(i) a licensing regime for virtual asset trading platforms in Hong Kong, including anti-money laundering obligations; (ii) a two-tier registration regime for dealers in precious metals and stones; and...more
11/9/2020
/ AML/CFT ,
Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Digital Assets ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Hong Kong ,
Money Laundering ,
Popular ,
Terrorist Financing Regulations ,
Trading Platforms
The recent High Court decision of Cheung Ka Ho Cyril v Securities and Futures Commission and another [2020] HKCFI 270 confirmed the powers of the Securities and Futures Commission (SFC) to (i) seize digital devices such as...more
The final report (the Report) of the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission) was released on 4 February 2019. The Report provides 76...more
The Australian Royal Commission into Misconduct in the Banking Superannuation and Financial Services Industry published its interim report on 28 September 2018 (Initial Report). It provides no formal recommendations but...more
In Securities and Futures Commission v Yiu Hoi Ying Charles and Others, the Court of Final Appeal (CFA) curtailed the ambit of the “innocent purpose defence” to insider dealing under s.271(3) of the Securities and Futures...more
The MAS is proposing to require financial institutions to clearly identify and delineate the responsibilities of senior management and of employees in material risk functions. The proposed "Guidelines on Individual...more
Speed read -
On 7 February 2018, the Court of First Instance (CFI) published reasons for its decision in China Lumena New Materials Corp. Justice Harris reaffirmed his earlier decision and held that where foreign...more
In December 2017, the Process Review Panel (PRP), tasked to ensure fairness and consistency in the operation of the Securities and Futures Commission (SFC), published its annual report for 2016-17. The PRP’s report provides...more
On 12 December, the Securities and Futures Commission (the SFC) published updated guidance on cooperation (the Guidance) in disciplinary, civil court and Market Misconduct Tribunal (MMT) proceedings. Much of the guidance is...more
On the day the transition period for the implementation of the Securities and Futures Commission’s (SFC) Manager-in-Charge regime (MIC Regime) for licensed corporations ended, the Hong Kong Monetary Authority (HKMA) announced...more
Senior management accountability has been a priority of global financial services conduct regulators in recent years.
One need only look to a speech on 19 January 2017 by Mark Steward, director of enforcement and market...more
On 16 December 2016, the Securities and Futures Commission (SFC) issued a Circular to Licensed Corporations entitled Augmenting the Accountability of Senior Management (Circular).
At the heart of the Circular was the...more
On 16 December 2016, the Securities and Futures Commission (SFC) announced the introduction of a Manager-in- Charge initiative (MIC Regime) aimed at increasing the accountability of the senior management of Hong Kong licensed...more
In Videocon Global Ltd & Videocon Industries Ltd v Goldman Sachs International [2016] EWCA Civ 130, 15 March 2016, the English Court of Appeal has decided that the requirement to serve a statement of calculation “on or as...more
On 14 June 2012, the Hong Kong Legislative Council passed the first cross-sector competition law in Hong Kong, the Competition Ordinance (Ordinance). The Ordinance created the Competition Commission (the Commission), which...more