[Hong Kong] Retail Investor Convicted of False Trading
SFC
Enforcement News, 14 Sep 2020
The
Eastern Magistrates’ Court has convicted Mr Ke Wen Hua of false trading in the
shares of Carry Wealth Holdings Limited following a prosecution by the
Securities and Futures Commission (SFC). Ke pleaded guilty to the offence and
was fined $30,000. The SFC’s investigation found that Ke began accumulating
Carry Wealth shares in May 2011 and conducted trading in Carry Wealth shares
through six securities accounts under his control in September 2012.
Ke was able to dispose of Carry Wealth shares at artificially inflated
prices through his false trading and reduce his trading losses.
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[Hong
Kong] HKMC Annuity Limited Introduces Video-Conferencing Application Service
HKMA
Press Releases, 15 Sep 2020
HKMC Annuity Limited (HKMCA) announced the
introduction of a new “Video-Conferencing Application Service” through a pilot
run approved by the Insurance Authority under the Insurtech Sandbox. Starting
from today, apart from attending meeting at the HKMCA office premises,
customers can also apply for the HKMC Annuity Plan through a video-conferencing
channel.
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[Hong Kong] SFC commences disciplinary
proceedings against Ngai Lai Ha for alleged breach of Takeovers Code
SFC News, 16 Sep 2020
The
SFC has today commenced disciplinary proceedings before the Takeovers and
Mergers Panel against Ms Ngai Lai Ha, the chairperson of International
Housewares Retail Company Limited over a breach of the Code on Takeovers and
Mergers. The SFC has identified 13 separate instances during the period from
March to May 2019 where Ngai had triggered an obligation to make a mandatory
general offer. Ngai has not made such an offer, and hence, she continues to
breach Rule 26.1(d) of the Takeovers Code in respect of her failure upon each
of the said 13 separate instances.
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[Hong Kong] SFC bans Fabian Shin Yick for 20
months over IPO sponsor failures
SFC Enforcement News, 16
Sep 2020
The SFC has prohibited Mr Fabian Shin Yick,
a former responsible officer and chief executive officer of Yi Shun Da Capital
Limited (YSD Capital), from re-entering the industry for 20 months from 15
September 2020 to 14 May 2022 for breaching the SFC’s Code of Conduct and
Sponsor Guidelines. The SFC found that Shin failed to discharge his duties as a
sponsor principal, an RO and a member of the senior management of YSD Capital.
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[Hong Kong] Asset managers, companies
lagging in Libor transition: HK regulator
Business Times, 16 Sep
2020
Asset managers and companies must do more to
prepare for the end of the tarnished Libor benchmark, Hong Kong's banking
regulator said on Wednesday, describing them as lagging behind the banking
sector. Banks in Hong Kong should be able to offer financial products using
Libor alternatives by Jan 1, 2021, and stop issuing products which use Libor
and will mature after 2021, by June 30, 2021.
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[Hong Kong & China] Bond Connect Preps
for Southbound Trade
The Standard, 16 Sep 2020
Bond Connect Company, a subsidiary of Hong
Kong Exchanges & Clearing, has registered a trademark "EPrime,"
which is expected to pave way for southbound trading of Bond Connect.
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[China] China’s New Financial Rules to Cover Jack Ma’s Ant Group
Wall Street Journal, 13
Sep 2020
China’s central bank released rules that
will subject Ant Group Co. and other conglomerates to new financial
regulations, forcing companies to put up substantial capital to back payments,
lending and other finance businesses they own. The People’s Bank of China on
Sunday said firms that operate two or more financial businesses in the country
will be classified as financial-holding companies.
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[China] New Rules Will
Further Reduce China's Financial Risk
China Daily, 15 Sep 2020
China issued fresh rules on Sunday to tighten regulation of the
country's financial holding companies, a move that experts say will forestall
risks in the financial sector. The new regulation concerns non-financial
companies and other eligible entities that control at least two financial
institutions doing business across financial sectors, requiring them to apply
for and gain approval from the People's Bank of China to establish financial
holding companies.
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[China] China’s Anbang
Insurance Group Applies to Formally Disband, Liquidate After Operating for Two
Years Under State Ward
SCMP, 15 Sep 2020
China’s Anbang Insurance Group said on Monday that it will apply to the
country’s banking and insurance regulator to disband and liquidate the company,
a step towards the official end of the once high-flying conglomerate.
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[China] China Makes Progress in Regulating Banking Sector
China Daily, 15 Sep 2020
The market order of the banking sector has continued to improve, Zhu
Tong, deputy director of the Banking Inspection Bureau of the China Banking and
Insurance Regulatory Commission, said at a news conference. The number of
illegal activities and the amount involved fell 40 percent year on year in
2019, he added.
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[Singapore] Singapore Industry Tie-up to Offer Asset Management Training
Business Times, 16 Sep 2020
The Wealth Management Institute on Tuesday announced an industry
collaboration, with the support
of the Monetary Authority of Singapore, the Investment Management Association
of Singapore, the Singapore Venture Capital & Private Equity Association
and leading industry firms, to launch an asset management trainee programme
aimed at training over 120 participants under the first phase of the
collaboration. The programme aims to accelerate trainees' job-readiness by
equipping them with foundation skills in asset management, technical skills in
areas including valuation, portfolio construction fundamentals and
alternatives/private markets, and future-ready skills.
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