A Hong Kong tribunal has upheld disciplinary action taken against the local branch of HSBC Group’s Swiss private banking business for “material systemic failures” in relation to the sale of structured products, including from Lehman Brothers, in the run up to the global financial crisis.
In terms of fund distribution, banks in Hong Kong have misinterpreted some of the HKMA’s directives, adding unnecessary compliance work, according to deputy CEO Arthur Yuen.
Managers cannot offer investors a guaranteed rate of return, according to one prohibition in the draft guidelines for asset managers released by the People’s Bank of China.
A majority of the industry responding to the SFC’s proposal on “enhancing industry regulation” were against introducing the fee-based model in Hong Kong.
Taiwan officials plan to join other regional countries in setting up a regulatory sandbox to support fintech development by the end of the year.
A former relationship manager at Citibank in Hong Kong was banned for impersonating a female client to make stock trades, according to Hong Kong’s Securities and Futures Commission.
The Monetary Authority of Singapore (MAS) has issued prohibition orders against those involved in the 1Malaysia Development Berhad (1MDB) state fund breach, one of the world’s largest money laundering scandals in recent history.
Boston-based Acadian Asset Management received an RQFII quota to invest onshore, becoming only the second US-based asset manager to be granted the allocation.
The Hong Kong government will be conducting a comprehensive review of the existing tax concessions applicable to the fund industry, according to Paul Chan, Hong Kong’s financial secretary.
Regulatory compliance and talent management are among the major challenges for private banks and wealth management firms in Hong Kong, according to a survey report from the Private Wealth Management Association (PWMA) and PwC.
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