The Hong Kong Securities and Futures Commission (SFC) has announced that its CEO will depart to take up the role of head of the UK’s financial regulator. The Hong Kong regulator said on Friday that Ashley Alder, who has been at the helm since October 2011, will become the chair of the UK’s Financial Conduct Authority in January 2023. Alder’s […]

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The Hong Kong Securities and Futures Commission (SFC) has launched a grant scheme to entice qualified open-ended fund companies (OFCs) and real estate investment trusts (REITs) to set up in Hong Kong. The SFC announced on Monday that the Hong Kong government is offering a grant of up to HK$1 million per OFC, covering 70% of eligible expenses paid to […]

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The Hong Kong Securities and Futures Commission (SFC) has issued over 30 restriction notices against at least 28 brokerages in less than two months, showing its determination to eliminate social media ramp-and-dump schemes in the city. The social media-induced ramp-and-dump schemes were brought to light by the market volatility driven by online discussions about US stocks including GameStop, AMC and […]

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The Hong Kong Securities and Futures Commission (SFC) has issued its first licence for a virtual asset trading platform in Hong Kong to OSL, a member of the Hong Kong-listed BC Technology Group. The platform is subject to tailor-made regulatory requirements, similar to the existing guidance for securities brokers and automated trading venues. The virtual asset trading platform is licensed […]

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The Hong Kong Securities and Futures Commission (SFC) has launched a consultation on proposals to amend its anti-money laundering and counter-financing of terrorism (AML/CFT) guidelines to better align with recommendations made by the Financial Action Task Force (FATF). The consultation paper proposes amendments to two existing guidelines issued in November 2018: the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For […]

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The Hong Kong Securities and Futures Commission (SFC) has removed all investment restrictions for private open-ended fund companies (OFCs) to level the playing field for the fund structure, according to its consultation conclusions published on Wednesday. The SFC launched the consultation on proposed enhancements to the OFC regime in December 2019 to encourage more private funds to set up in Hong […]

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Two ETF cross-listings have been approved by both regulators in Hong Kong and mainland China, replacing an earlier attempt to develop “ETF connect” which was put on hold due to technical issues. The market had been anticipating the launch of Hong Kong’s ETF connect in 2020 after Julia Leung, deputy chief executive of the Securities and Futures Commission (SFC), signalled […]

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Assets under management at Hong Kong’s private banks (PBs) and private wealth managers (WMs) in 2019 grew 19% YoY to HK$9,058 billion, notwithstanding social unrest in Hong Kong, challenging global markets and Sino-US tensions. This is a key finding of the annual Asset and Wealth Management Activities Survey by the Hong Kong Securities and Futures Commission (SFC), released on Tuesday. Hong […]

The post AUM of Hong Kong PBs, private WMs up 19% in 2019, topping HK$9 trillion: SFC appeared first on Asian Private Banker.

Hong Kong regulators in July simplified arrangements for the sale and distribution of certain bond types and worked to reassure the market that the new National Security Law (NSL) won’t have a negative impact. Recognising the need to address the emerging risks and challenges in the financial sector, the Monetary Authority of Singapore (MAS) issued a paper proposing an omnibus regulatory approach. Business […]

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The Securities and Futures Commission (SFC) issued a policy statement on Sunday, reiterating to financial institutions that as the independent statutory regulator of Hong Kong’s capital markets, the enactment of the National Securities Law (NSL) will not alter the way it regulates the market. Ashley Alder, CEO of the SFC said in the policy statement that the regulator will continue […]

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Beijing sprang a surprise on 21 May 2020 when it announced its plan to draft a national security law for Hong Kong. The National People’s Congress approved the plan a week later. The move bypasses the Hong Kong legislature, which is required under Article 23 of the Basic Law (the mini-constitution of Hong Kong) to enact such law “on its […]

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Hong Kong’s Securities and Futures Commission has reappointed Ashley Alder as CEO for another three-year term, despite news last year that Alder would step down after nearly nine years in the position. “After a careful re-assessment of the circumstances now facing Hong Kong and global economies and financial markets, and having discussed the situation with the government, I have accepted […]

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Hong Kong wants to bolster its position as a leading green and sustainable finance centre in Asia and globally. To that aim, a cross-agency steering group was set up on Monday to “provide strategic direction, with a focus on regulatory policy and market development”, as well as to facilitate regional cooperation, such as in the Greater Bay Area. The “Green […]

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UBS has been fined HK$400 million (US$51 million) by Hong Kong’s SFC due to spread overcharges that has affected some 5,000 client accounts and 28,700 transactions between 2008 to 2017. The SFC’s investigation, which was prompted by a self-report from UBS, found that some client advisors and client advisor assistants in UBS’s wealth management division overcharged clients when conducting bond […]

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Fewer regulatory breaches were discovered during on-site inspections conducted in 2018/19, suggesting the effectiveness of the “front-loaded” approach, according to Hong Kong’s Securities and Futures Commission (SFC). The SFC published, in its 2018-19 annual report, reviews on regulatory developments and enforcement actions during the year, highlighting that it saw successes in the enhancement of internal coordination and progression of its […]

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As cross-border regulations tighten and diverge while geopolitical tensions persist unabated, regulators across the globe have gathered to discuss protecting and regulating an open market while suppressing threats of fragmentation. At the inaugural Compliance and Legal Conference held by the Asia Securities Industry & Financial Markets Association (ASIFMA) which began today, the audience cited ‘fragmentation’ and ‘conduct’ as two of […]

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The Hong Kong watchdog’s effort to move away from a “bureaucratic, box-ticking” approach is receiving positive feedback from the public one year down the road, according to Ashley Alder, CEO of the Securities and Futures Commission (SFC). Since 2017, the regulator has adopted a more integrated and front-loaded approach to licensing and supervisory functions and, accordingly, established ICE — a […]

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The Securities and Futures Commission (SFC) and the Financial Conduct Authority (FCA) have signed a memorandum of understanding (MoU), allowing mutual funds to be distributed in each other’s markets. In addition to mutual distribution, the MoU also establishes a framework for information exchange and regulatory cooperation in relation to the cross-border offering of eligible Hong Kong public funds and United […]

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The Securities and Futures Commission (SFC) has published a strategic framework to facilitate green investments in Hong Kong and to meet international standards on ESG reporting. “Hong Kong is uniquely positioned to complement Mainland China’s green development ambitions and to connect green finance flows between the Mainland and the rest of the world,” said Ashley Alder, the SFC’s CEO, adding […]

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The Securities and Futures Commission (SFC) is assessing the feasibility an “exchange-based, business-to-business (B2B)” fund distribution platform, in order to broaden the “extremely concentrated” fund distribution chain in Hong Kong, according to Ashley Alder, the Hong Kong regulator’s CEO. The benefits of developing an exchanged-based, B2B online platform, Alder said, include the introduction of a standardised, automated investment fund-shelving process, […]

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The Securities and Futures Commission (SFC) has announced chairman Carlson Tong’s successor with Tong set to step down next month having served the maximum six years as chair of the regulator. Tim Lui, a former tax partner and current senior advisor at PwC, will fill Tong’s shoes as of 20 October. Lui, an accountant for more than three decades, holds a […]

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Hong Kong’s Securities and Futures Commission (SFC) has signed a fintech cooperation agreement with the Swiss Financial Market Supervisory Authority (FINMA), marking SFC’s fifth international collaboration in this area to date. The agreement between the two watchdogs establishes a framework for sharing information on emerging trends and related regulatory issues and includes a “bilateral mechanism” to refer innovative firms that […]

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Hong Kong hosted on Friday a meeting of regulatory minds, with the Second EU-Asia Pacific Forum on Financial Regulation hitting town to discuss global developments in the regulatory landscape and to facilitate inter-jurisdictional cooperation.  Ashley Alder, CEO of Hong Kong’s Securities and Futures Commission (SFC), was joined by delegates from the European Securities and Markets Authority (ESMA) and the International […]

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Singapore and China regulators have discussed enhancing information sharing arrangements for derivative products at a recent supervisory roundtable meeting held in Singapore. During the 2nd MAS-CSRC Supervisory Roundtable held in Singapore last week, the Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) agreed to “strengthen supervisory cooperation” and “facilitate the development of their capital markets”, MAS […]

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Hong Kong’s Securities and Futures Commission (SFC) will not introduce separate regulations for the Hong Kong branches of Chinese wealth managers, according to SFC CEO Ashley Alder, who says the regulator will collaborate with its Mainland counterparts to ensure the compliance of Chinese wealth managers in the city. Alder said on the sidelines of a conference today that Chinese wealth […]

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Hong Kong’s Securities and Futures Commission (SFC) has launched a regulatory sandbox for fintech initiatives, the regulator said in a statement today, adding that the platform will provide a “confined regulatory environment” for qualified firms to test their fintech initiatives. “The SFC recognises that firms utilising innovative technologies may broaden investor choice and benefit the Hong Kong financial services industry,” […]

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Hong Kong’s Securities and Futures Commission (SFC) has entered into a fintech cooperation agreement with the Securities Commission Malaysia, the regulator said in a statement. The agreement is aimed at facilitating cooperation on information sharing and referring innovative firms seeking to enter one another’s markets. SFC CEO Ashley Alder said the agreement will enable the regulators to “keep pace with […]

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Changes to Hong Kong’s financial resources rules “are necessary to bring our regulation in line with international standards”, according to the Securities and Futures Commission’s (SFC) CEO, Ashley Alder. The SFC yesterday published the results of its consultations regarding the proposed regulatory capital regime for licensed corporations that engage in over-the-counter derivatives activities, along with other proposed changes to the […]

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Hong Kong’s private wealth management industry grew by 9% in 2016 to HK$5.2 trillion (US$ 667 billion), according to the Securities and Futures Commission (SFC). The private banking businesses of registered institutions have grown substantially in recent years, according to the regulator, which said in a report that such businesses swelled from HK$2.68 trillion in 2012 to HK$4.06 trillion last […]

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Hong Kong’s Securities and Futures Commission (SFC) has signed an agreement with its counterpart in France for the mutual recognition of funds between the two countries – its first such agreement with a member of the European Union. The Hong Kong regulator signed a memorandum of understanding with the Autorité des Marchés Financiers (AMF) yesterday to allow for the distribution […]

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As part of its efforts to provide more clarity on regulations related to online investment platforms, Hong Kong’s Securities and Futures Commission (SFC) will hold consultations about platforms’ suitability obligations “very soon”, says SFC CEO Ashley Alder. Since online investment advisory platforms are still relatively new client offerings, the SFC aims to ensure that users are able to safely access […]

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Hong Kong’s Securities and Futures Commission has given its current chief executive another three-year term, the regulator announced today. Ashley Alder’s third term as CEO will commence on 1 October 2017, having first stepped into the role on 1 October 2011. Commenting on Alder’s reappointment, SFC chairman Carlson Tong said: “I am delighted that Ashley has been re-appointed for a […]

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Securities and Futures Commission CEO, Ashley Alder, today revealed new regulatory developments that could stimulate tailwinds for the local funds industry. Upcoming tailwinds for local fund industry According to Alder, who was speaking at Thomson Reuters’ 7th Pan-Asian Regulatory Summit in Hong Kong today, the local watchdog engaged in “intensive talks with other jurisdictions to strike practical agreements” that will […]

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The Hong Kong-based Securities and Futures Commission (SFC) has named a new executive director of investment products, amidst a wider management shuffle. Christina Choi will take on the three-year role, effective 1 August 2016. Choi takes over from Julia Leung, who became SFC’s executive director of the intermediaries division last month. Choi’s career with the SFC spans over 11 years, during which […]

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The Securities and Futures Commission (SFC) has inspected firms covering a wide cross-section of those involved in selling investment products and identified deficiencies and shortcomings in management oversight, training and compliance monitoring, suitability assessment process, use of disclaimers and signing of declarations, compliance with the new Code of Conduct requirements and eligibility verification of professional investors. These deficiencies in the […]

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The Securities and Futures Commission (SFC) appoints former KPMG executive, Carlson Tong, as chairman of the SFC and Kelvin Wong as non-executive director, effective as of October 20, 2012. Tong is currently the non-executive director of SFC and will be replacing Eddy Fong, who has chaired the regulator for the past six years. Commenting on the appointments, Ashley Alder, chief […]

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The Securities and Futures Commission (SFC) has re-appointed three executive directors to another three-year term. Brian Ho, executive director of corporate finance; Keith Lui, executive director of supervision of markets and; Mark Steward, executive director will continue their roles as Hong Kong’s regulators. “I am pleased with the Financial Secretary’s decision to re-appoint Brian, Keith and Mark,” commented Ashley Alder, […]

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The SFC has flagged of a two month long consultative process to enhance the regulations governing internet trading. The consultation process will include the SFC’s proposed framework relating to internet trading, direct market access (DMA) and algorithmic trading. The SFC will focus on specific aspects of internet trading – namely, orders, management and supervision, adequacy of system and record keeping. […]

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The Securities and Futures Commission (SFC) has issued its annual report for 2011-12 in which it concludes that financial markets are now complex electronic networks with a global reach and are interconnected. This profound interconnectivity means that no regulator can operate alone; local and international collaboration is essential to protect investors and develop Hong Kong as a leading international financial […]

The post SFC’s clear call – to strengthen and protect the integrity Hong Kong’s securities and futures markets for the benefit of investors and industry appeared first on Asian Private Banker.