News Centre

Hong Kong Securities And Futures Commission Reprimands And Fines Mega International Commercial Bank Co., Ltd. $7 Million For Regulatory Breaches Over CIS Sale

Date 07/05/2020

The Securities and Futures Commission (SFC) has reprimanded and fined Mega International Commercial Bank Co., Ltd. (MICBC) $7 million over MICBC’s internal system and control failures in relation to the sale of collective investment schemes (CISs) (Note 1).

The UK Financial Services Regulatory Initiatives Forum Launches Grid To Help Financial Firms’ Planning

Date 07/05/2020

The Financial Services Regulatory Initiatives Forum has today launched a new initiative to help financial firms prepare for upcoming regulatory work - the Regulatory Initiatives Grid.

ASIC Warns Consumers: Investment Advertising Is Not Always ‘True To Label’

Date 07/05/2020

ASIC warns consumers about investment advertising that compares fixed-term investment products to bank term deposits. A surge in such marketing of fixed-term investment products in recent months has prompted ASIC to caution consumers to take care making investment decisions based on such advertising.

HKEX 2020 First Quarter Results

Date 07/05/2020

Strategic Highlights

• Hong Kong’s initial public offering (IPO) market ranked first globally by number of IPOs in Q11 2020 (39 new company listings) and fourth globally by IPO funds raised ($14.4 billion) 
• Southbound Trading Investor Identification Regime was successfully rolled out on 13 January 2020, facilitating enhanced orderly operation and regulation of Stock Connect 
• Bond Connect ADT reached a record quarterly high of RMB19.3 billion, more than triple that of Q1 2019 
• Cash Market Volatility Control Mechanism (VCM) Phase 1 enhancement, covering expanded VCM stock coverage and tiered triggering thresholds, will be launched on 11 May 2020 
• HKEX welcomed its first Iron Ore Futures Exchange Traded Fund (ETF) in March, another important step in building a diverse ETF ecosystem in Hong Kong 
• HKEX is working closely with the HKSAR Government to introduce stamp duty waiver on stock transfers paid by ETF Market Makers when creating and redeeming ETF units, as proposed in the 2020-21 Budget delivered by the Hong Kong Financial Secretary in February 
• A number of further initiatives and innovations during the quarter were implemented including the introduction of a virtual IPO ceremony option for newly listed issuers; and HKEX’s elevation to World Economic Forum Strategic Partner

Changes In Representation On The ASX Corporate Governance Council

Date 07/05/2020

The ASX Corporate Governance Council (‘Council’) wishes to announce the following changes in the representatives on the Council.

HKEX Chief Executive Succession Plan

Date 07/05/2020

Mr Charles Li, Chief Executive, Hong Kong Exchanges and Clearing Limited (HKEX), today informed the Board of his intention not to seek reappointment as HKEX Chief Executive at the end of his current contract, in October 2021. Mr Li confirmed his full commitment to continuing to lead the organisation until that date, or earlier, should a successor be appointed before such time.

CFFEX Approves One Non-Futures-Company Member

Date 07/05/2020

Recently, China Financial Futures Exchange (CFFEX) approved Agricultural Bank of China Limited as Trading Clearing Member.

Shanghai Futures Exchange: Approval Of Membership Transfer Between China Metal & Technologies Inc. And China Platinum Company

Date 07/05/2020

As per the applications by the China Metal & Technologies Inc. and the China Platinum Company, according to Regulations for Membership of Shanghai Futures Exchange and through procedures as required, Shanghai Futures Exchange has approved the China Metal & Technologies Inc. to transfer the membership to the China Platinum Company.

United States Reaches Settlement To Recover More Than $49 Million Involving Malaysian Sovereign Wealth Fund

Date 06/05/2020

The Department of Justice has reached a settlement of its civil forfeiture cases against assets acquired by Khadem al-Qubaisi using funds allegedly misappropriated from 1Malaysia Development Berhad (1MDB), Malaysia’s investment development fund, and laundered through financial institutions in several jurisdictions, including the United States, Switzerland, Singapore and Luxembourg. 

SIFMA Statement On SEC Directing Exchanges To Propose Single National Market System For Consolidated Equity Market Data

Date 06/05/2020

SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the Securities and Exchange Commission’s (SEC) order directing the exchanges and FINRA to submit a new national market system plan regarding consolidated equity market data:

“SIFMA strongly supports the SEC’s directing the national securities exchanges to propose a single new national market system plan for consolidated equity market data and modernize the governance structure, which is in line with the industry’s longstanding position.  Equity markets have evolved considerably and SIFMA sees the proposal as a positive initial step which addresses current conflicts of interests for exchanges between the SIP data and exchange proprietary feeds, recognizes the importance of ensuring that the SIP is properly maintained, and allows non-SRO market participants the opportunity to be considered in the decision making process for this critical utility.  We find the timeline given for the Exchanges to submit a proposal to be reasonable.  The proposal to develop a new plan should improve market resilience and ensure the equity market continues to benefit investors and play an essential role in capital formation.”