Events listed in Hong Kong
Circular to licensed corporations Management of operational and remote booking ...
ID 22574
In view of the findings from a recent thematic review of risk management practices of licensed corporations (LCs) as regards operational and remote booking risks arising from trading activities (please see the enclosed findings report for more information), the Securities and Futures Commission has published a circular in this context. Therein, **the Commission describes its expectations as regards such practices, including expectations pertaining to ...
LCQ1: Incidents of a number of banks in the United States being taken over
ID 22556
During a recent session of the Legislative Council, Mr. Christopher Hui, Secretary for Financial Services and the Treasury, was asked a number of questions in connection with the recent bank failures in the United States. Specifically, the Secretary was requested to provide information on (1) the exposures of authorized institutions in Hong Kong to the Silicon Valley Bank (SVB); (2) potential risks to the ...
HKMA Half-Yearly Monetary and Financial Stability Report (March 2023 Issue)
ID 22525
The Hong Kong Monetary Authority (HKMA) has published its latest semi-annual Monetary and Financial Stability Report. The report provides an update on macroeconomic issues such as price stability and economic outlook and summarizes some key risks in the near future as they may materialize in the financial market. Some of the key points are briefly noted below; for more detailed, comprehensive information, please refer ...
SFC consults on proposed subsidiary legislation for implementing an uncertificated ...
ID 22486
In view of the upcoming introduction of an Uncertificated Securities Market (USM) regime under which investors will be able to hold securities in their own names (legal title), but yet without paper, the Securities and Futures Commission of Hong Kong, SFC, has launched a new consultation in this context. Specifically, the Commission seeks feedback on necessary amendments to subsidiary regulations and the implementation of ...
Circular to intermediaries, responsible officers and licensed representatives ...
ID 22482
The Securities and Futures Commission of Hong Kong, SFC, has issued a new circular addressed at intermediaries, responsible officers, and licensed representatives. Therein, the Commission informs that it will waive the annual licensing fee of intermediaries and licensed individuals for the time period April 1, 2023 to March 31, 2024. The waiver is valid for the licensing fee only and does NOT cover any ...
SFC concludes consultation on introduction of new regulated activity for ...
ID 22468
The Securities and Futures Commission of Hong Kong, SFC, has published a conclusion paper regarding its consultation on a „Proposed Amendments to Subsidiary Legislation and SFC Codes and Guidelines to Implement the Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes“. To recall, on September 27, 2019, a consultation was launched by the Commission on a proposed new regulatory regime for depositories of SFC-authorized ...
Family office policy stated
ID 22454
The Hong Kong government has published a press statement as regards the new upcoming family offices (SFOs) scheme in Hong Kong. Specifically, the government informs of the publication of the „Policy Statement on Developing Family Office Businesses in Hong Kong“, which – according to the government – „sets out its policy stance and measures“ the government plans to take to foster the development of ...
SFC publishes quick reference guides for licensing requirements
ID 22436
On March 22, 2023, the Securities and Futures Commission of Hong Kong, SFC, published a press statement to announce that it has issued a set of so-called quick reference guides for family offices, private equity firms, hedge fund managers, overseas persons / firms engaged in regulated activities in Hong Kong, and China Mainland persons / firms conducting activities in Hong Kong. The guides which ...
LCQ3: Mandatory Provident Fund schemes
ID 22433
On March 22, 2023, Mr. Christopher Hui, Secretary for Financial Services and the Treasury, was asked a number of questions during a session of the Legislative Council in connection with the Mandatory Provident Fund Scheme (MPFS). These questions primarily pertain to the estimated „poor“ performance of MPFs in the past year and seek to inquire about (a) the number of account withdrawals in the ...
HKMA’s response to media enquiries
ID 22426
In response to several enquiries and to the recent resolution of several U.S. financial institutions, the Hong Kong Monetary Authority (HKMA) has issued a press statement to clarify the order by which creditors and shareholders are reimbursed in case of the unsolvency and wind-down of financial institutions. The HKMA thereby notes that the „order in which shareholders and creditors would bear losses in a ...