Joint Operation by Hong Kong & Singapore Regulators & Police on Cross Border Ramp-and-dump Syndicate
10 individuals, believed to be key members of the syndicate, including some senior executives of Hong Kong listed companies were arrested.
Insurance Authority Reprimands & Fines Insurer for Contraventions of AML & CTF Ordinances
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MetLife (now FWD Life) & Metropolitan Life Insurance (now FWD Life Assurance) fined HK$7 million. It is clear that the IA takes these failures very seriously.
High Court Finds “No Consent Regime” Unlawful
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While the implications of this decision remain to be seen, victims of fraud are still recommended to make a police report in any event.
HKMA Releases Technical Whitepaper on Retail Central Bank Digital Currency
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With global trend of issuance of CBDC, HKMA released whitepaper exploring potential architecture and design options that could be applied to distributing e-HKD.
AML Regtech Lab “AMLab” launched in Hong Kong
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Through AMLab, it is hoped that the general effectiveness and efficiency of the AML ecosystem in Hong Kong will be improved.
New MOU to enhance fintech regulation in GBA
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This new network link-up creates a one-stop platform for firms to conduct pilot trials of cross-boundary fintech initiatives in HK and GBA cities concurrently.
Joint Inspection by IA & HKMA on use of premium financing to take out long term insurance policies in Hong Kong
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On 30 September 2021, the Insurance Authority and the Hong Kong Monetary Authority published a circular on the IA and the HKMA’s joint inspection exercise relating to premium financing of long term insurance policies in Hong Kong.
Carried Interest Tax Concession Regime for Private Equity Funds
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New regime operates to provide tax concession at both the salaries tax and profits tax levels.
Joint announcement by HKMA & PBoC on implementation arrangements of cross-boundary wealth management connect scheme
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In September 2021, the HKMA and the PBoC released a joint announcement on the implementation arrangements for the cross-boundary wealth management connect pilot scheme in the Guangdong-Hong Kong-Macao Greater Bay Area.
SFC’s new initiative to warn against unauthorised investment schemes
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The Securities and Futures Commission (the “SFC”) launched a new initiative to warn the public against unauthorised investment arrangements which are suspected to be collective investment schemes (“CIS”).