Financial Services Regulation

HKMA’s Circular on Access to Banking Services
HKMA’s Circular on Access to Banking Services 1400 788 Byron Chow
Advancing financial inclusion and customer fair treament while authorized institutions adopting a proportionate and effective risk-based approach to AML & CFT.

Hong Kong Embraces Cryptocurrency: Get Ready for New VASP Regime
Hong Kong Embraces Cryptocurrency: Get Ready for New VASP Regime 1400 787 Basil Hwang
Operating a virtual asset in Hong Kong? Learn what you need to do to get ready for the new SFC legislation starting 01 June 2023!

CFI Dismisses Judicial Review against SFC’s Restriction Notices
CFI Dismisses Judicial Review against SFC’s Restriction Notices 1400 788 Kelly Ho
The judicial review applicants of the “No Consent Regime” have now challenged the Restriction Notices issued by the SFC, but were unsuccessful.

PCPD Issues Guidance Note on Data Security Measures
PCPD Issues Guidance Note on Data Security Measures 1400 787 Hauzen LLP
With data breaches and compliance actions on the rise, the Office of the Privacy Commissioner for Personal Data issued new guidance on data security measures.

HKMA Discussion Paper on e-HKD
HKMA Discussion Paper on e-HKD 1400 935 Kelly Ho
The Hong Kong Monetary Authority recently published a discussion paper inviting views on key policy and design issues for introducing e-HKD.

Consultation on New Type 13 Regulated Activity
Consultation on New Type 13 Regulated Activity 1400 788 Hauzen LLP
In Feb 2022, SFC released its Consultation Conclusions on the Proposed Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes.

SFC Bans Mr. Poon Chun Hing From Re-entering Industry for Life
SFC Bans Mr. Poon Chun Hing From Re-entering Industry for Life 1400 788 Hauzen LLP
Readers are reminded to be alert if approached with securities & futures investments or dealing with anyone claiming they are licensed / registered in Hong Kong

Joint Operation by Hong Kong & Singapore Regulators & Police on Cross Border Ramp-and-dump Syndicate
Joint Operation by Hong Kong & Singapore Regulators & Police on Cross Border Ramp-and-dump Syndicate 1400 787 Hauzen LLP
10 individuals, believed to be key members of the syndicate, including some senior executives of Hong Kong listed companies were arrested.

Exchange Published Conclusions on Review of Corporate Governance Code
Exchange Published Conclusions on Review of Corporate Governance Code 1920 1080 Hauzen LLP
Amended Listing Rules and CG Code came into effect on 1 Jan 2022, and will apply to CG reports for financial year commencing on or after 1 Jan 2021.

Insurance Authority Reprimands & Fines Insurer for Contraventions of AML & CTF Ordinances
Insurance Authority Reprimands & Fines Insurer for Contraventions of AML & CTF Ordinances 1400 788 Hauzen LLP
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.
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