[Hong Kong] SFC
obtains disqualification orders against former senior executives and officers
of Shandong Molong Petroleum Machinery Company Limited
SFC
News, 2 Mar 2021
The
SFC has obtained disqualification orders in the Court of First Instance against
five former senior executives and two officers of Shandong Molong Petroleum
Machinery Company Limited for their roles in a scheme to inflate the company’s
financial position in six results announcements for the financial years of 2015
and 2016. The sanctioned former senior executives and officers of Shandong
Molong were disqualified from being a director or taking part directly or
indirectly in the management of any listed or unlisted corporation in Hong
Kong, without leave of the Court, for a period of seven to nine years,
effective from 26 February 2021. They admitted to overstating revenue and
understating costs for the financial years of 2015 and 2016. In doing so, they
had failed to present a fair picture of the financial position of the company
to its shareholders.
Full
text: click here
[Singapore]
Managing the risks of remote working in financial institutions
MAS
News, 2 Mar 2021
The Monetary Authority of Singapore (MAS) and The Association of Banks
in Singapore (ABS) jointly issued a paper on managing new risks that could
emerge from extensive remote working arrangements adopted by financial
institutions amid the COVID-19 pandemic. The paper, “Risk Management and
Operational Resilience in a Remote Working Environment” highlights possible
risks to FIs in the areas of operations, technology and information security,
fraud and staff misconduct, and legal and regulatory risks. It also examines
the impact on people and culture that may be brought about by remote working.
The paper suggests key risk management actions and examples of mitigating
controls that FIs should benchmark themselves against. The ABS’ Return to
Onsite Operations Taskforce did not observe any significant increase in
operational, fraud and cyber-risk incidents from remote working in 2020,
compared with a year ago.
Full text: click here; the Paper: click here
[Singapore] MAS bans four individuals for
market misconduct
MAS Enforcement Actions, 3 Mar 2021
The MAS has issued prohibition orders against three former remisiers and
one former insurance agent, following their convictions for market misconduct
offences. These four individuals were among the eight individuals charged for
offences under the SFA in relation to a scheme to commit false trading in the
shares of Catalist-listed Koyo International Limited (Koyo). They are
prohibited from providing any financial advisory service. The longest ban
duration of 10 years went to Lau Wan Heng, a former remisier with CGS-CIMB
Securities. These four individuals were also convicted and sentenced to
imprisonment terms of between three months and 20 months 18 weeks.
Full text: click here
[Hong Kong] HKEX eyes SPACs amid US frenzy
The Standard, 3 Mar 2021
Hong Kong is exploring whether to allow special purpose acquisition
companies to list in the financial hub, and jump into a market that has sparked
a frenzy of US dealmaking. The government has asked the Hong Kong Exchanges and
Clearing and the city's financial regulator to look into having SPACs list,
says Financial Secretary Paul Chan Mo-po.
Full text: click here
