Financial Services Regulatory Update 2019/03/29

  • Hong Kong Securities and Futures Commission Reprimands and Fines BOCI Securities Limited HK$10 Million for Regulatory Breaches in Selling Investment Products
  • Hong Kong Securities and Futures Commission Issues Circular on Implementation of Online Platform Guidelines and Offline Requirements for Complex Products
  • Hong Kong Securities and Futures Commission Issues Restriction Notices to Nine Brokers to Freeze Client Accounts Linked to Suspected Market Manipulation of China Ding Yi Feng Holdings Limited Shares
  • Hong Kong Securities and Futures Commission Publishes Statement on Security Token Offerings
  • Highlights of the Speech by Mr Ashley Alder, Chief Executive Officer of Hong Kong Securities & Futures Commission, at Bloomberg BuySide Summit 2019 on “Greening the Financial System”
  • The Stock Exchange of Hong Kong Limited’s Announcement Relating to Cloud Investment Holdings Limited – Cancellation of Listing
  • The Stock Exchange of Hong Kong Limited Updates and Streamlines Guidance Materials
  • The Stock Exchange of Hong Kong Limited Publishes its Latest Listing Committee Report
  • The Stock Exchange of Hong Kong Limited Publishes Guidance on Reasons for Rejected Listing Applications in 2018
  • Hong Kong Monetary Authority Issues Circular on a Statement on Crypto-assets Issued by the Basel Committee on Banking Supervision
  • Hong Kong Monetary Authority Issues Circular on Updating the Supervisory Policy Manual module CR-G-14
  • Hong Kong Monetary Authority Welcomes a Hong Kong Bank Launching Remote Onboarding Service for Opening Mainland Bank Accounts
  • Hong Kong Monetary Authority Issues Code of Practice Chapter in Relation to Financial Institutions (Resolution) (Loss-absorbing Capacity Requirements – Banking Sector) Rules
  • Hong Kong Monetary Authority Issues Circular on Implementation Arrangements on the Enhanced Investor Protection Measures for Sale and Distribution of Debt Instruments with Loss-absorption Features and Related Products
  • Hong Kong Monetary Authority Grants Virtual Banking Licenses
  • U.S. Securities and Exchange Commission Charges Volkswagen AG and Former CEO With Defrauding Bond Investors During “Clean Diesel” Emissions Fraud
  • U.S. Securities and Exchange Commission Charges Registered Investment Adviser and Former Chief Operating Officer With Defrauding Client
  • U.S. Securities and Exchange Commission Adopts Rules to Modernize and Simplify Disclosure Requirements
  • U.S. Securities and Exchange Commission Proposes Offering Reforms for Business Development Companies and Registered Closed-End Funds
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated Pays Over US$8 Million to Settle U.S. Securities and Exchange Commission’s Charges for Improper Handling of American Depositary Receipts
  • U.S. Depository Trust & Clearing Corporation Outlines Guiding Principles for Post-Trade Processing of Tokenized Securities
  • U.S. Commodity Futures Trading Commission and Monetary Authority of Singapore Publish Joint Statement Regarding the Mutual Recognition of Certain Derivatives Trading Venues in the United States and Singapore
  • Monetary Authority of Singapore Sets out Enforcement Outcomes and Priorities in Inaugural Enforcement Report
  • China Adopts Foreign Investment Law
  • Financial Conduct Authority of the United Kingdom Publishes a Statement in Relation to Endorsement of Credit Ratings from the European Union into the United Kingdom in the Event of a No-deal Brexit
  • Prudential Regulation Authority and Financial Conduct Authority of the United Kingdom Agree Memorandum of Understanding with European Banking Authority
  • Financial Conduct Authority of the United Kingdom Proposes Changes for Customers to Get More Affordable Mortgage
  • Financial Conduct Authority of the United Kingdom Acts to Improve Competition in the Investment Platforms Market
  • Financial Conduct Authority of the United Kingdom Fines UBS AG £27.6 Million for Transaction Reporting Failures
  • Financial Conduct Authority of the United Kingdom Introduces United Kingdom Benchmarks Register
  • Serious Fraud Office of the United Kingdom Opens Investigation into London Capital & Finance Plc
  • European Securities and Markets Authority Publishes a Statement on Application of the Trading Obligation for Shares Following a No-Deal Brexit
  • European Securities and Markets Authority Agrees to Renew Restrictions on Marketing, Distribution or Sale of Contracts for Differences for a Further Three Months
  • Australian Securities and Investments Commission Extends Relief Provided for Business Introduction Services
  • Australia Develops Blockchain Roadmap and Strategy
  • Canadian Securities Administrators Consult on Regulatory Framework for Crypto-asset Trading Platforms
  • Cyprus Securities and Exchange Commission Reforms Investor Compensation Fund to Enhance Investor Protection
  • Cyprus Securities and Exchange Commission Reminds Regulated Entities on Notification Deadline for Financial Conduct Authority of the United Kingdom’s Temporary Permissions Regime
  • Italian Companies and Exchange Commission Publishes Communication on Obligations of Both British Intermediaries Operating in Italy and Vice-Versa on No-Deal Brexit
  • Italian Companies and Exchange Commission Publishes Communication on Over the Counter Derivative Contracts and Trading Venues
  • Dubai Financial Services Authority signs a Memorandum of Understanding with Morocco’s Bank Al Maghrib on Authorization and Supervision of Banks Across Borders
  • Belgium Approves the New Code of Companies and Associations
  • Swiss Financial Market Supervisory Authority Launches Consultation on the New Accounting Standards for Banks
  • German Federal Financial Supervisory Authority Publishes Information Regarding Investment Funds from the United Kingdom
  • Securities and Exchange Board of India Issues Circular on Clarification on participation of Eligible Foreign Investors in Commodity Derivatives in International Financial Services Centre
  • Autorité des Marchés Financiers Launches a Consultation on Proposed Measures to Prohibit and Restrict Marketing Binary Options and Contract for Difference Products
  • European Commission Welcomes European Parliament’s Vote in Favor of Modernized Copyright Rules Fit for Digital Age
  • Insurance Authority of Hong Kong Consults on the Proposed Codes of Conduct for Licensed Insurance Agents and Licensed Insurance Brokers
  • Singapore Exchange Expands Foreign Exchange Growth Pillar with Strategic Investment in BidFX
  • Singapore Securities Investors Association and Institute of Directors Publish Guide on Best Practices for Shareholder Meetings
  • Shenzhen Stock Exchange and Luxembourg Stock Exchange Launch the Green Fixed Income Information Channel
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Financial Services Regulatory Update 2019/03/15

  • Hong Kong Securities and Futures Commission Fines UBS Securities Hong Kong Limited HK$375 Million and Suspends its License for One year for Sponsor Failures
  • Hong Kong Securities and Futures Commission Reprimands and Fines Morgan Stanley Asia Limited HK$224 Million for Sponsor Failures
  • Hong Kong Securities and Futures Commission Reprimands and Fines Merrill Lynch Far East Limited HK$128 Million for Sponsor Failures
  • Hong Kong Securities and Futures Commission Reprimands and Fines Standard Chartered Securities (Hong Kong) Limited HK$59.7 million for Sponsor Failures
  • Hong Kong Securities and Futures Commission Seeks Disqualification Orders against Former Directors of Luxey International (Holdings) Limited
  • Hong Kong Securities and Futures Commission Issues Announcement in Respect of High Concentration of Shareholding in Grand Investment International Limited
  • The Stock Exchange of Hong Kong Limited’s Announcement – in Relation to the Matter of Zhongda International Holdings Limited Cancellation of Listing
  • The Stock Exchange of Hong Kong Limited Publishes Exchange Notice – Suspension of Trading in Relation to China Ding Yi Feng Holdings Limited
  • Hong Kong Exchanges and Clearing Limited Signs Licence Agreement with MSCI to Launch MSCI China A Index Futures
  • Hong Kong Monetary Authority Issues Circular on Reform of Interest Rate Benchmarks
  • Hong Kong Privacy Commissioner for Personal Data Releases Study Report on Implementation of Privacy Management Program by Data Users
  • BB&T Securities Settles U.S. Securities and Exchange Commission Charges to Return More Than US$5 Million to Retail Investors and Pay Penalty
  • Mobile TeleSystems PJSC Settles U.S. Securities and Exchange Commission Charges of Foreign Corrupt Practices Act Violations
  • Wedbush Securities Inc. Settles U.S. Securities and Exchange Commission Charges of Failure to Supervise
  • U.S. Securities and Exchange Commission Charges Lumber Liquidators Holdings Inc. with Fraud
  • U.S. Securities and Exchange Commission Share Class Initiative Returning More Than US$125 Million to Investors
  • Monetary Authority of Singapore Answers Questions from the Committee of Supply: Cuts on Grant for Equity Market, Corporate Governance and Sustainable Financing
  • Monetary Authority of Singapore Consults on Proposed Enhancements to Technology Risk and Business Continuity Management Guidelines
  • Highlights of Speech by Mr Daniel Wang, Executive Director, Monetary Authority of Singapore at 19th Asia CEO Insurance Summit on the Issues and Challenges Surrounding Technological Change and Digitization in the Insurance Sector
  • Director of Shenzhen Stock Exchange Research Institute Answers Questions from Reporters on the Study of Effective Capital Formation in the Guangdong-Hong Kong-Macao Greater Bay Area
  • Shenzhen Stock Exchange Spokesperson Answers Questions from Reporters on Self-regulatory and Disciplinary Measures Taken Against SZSE-listed Companies in 2018
  • Shenzhen Stock Exchange Issues a Development Index of Private Enterprises to Facilitate their Healthy Development
  • Shanghai Stock Exchange Focuses on Regulation in Disclosure and Review of Annual Reports
  • Questions and Answers on Shanghai Stock Exchange Issuing Supporting Rules and Guidelines for Launching Science-Technology Innovation Board and Piloting Registration-based IPO System
  • Questions and Answers on Securities Companies Authorizing Clients to Trade Stocks on Shanghai Stock Exchange’s Sci-Tech Innovation Board
  • China Releases Rules on Science and Technology Innovation Board and Pilot Registration-based IPO System
  • Financial Conduct Authority of the United Kingdom Releases Updated Guidance on European Union Departure Preparations
  • Financial Conduct Authority of the United Kingdom Confirms Proposals in the Event of a No-deal Brexit
  • Financial Conduct Authority of the United Kingdom Calls on Firms to Act Following Review of Costs and Charges Disclosure in the Investment Sector
  • Financial Conduct Authority of the United Kingdom Publishes Statements of Policy on the Operation of the MiFID Transparency Regime
  • Financial Conduct Authority of the United Kingdom Confirms Introduction of Rent-to-own Price Cap
  • Bank of England and Financial Conduct Authority Agree Memoranda of Understanding with European Insurance and Occupational Pensions Authority and European Union Insurance Supervisors
  • Financial Conduct Authority of the United Kingdom Action Delivers £80 Million Savings in Fees for Credit Card Customers
  • Financial Conduct Authority of the United Kingdom Welcomes Independent Review into Access to Cash
  • Financial Conduct Authority of the United Kingdom Reveals Findings from First Cryptoassets Consumer Research
  • Prudential Regulation Authority and Financial Conduct Authority of the United Kingdom Host the First meeting of the Joint Climate Financial Risk Forum
  • Financial Conduct Authority of the United Kingdom Issues Statement on the Reporting of Derivatives under the UK European Market Infrastructure Regulation Regime in a No-deal Scenario
  • Financial Conduct Authority of the United Kingdom Confirms Increase in Financial Ombudsman Service Award Limit
  • Financial Conduct Authority of the United Kingdom Financial Instruments Reference Data System Opens for Firms to Test Publication
  • Highlights of Speech by Steven Maijoor, Chair of European Securities and Markets Authority at the FinTech Conference 2019 on Crypto-assets
  • European Securities and Markets Authority Sets out its Approach to Several MiFID II/MiFIR and Benchmark Provisions under a No-deal Brexit
  • European Securities and Markets Authority Recognizes the United Kingdom Central Securities Depository in the Event of a No-deal Brexit
  • European Council Adopts Reform on Reducing Charges on Cross-border Payments and Increasing Transparency on Currency Conversion Charges
  • European Central Bank Sanctions Sberbank Europe AG for Breaching Large Exposure Limits in 2015
  • Australian Securities and Investments Commission Consults on Coverage of ePayments Code Review
  • Australian Securities Exchange Corporate Governance Council Releases the Fourth Edition Corporate Governance Principles and Recommendations
  • Cyprus Securities and Exchange Commission Requests Regulated Entities to Submit Information of Contact Details
  • Cyprus Securities and Exchange Commission Issues Circular on Guidance on Identifying, Assessing and Understanding the Risk of Terrorist Financing in Financial Centers
  • Italian Companies and Exchange Commission Published Warning Concerning Non-Financial Declarations
  • Emirates Securities and Commodities Authority, Financial Services Regulatory Authority of Abu Dhabi Global Market and Dubai Financial Services Authority Launch Fund Passporting Legislation Enabling UAE-Wide Promotion of Investment Funds
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Financial Services Regulatory Update 2019/03/01

  • Hong Kong Securities and Futures Commission Reprimands and Fines Guosen Securities (HK) Brokerage Company Limited HK$15.2 Million for Breaches of Anti-money Laundering Regulatory Requirements
  • Former GEM-listed Group Finance Manager Convicted of Insider Dealing in a Prosecution Brought by the Hong Kong Securities and Futures Commission
  • Hong Kong Securities and Futures Commission Responds to the Regulation of Cryptocurrencies and Collective Investment Schemes
  • Update on Hong Kong Securities and Futures Commission’s Front-Loaded Regulation of Listing Matters
  • Hong Kong Securities and Futures Commission Issues Quarterly Report
  • Court of Appeal Dismisses Appeal against Hong Kong Securities and Futures Commission and Market Misconduct Tribunal
  • Hong Kong Securities and Futures Commission Suspends China Merchants Securities (HK) Co. Limited’s Former Responsible Officer Wu Yinong for 18 Months
  • The Stock Exchange of Hong Kong Limited’s Announcement – in Relation to the Matter of Victory Group Limited Proceeding to Third Stage of Delisting Procedures
  • The Stock Exchange of Hong Kong Limited’s Announcement – in Relation to the Matter of China Taifeng Beddings Holdings Limited (Provisional Liquidators Appointed) Cancellation of Listing
  • Hong Kong Exchanges and Clearing Limited Intents to Acquire Shenzhen-Based Technology Business
  • Hong Kong Exchanges and Clearing Limited Establishes International Advisory Council
  • Hong Kong Exchanges and Clearing Limited Announces its Strategic Plan 2019-2021
  • Hong Kong Monetary Authority Publishes the Results of the Survey on Small and Medium-Sized Enterprises’ Credit Conditions for Fourth Quarter 2018
  • Hong Kong Monetary Authority Hosts the Launch of the Climate Bonds Initiative Hong Kong Green Bond Market Briefing Report
  • Hong Kong Privacy Commissioner for Personal Data Publishes Investigation Report on the Incident of Intrusion into Hong Kong Broadband Network’s Customer Database
  • Air Services Arrangements between Hong Kong and Mainland Expanded under the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area
  • Hong Kong Insurance Authority Welcomes Insurance-related Initiatives Announced in the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area
  • U.S. Securities and Exchange Commission Charges Cognizant Technology Solutions Corporation and Two Former Executives With Foreign Corrupt Practices Act Violations
  • U.S. Securities and Exchange Commission Files Charges in Elaborate Microcap Stock Fraud
  • U.S. Securities and Exchange Commission Proposes to Expand “Test-the-Waters” Modernization Reform to All Issuers
  • Company Settles Unregistered Initial Coin Offering Charges After Self-Reporting to U.S. Securities and Exchange Commission
  • U.S. Securities and Exchange Commission Charges Broker-Dealer and Transfer Agent in Microcap Shell Factory Fraud
  • U.S. Securities and Exchange Commission Halts South Florida Alternative Investments Scheme Targeting Retail Investors
  • Joint Media Release between Monetary Authority of Singapore and European Commission Concerning Common Approach on Certain Derivatives Trading Venues
  • Breaking the Cover-up, and Taking a Combination of Measures – Shenzhen Stock Exchange Cracks Down on Manipulation of Business Performance
  • Be Open and Innovative to Serve National Strategies Shenzhen Stock Exchange Roots for Construction of the Guangdong-Hong Kong-Macao Greater Bay Area
  • China’s First Cum-right Municipal Bonds Successfully Issued on Shenzhen Stock Exchange
  • Financial Conduct Authority of the United Kingdom Issues 2018 Performance Statement Regarding Operation of the Memoranda of Understanding with the Bank of England for Market Infrastructure
  • Financial Conduct Authority of the United Kingdom Publishes Wholesale Insurance Brokers Market Study Final Report
  • Financial Conduct Authority of the United Kingdom Issues its First Decision under Competition Law
  • Highlights of Speech by Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists at Financial Conduct Authority of the United Kingdom at the Investment Association, London on the Progress of Ending London Inter-bank Offered Rate
  • Financial Conduct Authority of the United Kingdom Publishes Statement on Onshoring European Securities and Markets Authority’s Temporary Intervention Measures on Retail Contract for Difference Products and Binary Options Products
  • Financial Conduct Authority of the United Kingdom Urges Unauthorized Land Banking Scheme Victims to Get in Touch to Return Funds
  • European Union and Global Securities Regulators Welcome Agreement on Data Transfer
  • Australian Securities and Investments Commission Consults on Updating its Responsible Lending Guidance
  • Australian Securities and Investments Commission Pursues Harsher Penalties for Breaching Corporate and Financial Services Law
  • Australian Securities and Investments Commission Concludes HSBC Bank Australia Limited’s Compliance With Enforceable Undertaking
  • Australian Securities and Investments Commission Welcomes New Whistleblowing Laws
  • Abu Dhabi Global Market and Australian Securities and Investments Commission Sign Agreement to Enhance Collaboration
  • Cyprus Securities and Exchange Commission Proposes Bringing Crypto Asset Activities under the ambit of the Anti-Money Laundering Law
  • German Federal Financial Supervisory Authority Expands Special Representative’s Mandate
  • Minor amendment to the Swiss Financial Market Supervisory Authority Ordinance on Data Processing
  • Central Bank of Ireland Publishes Warning on Unauthorized Investment Firm
  • Joint statement by United Kingdom and U.S. Authorities on Continuity of Derivatives Trading and Clearing Post-Brexit
  • China Securities Regulatory Commission Issues Notice to Solicit Public Opinion on the Guidelines for Products of Managers for Management (MOM) of Securities Fund Operators (Draft for Comments)
  • China Securities Regulatory Commission Issues Notice to Solicit Public Opinion on the Supervision and Administrative Measures for the Sales Agencies of Publicly Offered Securities Investment Funds (Draft for Comments) and Related Supporting Rules
  • U.S. Federal Reserve Board Permanently Bars Former Employee of J.P. Morgan Chase & Co. from the Banking Industry
  • Video Social Networking App Musical.ly Agrees to Settle U.S. Federal Trade Commission Allegations that it Violated Children’s Privacy Law
  • Shanghai Stock Exchange Propels Set-up of Science – Technology Innovation Board and Pilot Registration-based IPO System

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