Daily News Headlines

  • News Headlines – 24-25 Mar 2021

    [Hong Kong] SFC obtains disqualification orders against former senior executives of Long Success International (Holdings) Limited

    SFC Enforcement News, 22 Mar 2021

    The SFC has obtained disqualification orders in the Court of First Instance against the former chief executive officer and executive director of Long Success International (Holdings) Limited, Mr Hu Dongguang, and former executive director, Mr Guo Wanda, in the proceedings commenced by the SFC against 13 former directors of the company. Hu and Guo admitted that they were in breach of their fiduciary duties and common law duties to act in the interest of Long Success and to exercise due and reasonable skill, care and diligence in the course of acting as directors of Long Success.

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    [Singapore] Envy Asset Management and Envy Global Trading not licensed by MAS

    MAS News, 22 Mar 2021

    Referring to the charges of cheating and fraudulent trading brought in the State Courts against Ng Yu Zhi, a director of Envy Asset Management Pte Ltd (EAM) and Envy Global Trading Pte Ltd (EGT), the Monetary Authority of Singapore said that EAM and EGT are not licensed by MAS. Notwithstanding that EAM and EGT are not licensed by MAS, MAS is concerned with the scale of the alleged investment fraud scheme.

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    [Hong Kong] SFC reprimands and fines GEO Securities Limited $6.3 million for regulatory breaches

    SFC Enforcement News, 23 Mar 2021

    The SFC has reprimanded and fined GEO Securities Limited $6.3 million for breaching its licensing conditions and failures related to the sale of unlisted bonds. The SFC investigation found that GEO had provided discretionary account management services to eight clients in return for an annual management fee between 1 July 2014 and 15 June 2015, and introduced 36 clients directly to four listed companies to subscribe for their unlisted bonds totalling about $108 million between 28 October 2014 and 16 November 2015. The SFC also found serious deficiencies in GEO’s systems and controls.

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    [Hong Kong] Circular to Licensed Corporations Updated Technical Specifications for OTC Derivatives Trade Reporting

    HKMA Circular, 23 Mar 2021

    The HKMA issued a notice about updated technical specifications for over-the-counter derivatives trade reporting under the Hong Kong Trade Repository. The revised version of the Administration and Interface Development Guide ("AIDG") updated the coding schemes supported in the HKTR reporting templates and made corresponding changes in some business validation rules.

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    [Singapore] Person charged for offences under the Securities and Futures Act and Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act

    MAS Enforcement, 23 Mar 2021

    Mr Tang Boon Hai was charged for offences under the Securities and Futures Act (SFA) and Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA). Mr Tang is accused of being involved in a conspiracy with Mr Tan Kheng Yeow for false trading in the shares of KTL Global Limited, by using multiple trading accounts to carry out trades for the purpose of creating a false or misleading appearance of active trading in the security. Mr Tang is also accused of engaging in a practice which was likely to operate as a deception upon the brokerages through the unauthorised use of the trading accounts. In addition, he is alleged to have received monies amounting to $999,980, when he had reasonable grounds to believe that the monies represented benefits from Mr Tan KY’s criminal conduct.

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    [Singapore] Study to Enhance the Resilience of Future Workplace of Financial Institutions

    ABS News, 23 Mar 2021

    The Association of Banks in Singapore and the Monetary Authority of Singapore jointly issued a “Study on Future Workplaces” for financial institutions in Singapore as part of the ongoing collaboration between ABS’ Return to Onsite Operations Taskforce (ROOT) and MAS, to coordinate responses to the crisis and prepare for a post COVID-19 new normal. The Study presented workplace strategies and good practices relating to the building, environment and Safe Management Measures which aims to support financial institutions in building resilience in their operations for the present and beyond.

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    [Mainland China] Central bank to improve cross-border financial monitoring

    China Daily, 23 Mar 2021

    The People's Bank of China announced that it will improve its monitoring on cross-border financial information and data transfer to prevent cross-border payment risks and enhance financial stability. The main purpose of establishing a centralized node of the network domestically is to improve the stability, resilience and security of cross-border financial information services, and to prevent unexpected situations, such as a cut off of the network.

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    [Hong Kong] United Nations Sanctions (ISIL and Al-Qaida) Regulation & United Nations (Anti-Terrorism Measures) Ordinance

    C&ED Circular, 24 Mar 2021

    Hong Kong Customs and Excise Department issued a circular regarding the updated list of “individuals, groups, undertakings and entities” under section 25 of the United Nations Sanctions (ISIL and Al-Qaida) Regulation (Cap. 537CB) and the updated list specifying terrorists and terrorist associates designated by the UNSC under section 4 of the United Nations (Anti-Terrorism Measures) Ordinance (Cap. 575). The Customs and Excise Department expects all new designations to be screened by money service operators against their client lists as soon as practicable whenever there are updates.

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