Aggregated News From Investment Management Regulators

Hong Kong

SFC concludes consultation on anti-money laundering guidelines

The Securities and Futures Commission (SFC) today released consultation conclusions on proposed amendments to its anti-money laundering and counter-financing of terrorism (AML/CFT) guidelines (Note 1).

New speech by Tim Lui: Opening address at ACCA Hong Kong Virtual Annual Conference 2021

A speech entitled “Hong Kong’s leadership role in green and sustainable finance” (Chinese version only) delivered by Mr Tim Lui at the ACCA Hong Kong Virtual Annual Conference 2021 was posted on the SFC website.

New synopsis by Christina Choi: Webinar at Hong Kong Securities and Investment Institute

A synopsis of Ms Christina Choi’s “Fostering Hong Kong’s Development as an Asset Management Hub” webinar today at the Hong Kong Securities and Investment Institute was posted on the SFC website.

SFC suspends Cheung Man Chit for two years

The Securities and Futures Commission (SFC) has suspended Mr Cheung Man Chit, a former licensed representative of Emperor Securities Limited and Emperor Futures Limited (collectively, Emperor), for two years from 28 August 2021 to 27 August 2023 (Note 1).

SFC alerts the public of unauthorised investment schemes

The Securities and Futures Commission (SFC) today launched a new initiative to warn the public about arrangements which are suspected to be collective investment schemes (CIS) (Note 1).

SFC and Police conduct joint operation against listed company and senior executives in $450 million corporate fraud case

The Securities and Futures Commission (SFC) and Commercial Crime Bureau of the Police today conducted a joint operation against a Hong Kong-listed company and its former senior executives suspected of a series of corporate fraud related offences involving a total of $450 million.

Approval of the launch of an A shares index futures contract

The Securities and Futures Commission (SFC) has today approved the launch of an A shares index futures contract by the Hong Kong Exchanges and Clearing Limited (HKEX).

SFC concludes consultation on climate-related risks in funds

The Securities and Futures Commission (SFC) today issued amendments to the Fund Manager Code of Conduct and a circular setting out expected standards for fund managers managing collective investment schemes to take climate-related risks into consideration in their investment and risk management processes and make appropriate disclosures.

SFC issues quarterly report

The Securities and Futures Commission (SFC) today published its latest Quarterly Report which summarises key developments from April to June 2021. During the quarter, the SFC provided asset managers with further guidance on disclosures for environmental, social and governance funds, especially those with a climate-related focus, to help investors better understand these products and combat greenwashing (Note 1). In July, Hong Kong’s Green and Sustainable Finance Cross-Agency Steering Group, co-chaired by the SFC and the Hong Kong Monetary Authority, announced the next steps in its collaborative strategy to transition the financial ecosystem towards carbon neutrality. The SFC also stepped up its joint efforts with the Stock Exchange of Hong Kong Limited (SEHK) to combat misconduct and improper behaviour in new listings (Note 2). Problematic applications with red flags indicating a lack of genuine investor interest are now subject to heightened scrutiny, and the regulators will object to or reject an application if necessary. In other highlights, the SFC concluded a consultation on proposals to upgrade standards in the industry by updating the competency framework for intermediaries and individual practitioners (Note 3). To encourage a broader range of investment vehicles, it began accepting applications for the Government’s grant scheme to subsidise the setting up of open-ended fund companies and real estate investment trusts (REITs) in Hong Kong. The Government published consultation conclusions in May on a legislative proposal for the SFC to regulate centralised virtual asset exchanges. In a July statement, the SFC warned investors of the risks of trading virtual assets on an unregulated platform (Note 4). In a joint operation against a syndicate suspected of operating ramp and dump market manipulation schemes and committing fraud, the SFC and the Police searched a Hong Kong listed company’s office premises and its senior executives’ residences. The Police arrested four persons, including three of the company’s senior executives. The SFC also extended its campaign to raise awareness of social media investment scams organising community outreach events with the Police and reminding licensees to notify the SFC when they detect suspected ramp and dump schemes (Note 5). Key figures for the quarter include:

SFC Executive Director to retire

The Securities and Futures Commission (SFC) announces that Mr Brian Ho will be retiring as Executive Director – Corporate Finance on the expiry of his current three-year contract on 27 August 2021.

SFC and ICAC joint operation on listed company’s suspicious money lending activities

Five individuals including a current senior executive and a former senior executive of a listed company have been arrested in a joint operation “Jade Qilin” of the Securities and Futures Commission (SFC) and the Independent Commission Against Corruption (ICAC).

SFC to introduce investor identification and OTC securities transaction reporting

The Securities and Futures Commission (SFC) today issued consultation conclusions on proposals to introduce investor identification for the securities market in Hong Kong and require reporting of over-the-counter (OTC) securities transactions.

Regulator Information

Abbreviation: SFC
Jurisdiction: Hong Kong

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