Daily News Headlines

  • News Headlines – 3-4 Mar 2021

    [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