[Hong Kong] Circular to Licensed Corporations and
Associated Entities - Anti-Money Laundering / Counter-Financing of Terrorism
Anti-Money Laundering and Counter-Financing of Terrorism Webinar
SFC Circulars, 6 Nov 2020
The
Securities and Futures Commission (SFC) will host two sessions of anti-money
laundering and counter-financing of terrorism (AML/CFT) webinar to provide an
update on major AML/CFT regulatory developments on 4 and 7 December 2020
respectively.
Full
text: click here;
Appendix: click here
[Singapore]
Notice 827 Unsecured Credit Facilities to Individuals
MAS
Regulation, 6 Nov 2020
This
notice applies to all finance companies in Singapore. It sets out the
requirements a finance company has to comply with when granting an unsecured
non-card credit facility to an individual.
Full
text: click here
[China] China to raise violation fraud costs in capital market
China
Daily, 7 Nov 2020
China
will significantly raise the violation cost of financial fraud in the capital
market and fully employ related regulations and policies to hold violators
strictly accountable to their criminal responsibilities, an official with the
Supreme People's Procuratorate said. Measures will include the application of
property penalties, which will increase the economic punishments for criminals
of financial fraud.
Full
text: click here
[Hong
Kong] SFC reprimands and fines Credit Suisse Securities (Hong Kong) Limited
$2.1 million over breaches of electronic trading requirements
SFC
Enforcement News, 9 Nov 2020
The
SFC has reprimanded Credit Suisse Securities (Hong Kong) Limited (CSSHK) and
fined it $2.1 million for regulatory breaches related to failures in its
electronic trading systems. The SFC found that between 09:39 and 09:47 on 28
February 2019, CSSHK submitted 16,935 erroneous market making quotes to the
market, resulting in the execution of 8,042 stock options trades at prices that
deviated from the then prevailing market prices. The incident was caused by a
logic error in the symbol mapping programme used by CSSHK.
Full
text: click here
[Hong
Kong] Circular to Licensed Corporations and Associated Entities - Anti-Money
Laundering / Counter-Financing of Terrorism (1) FATF Statement on High-Risk
Jurisdictions subject to a Call for Action (2) FATF Statement on Jurisdictions
under Increased Monitoring (3) Outcomes from the FATF Plenary, 21-23 October
2020
SFC
Circulars, 9 Nov 2020
This
circular serve to inform licensed corporations and associated entities that the
Financial Action Task Force’s (“FATF”) call for action on high-risk
jurisdictions remains in effect. It also reminds licensed corporations and
associated entities that FATF issued an updated statement on Jurisdictions
under Increased Monitoring and published various other outcomes of its recent
Plenary which may be of interest to LCs and AEs.
Full
text: click here
[Hong
Kong] International Finance Corporation and the Hong Kong Monetary Authority
Launch New Alliance to Address Climate Change
HKMA
News, 9 Nov 2020
International
Finance Corporation (IFC), a member of the World Bank Group, signed a new
partnership with the Hong Kong Monetary Authority (HKMA) to encourage
commercial banks in Asia to adopt strategies and targets to become greener. The
signing of the agreement makes the HKMA the first partner to work with IFC on
the initiative. The HKMA will serve as the hub for green finance among
commercial banks in Asia.
Full
text: click here
[Singapore]
$35 Million Grant to Help Small Financial Institutions Adopt Digital Solutions
for Data Reporting
MAS
News, 9 Nov 2020
The
Monetary Authority of Singapore (MAS) announced the launch of a S$35 million Productivity
Solutions Grant (PSG) for the financial services sector to help smaller
financial institutions adopt digital solutions for more streamlined data
reporting to MAS. The PSG provides funding support for smaller financial
institutions to adopt regulatory reporting solutions from pre-approved managed
service providers. It is currently applicable to banks and will be subsequently
expanded to include insurers and capital market intermediaries.
Full
text: click here
[Singapore]
Application for Approval to obtain Effective Control of Holder of Capital
Markets Services Licence under Section 97A (2) of the Securities and Futures
Act
MAS
Forms, 9 Nov 2020
The
MAS has published a form for potential acquirers to seek MAS' approval for
obtaining effective control of capital markets services licensees.
Full
text: click here