Financial Services Regulatory Update 2020/10/17

  • Hong Kong Court Declined to Sanction the Scheme of Arrangement in Re Allied Properties (H.K). Ltd [2020] HKCFI 2624
  • The Stock Exchange of Hong Kong Limited announces the Cancellation of Listing of CW Group Holdings Limited
  • Hong Kong Securities and Futures Appeals Tribunal Affirms Hong Kong Securities and Futures Commission’s Decision to Ban Lai Voon Wai for Five Years for IPO Sponsor Failures
  • Hong Kong Securities and Futures Commission Publicly Censures So Yuk Kwan and Imposes a Cold-shoulder Order for Breach of the Code on Takeovers and Mergers
  • Hong Kong Market Misconduct Tribunal Sanctions CMBC Capital Holdings Limited and Its Former Directors for Late Disclosure of Inside Information
  • Hong Kong Securities and Futures Commission Warns of Investment Scams on Social Media
  • U.S. Commodity Futures Trading Commission Charges BitMEX Owners with Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations
  • U.S. Federal Court Orders Affiliate Marketer to Pay More Than US$13.8 Million for Binary Options Fraud
  • U.S. Commodity Futures Trading Commission Revokes Registrations of Company and its CEO for Fraud and Related Criminal Conviction
  • U.S. Commodity Futures Trading Commission Orders A Man and His Companies to Pay More Than US$1.2 Million in Forex Trading Scheme
  • U.S. Securities and Exchange Commission Proposes Conditional Exemption for Finders Assisting Small Businesses with Capital Raising
  • U.S. Securities and Exchange Commission Updates Regulatory Framework for Fund of Funds Arrangements
  • U.S. Securities and Exchange Commission Charges John McAfee With Fraudulently Touting ICOs
  • U.S. Securities and Exchange Commission Charges HP Inc. With Disclosure Violations and Control Failures
  • China Securities Regulatory Commission Approves the First Major Asset Reorganization Registration of a Listed Company on ChiNext Board
  • Shenzhen Stock Exchange Launches CNI Blue 100 Index to Assist High-quality Development of Maritime Economy
  • The State Council of the People’s Republic of China Releases the Circular of the State Council on Further Improving the Quality of Listed Companies
  • Australian Securities and Investments Commission and Volkswagen Financial Services Australia Settle Federal Court Proceeding
  • Australian Securities and Investment Commission Urges Australian institutions to Adhere to the ISDA IBOR Fallbacks Protocol and Supplement
  • Financial Conduct Authority of the United Kingdom Publishes Rules That Will Apply at the end of the Transition Period
  • Financial Conduct Authority of the United Kingdom Assists Innovative Companies in Tackling Coronavirus Challenges
  • Financial Conduct Authority of the United Kingdom Urges Unauthorized Land Banking Scheme Victims to Get in Touch to Return Funds
  • Singapore’s First Center of Excellence to Drive Asia-focused Green Finance Research and Talent Development
  • Monetary Authority of Singapore and Financial Industry Extend Support for Individuals and SMEs Who Need More Time to Resume Loan Repayments
  • Singapore Exchange Welcomes the Listing of Phillip SGD Money Market ETF, the First of Its Kind in South East Asia
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Financial Services Regulatory Update 2020/09/04

  • The Supreme Court of the United Kingdom Rules in Patent Licensing Cases Involving Unwired, Conversant, Huawei and ZTE
  • Hong Kong Securities and Futures Commission Bans TS’O Jing for Life
  • Hong Kong Securities and Futures Commission Bans Masy Lo Mee Chi for Eight Months
  • Hong Kong Securities and Futures Commission Obtains Arrest Warrants for Alleged Manipulators of Shares of Ching Lee Holdings Limited
  • Hong Kong Securities and Futures Commission Issues Restriction Notice to Freeze Client Accounts Linked to Suspected Market Manipulation of Shenwan Hongyuan Securities (H.K.) Limited
  • Former Licensee Convicted of Providing False or Misleading Information Hong Kong Securities and Futures Commission
  • Hong Kong Securities and Futures Commission Concludes Consultation on Changes to the Open-Ended Fund Companies Regime and Further Consults on Customer Due Diligence Requirements
  • Hong Kong’s Asset and Wealth Management Business Reports Strong Growth in 2019
  • Hong Kong Securities and Futures Commission Authorizes Two Exchange-Traded Funds Listed on the Stock Exchange of Hong Kong under the Cross-Listing Scheme Between Markets in Hong Kong and the Mainland
  • The Stock Exchange of Hong Kong Limited Publishes Consultation Conclusions on Codification of General Waivers and Principles Relating to IPOs and Listed Issuers and Minor Rule Amendments
  • The Stock Exchange of Hong Kong Limited Publishes Chapter 37 Consultation Conclusions and Guidance on Disclosures in Listing Documents and Continuing Obligations under Chapter 37 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited
  • The Listing Committee of The Stock Exchange of Hong Kong Limited Censures Sanai Health Industry Group Company Limited (Stock Code: 1889) and Criticizes a Number of Its Former and Current Directors for Breaching the Listing Rules and/or the Director’s Undertaking
  • Shenzhen Stock Exchange Issues the Administration Measures for Risk Classification of Listed Companies to Advance Classified, Targeted and Technology-based Regulation
  • The Spokesperson of the Shenzhen Stock Exchange Answers Reporters’ Questions on the Reform of the ChiNext Board and the Registration-Based IPO System
  • China Securities Regulatory Commission Issues the No. 6 Guidelines for the Supervision of Non-listed Public Companies-Regulatory Requirements for Equity Incentives and Employee Stock Ownership Plans (Trial)
  • Singapore Exchange and GF Securities Corporation to Promote Greater Connectivity Between Singapore and China’s Capital Markets
  • Singapore Exchange, in Collaboration with HSBC Singapore and Temasek, Completes Pilot Digital Bond for Olam International
  • SGX Index Edge to Launch Crypto Indices in Collaboration with CryptoCompare
  • Australian Securities Investments Commission Provides Relief for Companies Planning an Initial Public Offering
  • Wirecard Card Solutions Limited Has Announced That It Is Winding-down Its FCA-regulated Business
  • Monetary Authority of Singapore Enhances Access to Liquidity Facilities to Strengthen Banking Sector Resilience
  • U.S. Commodity Futures Trading Commission Charges 5 Canadians, 1 American, and 4 Companies in US$165 Million Global Binary Options Fraud Scheme
  • U.S. Commodity Futures Trading Commission Orders Toronto-Based Firm to Pay US$500,000 for Violating Capital, Reporting, and Supervision Rules
  • U.S. Securities and Exchange Commission Adopts Rule Amendments to Modernize Disclosures of Business, Legal Proceedings, and Risk Factors Under Regulation S-K
  • U.S. Securities and Exchange Commission Modernizes the Accredited Investor Definition
  • U.S. Securities and Exchange Commission Charges Herbalife With FCPA Violations
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Financial Services Regulatory Update 2020/06/26

  • Hong Kong Securities and Futures Commission Publicly Criticizes CICC Financial Trading Limited and China International Capital Corporation Limited for Breaches of Takeovers Code
  • Hong Kong Securities and Futures Commission Reprimands and Fines Guotai Junan Securities (Hong Kong) Limited HK$25.2 million for Breaches Relating to Anti-Money Laundering and Other Regulatory Requirements
  • Hong Kong Securities and Futures Commission Bans Former Responsible Officer of Guosen Securities (HK) Brokerage Company, Limited for 12 Months for Failure to Discharge Duties as A Responsible Office and Senior Management Member
  • Hong Kong Exchanges and Clearing Limited to Launch New Sustainable and Green Exchange
  • U.S. Financial Regulators Modify Volcker Rule
  • U.S. Securities and Exchange Commission Charges Insurance Company and Former CFO With Faulty Loss Reserves Disclosures
  • U.S. Securities and Exchange Commission Emergency Action Halts Cryptocurrency Offering Fraud
  • U.S. Securities and Exchange Commission Charges Issuer, CEO, and Lobbyist with Defrauding Investors in AML BitCoin
  • Lenders Win Cayman Islands Court Order Seeking to Wind Down Entities Controlled by the Family of Luckin Coffee Inc. Chairman Lu Zhengyao
  • China Securities Regulatory Commission Releases Arrangements for the Reform of the ChiNext Board and the Pilot Project of the Registration-Based IPO System
  • Shenzhen Stock Exchange Optimizes the System of Continuous Regulatory Rules for the ChiNext Board
  • Shenzhen Stock Exchange News Spokesman Answers Questions from Reporters on Official Announcement of Supporting Business Rules for the Reform of the ChiNext Board and the Pilot Project of the Registration-based IPO System
  • Shenzhen Stock Exchange Releases the Integrated and Revised Business Guides for Listed Companies
  • Shanghai Stock Exchange Announces Methodology of SSE Composite Index to be Revised
  • Shanghai Stock Exchange Announces STAR 50 Index to be Launched
  • Monetary Authority of Singapore Consults on its Proposed Environmental Risk Management Guidelines for Financial Institutions
  • Financial Conduct Authority of the United Kingdom Reminds Crypto-asset Businesses to Register Before the End of June
  • Financial Conduct Authority of the United Kingdom Announces Proposals to Make Mini-bond Marketing Ban Permanent
  • Australian Securities and Investments Commission Releases Guidance on the Administration of Product Intervention Power
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Financial Services Regulatory Update 2020/03/06

  • The Stock Exchange of Hong Kong Limited Updates and Streamlines its Guidance Materials
  • The Stock Exchange of Hong Kong Limited Publishes Frequently Asked Questions on the Joint Statement in Relation to Results Announcements in Light of Travel Restrictions Related to the Severe Respiratory Disease Associated with a Novel Infectious Agent (Joint Statement)
  • Hong Kong Securities and Futures Commission Issues Quarterly Report
  • The Listing Committee of the Stock Exchange of Hong Kong Limited Censures Yorkshine Holdings Limited (Previous Stock Code: 1048) for Failing to Seek Auditor’s Agreement Prior to the Publication of Preliminary Announcement of Annual Results and for Failing to Comply with the Relevant Requirements for Disclosable and/or Continuing Connected Transactions, and Censures or Criticizes a Number of Its Former Directors for Breaching the Listing Rules and/or the Director’s Undertaking
  • HKMC Insurance Limited Introduces Special 100% Loan Guarantee Under the SME Financing Guarantee Scheme
  • U.S. Securities and Exchange Commission Charges Wells Fargo US$500 Million for Misleading Investors About the Success of Its Largest Business Unit
  • U.S. Securities and Exchange Commission Charges Wells Fargo in Connection with Investment Recommendation Practices
  • U.S. Securities and Exchange Commission Charges Cardinal Health with Foreign Corrupt Practices Act Violations
  • U.S. Securities and Exchange Commission Amends Exemptions from Investment Adviser Registration for Advisers to Rural Business Investment Companies
  • U.S. Securities and Exchange Commission Amends Financial Disclosure Requirements Applicable to Registered Debt Offerings that Include Credit Enhancements to Improve Disclosure Quality and Encourage Issuers to Conduct Debt Offerings on a Registered Basis
  • Shenzhen Stock Exchange Revises the Guidelines for the Standard Operation of Listed Companies to Seamlessly Align with the New PRC Securities Law
  • Shenzhen Stock Exchange Issues Notice on the Corporate Bond Registration-based System to Advance the Reform of the Securities Issuance System
  • European Securities and Markets Authority Advises the European Commission on C6 Energy Derivatives and Related Obligations under the European Market Infrastructure Regulation
  • Dentons Europe LLP Ordered by the High Court of Justice in London to Disclose Documents Relating to Ex-client’s Alleged Fraud
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Financial Services Regulatory Update 2019/11/22

  • New Hong Kong Securities and Futures Commission Guidance Addresses Market Misconduct
  • Monetary Authority of Singapore Helps Develop Blockchain-based Prototype for Multi-Currency Payments
  • Hong Kong Securities and Futures Commission Reprimands and Fines UBS AG HK$400 million for overcharging clients and related internal control failures
  • Hong Kong Securities and Futures Commission Bans Ma Sin Chi for Life
  • The Stock Exchange of Hong Kong Limited Issues Frequently Asked Questions on Amendments to Articles of Association
  • Council of the European Union Approves the EU-Singapore Free Trade Agreement
  • Monetary Authority of Singapore Completes its Business sans Borders Phase One Proof-of-Concept
  • Monetary Authority of Singapore Imposes Civil Penalty of SGD11.2 million on UBS for Deceptive Trades by its Client Advisors
  • Singapore Exchange Regulation Explains its Expectations of REITs at IPO Stage
  • Australian Securities and Investments Commission Gives Guidance on Companies’ Whistleblower Policies
  • China Further Utilizes Foreign Investment
  • Shanghai Stock Exchange Answers Questions on Taking Self-regulatory Measures for Information Disclosure Misbehaviors in Application for IPO on SSE STAR Market
  • Shanghai Stock Exchange Solicits Opinions on Business Rules for Refinancing of Companies Listed on SSE STAR Market
  • Shanghai Stock Exchange Answers Questions on Regulating ETF Subscription with Shares
  • Shenzhen Stock Exchange Pushes forward CSI 300 ETF Option Listing in a Steady and Orderly Manner
  • Shenzhen Stock Exchange Oversees ETF Stock Subscription in Strict Compliance with New Provisions on Share Lessening
  • Abu Dhabi Global Market Issues New Employment Regulations and Rules
  • Monetary Authority of Singapore Consults on Proposed Changes to Regulate Payment Token Derivatives Traded on Approved Exchanges
  • The Stock Exchange of Hong Kong Limited Issues Announcement in Relation to the Matter of Fuguiniao Co., Ltd. Cancellation of Listing
  • The Stock Exchange of Hong Kong Limited Issues Announcement in Relation to the Matter of National Agricultural Holdings Limited Cancellation of Listing
  • U.S. Commodity Futures Trading Commission Orders Proprietary Trading Firm to Pay Record US$67.4 Million for Engaging in a Manipulative and Deceptive Scheme and Spoofing
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Financial Services Regulatory Update 2019/11/08

  • China Takes Measures to Promote and Facilitate Cross-border Trade and Investment
  • China Introduces 16 Policy Measures to Promote the Development of the Guangdong-Hong Kong-Macao Greater Bay Area
  • Hong Kong Securities and Futures Commission Reprimands and Fines China Rise Securities Asset Management Company Limited HK$6.3 Million for Regulatory Breaches and Internal Control Failures
  • Hong Kong Securities and Futures Commission Issues Guidance on External Electronic Data Storage
  • Hong Kong Securities and Futures Commission Commences Market Misconduct Tribunal Proceedings against China Medical & Healthcare Group Limited and its Senior Management for Alleged Late Disclosure of Inside Information
  • Hong Kong Securities and Futures Commission Adopts New Approach to Virtual Asset Trading Platforms
  • Hong Kong Securities and Futures Commission Issues Restriction Notice to Hong Kong Wan Kiu Investment Company Limited
  • Former staff of Hong Kong Television Network Limited Jailed for Insider Dealing in a Prosecution Brought by Hong Kong Securities and Futures Commission
  • Hong Kong Securities and Futures Commission Bans Song Baojun for 12 months
  • Hong Kong Securities and Futures Commission Obtains Court Orders against Former Chairman and Directors of Minth Group Limited
  • Hong Kong Monetary Authority Issues Circular on High-level Principles on Artificial Intelligence by Banks
  • Hong Kong Monetary Authority Issues Circular on Consumer Protection in respect of Use of Big Data Analytics and Artificial Intelligence by Authorized Institutions
  • Hong Kong Monetary Authority Highlights a Series of Initiatives Aimed to Foster the Fintech Ecosystem
  • Hong Kong Exchanges and Clearing Limited Signs Memorandum of Understanding with Shaanxi Province
  • Hong Kong Exchanges and Clearing Limited Enhances Guidance for Overseas Companies Seeking to List in Hong Kong
  • Hong Kong Exchanges and Clearing Limited Signs Memorandum of Understanding with SMM Information & Technology Co Ltd
  • Financial Conduct Authority of the United Kingdom Confirms Help for Mortgage Prisoners
  • European Union Grants Brexit Delay to United Kingdom
  • Australian Securities and Investments Commission Extends Relief for Portfolio Holdings Disclosure
  • People’s Bank of China and State Administration for Market Regulation Jointly Incorporate Fintech Products into the National Certification System
  • Shenzhen Stock Exchange Answers Questions from Reporters about Amendments to Format of Announcement on Equity Pledge by Shareholders of Listed Companies
  • Shenzhen Stock Exchange Answers Questions from Reporters about Amendments to Industry Information Disclosure Guidelines
  • Shenzhen Stock Exchange Releases Guidelines on Interim Information Disclosure of Asset-Backed Securities to Improve Institutional System and Promote Normative Development of the Market
  • Shenzhen Stock Exchange Issues Information Disclosure Guidance for Employee Stock Ownership Plan
  • Shenzhen Stock Exchange Releases Four Industry Information Disclosure Guidelines
  • International Organization of Securities Commissions Publishes Report Setting out Governance of Key Over-the-Counter Derivatives Data Elements
  • Canadian Securities Administrators Proposes Changes to Auditor Oversight Rules
  • Abu Dhabi Global Market Publishes Regulatory Guidance for Application Programming Interfaces
  • Abu Dhabi Global Market Enters Partnership with Toronto Finance International
  • U.S. Securities and Exchange Commission Proposes Amendments to Modernize Shareholder Proposal Rule

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