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Streamlined sales process for investment products

Hogan Lovells
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Hong Kong
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May 11 2011

On 6 April 2011, the HKMA announced new measures to streamline AIs' sales process for plain vanilla investment products and to increase the flexibility of vulnerable customers in choosing whether they wish to enjoy certain additional safeguards during the sales process

SFC inspection reveals deficiencies in work of IPO sponsors

Hogan Lovells
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Hong Kong
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May 11 2011

At the end of March the Securities and Futures Commission ("SFC"), and at the end of April the Hong Kong Monetary Authority ("HKMA"), issued circulars to their respective licenseesregistrants reminding them to comply with regulatory requirements for sponsors

SFC proceeds with the regulation of credit rating agencies

Hogan Lovells
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Hong Kong
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May 11 2011

Starting 1 June 2011, the amendments to the Securities and Futures Ordinance ("SFO") to provide for the SFC to license and regulate credit rating agencies ("CRAs") and their rating analysts come into effect

Amendments to Code of Practice on Consumer Credit Data

Hogan Lovells
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Hong Kong
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May 11 2011

On 31 March 2011, the PCPD (i.e. Privacy Commissioner for Personal Data) announced 3 sets of major amendments to the Code (i.e. Code of Practice on Consumer Credit Data

Securities and Futures (Amendment) Bill 2011 and SFC revised draft Guidelines on Disclosure of Inside Information published

Hogan Lovells
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Hong Kong
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July 28 2011

On 22 June 2011, the SFC published its revised draft of the Guidelines on Disclosure of Inside Information ("Guidelines"), alongside the Government's issuance of the Legislative Council Brief on the Securities and Futures (Amendment) Bill 2011 ("Bill"

Mystery shopping exercise identifies areas for improvement in selling practices of securities sector

Hogan Lovells
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Hong Kong
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July 28 2011

From July to November 2010, the SFC and HKMA conducted a mystery shopping exercise on the sales practices of authorised institutions and licensed corporations in respect of unlisted securities and futures investment products and structured deposits

Enhanced regulatory requirements on selling of investment-linked assurance scheme ("ILAS") products

Hogan Lovells
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Hong Kong
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May 11 2011

On 14 March 2011, the HKMA issued a circular in relation to enhanced regulatory requirements for the sale of ILAS products by Authorised Institutions ("AIs"

Completion of the transition to the new regulatory regime for investment products and the introduction of the new regulatory regime for CRAs

Hogan Lovells
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Hong Kong
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July 28 2011

June 2011 saw the completion of a major restructuring to the SFC's regulatory regime for investment products and the commencement of the new regulatory regime for credit rating agencies ("CRAs"

SFC reprimands and fines Merrill Lynch and Sun Hung Kai investment services for failings in relation to sale of notes

Hogan Lovells
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Hong Kong
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July 28 2011

In the past two months the SFC has issued a public reprimand and fined both Merrill Lynch (Asia Pacific) Limited ("Merrill Lynch") and Sun Hung Kai Investment Services Ltd ("SHKIS") for internal control failings relating to the sale of investment products

SFC's enforcement action against Tiger Asia struck out and impacts Hontex proceedings

Hogan Lovells
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Hong Kong
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July 28 2011

On 14 July 2011, the Court of First Instance ("CFI") struck out the SFC's proceedings against New York-based asset management company, Tiger Asia Management LLC, and three of its officers (together "Tiger Asia") on alleged contravention of Hong Kong's insider dealing and market manipulation laws