News Headlines:
[Singapore] MAS issues Prohibition Order against Mr Ahmadnawar Bin Abd Karim for dishonest conduct
MAS Enforcement, 7 May 2021
The MAS has issued a 10-year prohibition order against Mr Ahmadnawar Bin Abd Karim, following his conviction in the State Courts for conducting regulated activities without a licence and cheating. He is prohibited from performing any regulated activity under the Securities and Futures Act effective from 6 May 2021. Between 2015 and 2017, Mr Ahmadnawar solicited investments from at least 32 individuals. He drew up investment contracts to manage their monies to trade in foreign exchange on their behalf. Mr Ahmadnawar carried out these fund management activities without holding a capital markets services licence. On multiple occassions over the same period, Mr Ahmadnawar cheated two investors of a total amount of $132,810. He induced them to transfer monies to him for investments but used some of the monies to repay other investors and for his own personal expenses.
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[Singapore] Consultation Paper on Revisions to the Guidelines on Corporate Governance
MAS News, 7 May 2021
This consultation paper sets out MAS’ proposed revisions to the Guidelines on Corporate Governance for Designated Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are incorporated in Singapore. MAS is proposing these revisions taking into account international standards and industry good practices.
Full text: click here
[Mainland China] Wealth Connect quotas revealed
The Standard, 7 May 2021
China set an initial quota of 150 billion yuan for the pilot scheme, which allows residents of Hong Kong, Macau and nine Guangdong cities to buy wealth management products in each other's markets. The individual investment quota was set at 1 million yuan.
Full text: click here
[Hong Kong] Launch of grant scheme for open-ended fund companies and real estate investment trusts
SFC News, 10 May 2021
The SFC announced the implementation of the Government’s grant scheme to subsidise the setting up of open-ended fund companies (OFCs) and real estate investment trusts (REITs) in Hong Kong. For OFCs successfully incorporated in or re-domiciled to Hong Kong and SFC-authorised REITs successfully listed on the Stock Exchange of Hong Kong Limited, the scheme covers 70% of eligible expenses paid to Hong Kong-based service providers, subject to a cap of $1 million per OFC and $8 million per REIT. The scheme will operate for three years and is open for applications starting on 10 May on a first-come-first-served basis.
Full text: click here; Encl: click here; FAQ: click here
Articles/Publications:
Capital Markets Primer Part II: Primary, Secondary & Post-Trade Markets Primer
SIFMA, 10 May 2021
The slides review the structure of market segments including:
– -Primary Markets, where securities are created;
– -Secondary Markets, where existing stocks and bonds are traded among investors; and
– -Post Trade Operations, the last phase of the trade lifecycle and the plumbing of the capital markets.
Full text: click here