Aggregated News From Investment Management Regulators

SFC issues quarterly report


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The Securities and Futures Commission (SFC) today published its latest Quarterly Report which summarises key developments from July to September 2020.

Highlights of the report include the release of consultation conclusions on proposals to enhance the open-ended fund companies regime and provide more flexibility for Hong Kong real estate investment trusts as part of the SFC’s ongoing effort to support the development of Hong Kong as a full-service international asset management centre.

The SFC also began a consultation on proposals to amend the anti-money laundering and counter-financing of terrorism guidelines to align with international standards and provide guidance for applying these measures in a more risk-sensitive manner. A separate consultation proposed requirements for fund managers to ensure that they properly handle climate-related risks and disclose them appropriately to investors.

A new campaign to caution investors against online investment scams was launched during the quarter with a special issue of the SFC’s Enforcement Reporter. The official SFC Facebook page was introduced as an additional platform to communicate regulatory updates and investor warnings to the public.

Key figures for the quarter include:

  • The number of licensees and registrants totalled 47,048, of which 3,122 were licensed corporations.
  • The SFC conducted 80 on-site inspections of licensed corporations to review their compliance with regulatory requirements.
  • The SFC authorised 40 unit trusts and mutual funds, including 25 funds domiciled in Hong Kong, and 73 unlisted structured investment products for public offering.
  • Sixty-one new listing applications were vetted, including two from companies with a weighted voting rights structure and seven from pre-profit biotech companies.
  • The SFC issued section 179 directions (Note 1) to gather additional information in 17 cases as part of its review of corporate disclosures.
  • Two licensed corporations and seven individuals were disciplined, resulting in total fines of $6.7 million. In October, the SFC reprimanded and fined Goldman Sachs (Asia) L.L.C. US$350 million for serious regulatory failures.
  • It made 2,417 requests for trading and account records triggered by untoward price and turnover movements.

The report is available on the SFC website.


  1. Section 179 of the Securities and Futures Ordinance gives the SFC the power to compel the production of records and documents from persons related to a listed company.

This news item was originally published by the Securities and Futures Commission (SFC HK). For more information, see the Source Link.

Regulator Information

Abbreviation: SFC
Jurisdiction: Hong Kong

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