undertakings and entities” under section 25 of the United Nations Sanctions (ISIL and AlQaida) Regulation. An updated list specifying terrorists and terrorist associates designated by the UNSC under section 4 of the United Nations (Anti-Terrorism Measures) Ordinance and an updated list specifying “individuals and entities” under section 33 of the United Nations Sanctions (Central African Republic) Regulation 2020 were also published.

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    [Singapore] MAS bans former representative of insurance broker for dishonest conduct

    MAS Enforcement, 24 Feb 2021

    The MAS has issued four-year prohibition orders against Mr Lau Man Chun, a former representative of an insurance broker, for dishonest conduct relating to the sale of personal accident (PA) policies. Mr Lau joined Manulife Financial Advisers Pte Ltd (Manulife) in April 2018 and left in July 2019. While at Manulife, Lau was authorised only to advise on and sell life policies. In December 2018, despite not being authorised to advise on or sell general insurance policies, Mr Lau met three persons to sell them Liberty Insurance Pte Ltd’s PA policies. Mr Lau obtained their signatures on blank policy proposal forms and collected $100 cash from each person, as payment for the policy premiums. Further, in January 2019, Mr Lau sent falsified policy schedules to the clients when the clients sought an update on their policy status.

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