Events listed in circular
Applicable Jurisdictional Countercyclical Capital Buffer (CCyB) Ratio for Hong Kong ...
ID 25653
The Hong Kong Monetary Authority (HKMA) has issued a circular to announce that it will leave the countercyclical capital buffer (CCyB) for Hong Kong at 1.00% for the time being. The decision follows a careful analysis of global and local economic conditions. In this context, the HKMA notes that – although quantitative indicators suggest well-contained overheating risks in Hong Kong – increased uncertainties in ...
Circulaire CSSF 23/844
ID 25621
Circular CSSF 23/844, titled „Reporting obligations for Alternative Investment Fund Managers,“ addresses AIFMs governed by Luxembourg law and individuals involved in the operation and control of these entities. The directive under consideration is Directive 2011/61/EU, commonly referred to as „AIFMD,“ enacted by the European Parliament and the Council on 8 June 2011. **AIFMD imposes periodic reporting requirements on AIFMs based on factors such as ...
Circular on tokenisation of SFC-authorised investment products
ID 25619
On November 2, 2023, the Securities and Futures Commission of Hong Kong (SFC) issued a circular addressed at all asset management firms engaged in the trading or distribution of investment products. *The circular outlines the requirements under which the SFC would consider permitting the tokenization of investment products under Part IV of the Securities and Futures Ordinance* for offering to the public in Hong ...
Circular on intermediaries engaging in tokenised securities-related activities
ID 25616
The Securities and Futures Commission (SFC) has issued a new circular in response to the growing interest among financial institutions in tokenizing traditional financial instruments. According to the SFC, tokenization involves recording claims on assets from traditional ledgers onto a programmable platform using distributed ledger technology (DLT). While the SFC acknowledges the potential benefits of tokenization in increasing efficiency, transparency, reducing settlement ti ...
CFD 01/2023 – Modification to the Acceptable Index Requirements and the ...
ID 25573
On October 31, 2023, the Monetary Authority of Singapore (MAS) issued a circular to inform that it is modifying the threshold for a sufficiently diversified index under Appendix 5 of the Code on Collective Investment Schemes. Specifically, in an effort to allow fund managers to choose index benchmarks for their performance evaluations where the index may not be „highly diversified“ as defined under Appendix ...
Überwachung von Bankprodukten: BaFin veröffentlicht Rundschreiben
ID 25550
Die BaFin hat ein Rundschreiben 08/2023 zur Überwachung und Governance von Bankprodukten im Privatkundengeschäft veröffentlicht. Dieses Rundschreiben, das ab dem 1. Mai 2024 für die betroffenen Unternehmen bindend ist, legt fest, wie Produkthersteller und -vertreiber Bankprodukte, einschließlich Verbraucherdarlehensverträge, Einlagenprodukte und Zahlungsdienste, überwachen und ihre Governance-Strukturen gestalten müssen. Die Veröffentlichung erfolgt vor dem Hintergrund der Um ...
Circular on Clearing Amendment Rules
ID 25530
On October 27, 2023, the Securities and Futures Commission of Hong Kong (SFC) published a circular in view of the gazettal of the Securities and Futures (OTC Derivative Transactions—Clearing and Record Keeping Obligations and Designation of Central Counterparties) (Amendment) Rules 2023 which are scheduled to come into force on July 1, 2024 once passed by the Legislative Council. To recall, the amendments to the ...
Circular on Disclosure / Use of Annualised Returns for Money Market Funds
ID 25494
On October 25, 2023, the Securities and Futures Commission of Hong Kong (SFC) issued a circular as regards the illustration of the annualized return in marketing material of money market mutual funds (MMFs). The circular was prompted by fund managers who inquired about an adequate disclosure of annualized returns that are based on periods shorter than one year as this issue is currently not ...
Circular on distributors providing additional returns and other services or ...
ID 25468
The Securities and Futures Commission (SFC) has issued a circular to address concerns about the practices of licensed corporations and intermediaries in offering SFC-authorized funds. The circular follows a recent review of such practices and startling observations in this context. For example, some distributors have been enticing clients with guaranteed returns and incentives that divert attention from understanding the risks of these funds. Some ...
Joint circular on intermediaries’ virtual asset-related activities
ID 25426
The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have issued a joint circular addressed at financial market intermediaries engaged in virtual asset-related activities. The circular thereby provides guidance and updates on the regulatory approach for distributing virtual asset-related products (VA-related products) and providing virtual asset dealing services to investors. #### *The key issues addressed in the circular ...