Daily News Headlines

  • News Headlines – 31 Mar -01 Apr 2021

    [Hong Kong] SFC reprimands and fines Black Marble Securities Limited $1.8 million for internal control failings and regulatory breaches

    SFC News, 31 Mar 2021

    The SFC has reprimanded and fined Black Marble Securities Limited $1.8 million for internal control failings and breaches of the SFC’s Code of Conduct. The SFC found deficiencies in the internal controls of Black Marble Securities, as there are inadequate internal controls for monitoring trading activities in client accounts and no procedures to ensure that its compliance manual and other internal policies and procedures were adequately and properly communicated to all staff members.

    Full text: click here

    [Singapore] Two individuals charged for offences under the Central Provident Fund Act

    MAS Enforcement, 31 Mar 2021

    Mr Chen Zhihao Samuel and Mr Wong Tuck Wai Raymond were charged for offences under the Central Provident Fund (CPF) Act. Mr Chen and Mr Wong are accused of carrying out a scheme, which provides members with the option to invest their CPF savings in financial instruments, to defraud the CPF Board between 1 September 2017 and 8 January 2019. The scheme involved Mr Chen withdrawing funds from his CPF Ordinary Account, by incurring trading losses when he bought shares from Mr Wong at artificially high prices and sold the shares to Mr Wong at artificially low prices.

    Full text: click here

    [Singapore] Banks to cease issuance of SOR derivatives and Sibor-linked financial products by Sept

    Business Times, 31 Mar 2021

    Financial institutions will have to cease the use of the Swap Offer Rate (SOR) in new derivatives contracts by end-September 2021, in a freshly announced timeline to further push the industry towards the Singapore Overnight Rate Average (Sora) as the main interest rate benchmark. The Steering Committee for SOR and Sibor Transition to Sora (SC-STS) also recommended that financial institutions cease the use of Singapore Interbank Offered Rate (Sibor) in new contracts by end-September.

    Full text: click here; Announcement: click here

    [Hong Kong] Circular to Money Service Operators - Questionnaire on Use of Bank Account

    C&ED Circular, 1 Apr 2021

    The Customs and Excise Department is conducting a thematic review of the delivery channels used by Money Service Operators in processing the money service transaction with a focus on the use of bank account in the sector. This facilitates the work of C&ED in identifying any existing or potential money laundering and terrorist financing risk that the sector is exposed in this regard and timely devising and implementing the appropriate control or preventive measures to effectively mitigate the risk identified. The questionnaire is available on the C&ED’s website.

    Full text: click here