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SEHK, HKFE and HKCC reminds participants of implementation of enhancements to position limit regime on 22 December 2023

The Stock Exchange of Hong Kong Limited (SEHK), Hong Kong Futures Exchange Limited (HKFE) and HKFE Clearing Corporation Limited (HKCC) have issued circulars to notify participants that the amendments to the relevant rules and procedures for the purpose of implementing the SFC's consultation conclusions of June 2023 on enhancements to the position limit regime (see our previous update) will come into effect on 22 December 2023:

HKMA Deputy Chief Executive discusses soon-to-be-launched green classification framework and cloud-based platform for physical risk assessment at Green and Sustainable Banking Conference

In his opening remarks at the Green and Sustainable Banking Conference on 11 December 2023, Mr Arthur Yuen (HKMA Deputy Chief Executive) stated that the purpose of the conference was to provide a platform for the banking sector and the technology sector to discuss solutions, acquire knowledge and speed up the adoption of technologies that support the transition to net-zero.

Mr Yuen also discussed the HKMA's role in the transition, including:

  • Acting as an enabler – Enabling change through strengthening the green finance ecosystem and supporting banks’ financing of the transition, such as the development of a green classification framework.  The HKMA released a discussion paper in May 2023 (see our previous update) and will issue the first version of the framework "very soon".  To make the taxonomy more complete and usable, the HKMA will continue to expand the coverage of sectors and activities within the framework, such as including transition activities.
  • Addressing pain points faced by the industry, such as the lack of data – The HKMA will shortly launch a cloud-based platform for physical risk assessment for banks to use.  It understands that banks have difficulties in collecting and using data related to physical risk assessment.  The platform will enable banks to assess the impact of physical hazards on real estate under different climate scenarios by simply inputting the address of a property in Hong Kong.  It will also contain downloadable datasets on Hong Kong’s climate.  The HKMA believes that it is one of the first banking supervisors in the world to provide this type of tool for the banking industry.  [11 Dec 2023]

Revised Code of Banking Practice implemented on 7 December 2023

The HKMA has welcomed the publication of the revised Code of Banking Practice, jointly issued by the Hong Kong Association of Banks (HKAB) and the DTC Association (DTCA) with its endorsement.

The revised code took effect on 7 December 2023.  Authorised institutions are expected to comply with the new provisions as soon as possible within 6 months of 7 December 2023, with an extension of up to 12 months for provisions requiring more extensive system enhancements, and up to 18 months for provisions involving complex system changes.

In recent years, the Hong Kong banking industry has been enhancing the quality of its products and services, including adopting technology and introducing innovative modes of service, with a view to improving customer experience as well as promoting good banking practices. The Code of Banking Practice Committee, comprising representatives of the HKAB, DTCA and the HKMA, has therefore formulated further enhancement measures following its revision of the code in 2021.

The enhancements to the code aim to (among other things):

  • Enhance consumer protection in digital banking services, including requiring banks to ensure customers have access to relevant important information, provide security advice to customers regarding new technologies used in banking services, and enhance customers' understanding of the relevant risks and protection measures;
  • Empower customers on financial management, such as requiring banks to provide customers with enriched information on the risk and potential repayment obligations of loan products, inform customers at least 60 days before making significant changes to the terms and conditions of loan products, and increase the credit limit of credit cards only after obtaining the customers’ agreement;
  • Ensure fair treatment of customers, including increasing transparency of bank account opening, maintenance and closure procedures, and providing more comprehensive protection and support to customers who have disputes on products and services; and
  • Introduce the recent updates of the G20/OECD High-Level Principles on Financial Consumer Protection to the general principles for banks to observe when providing products and services to customers.  [7 Dec 2023]

SFC warns public of suspected VA-related frauds

The SFC has warned the public of suspected virtual asset (VA)-related frauds involving entities operating under the names of 'Hong Kong Digital Research Institute' or 'HongKongDAO' and 'BitCuped'. The names have been placed on the SFC's Suspicious Virtual Asset Trading Platforms Alert List.

At the SFC’s request, the Hong Kong Police Force has taken steps to block access to the websites of HongKongDAO and BitCuped.  The SFC has also issued cease and desist letters to website operators requesting them to cease offering for purchase a token known as 'HKD' or 'HongKongDAO' (HKD Token) issued by HongKongDAO.

The SFC suspects that HongKongDAO and BitCuped may be disseminating false and misleading information about itself and its business through online channels:

  • An online article falsely claims (among other things) that HongKongDAO has applied for SFC licences to conduct regulated activities, and is bidding for the 'Hong Kong Digital Currency Exchange Licence'.
  • BitCuped falsely claims on its website that 'Laura Cha' (HKEX Chairman) and 'Nicolas Aguzin' (HKEX Executive Director and Chief Executive Officer) serve as its Chairman and Chief Executive Officer respectively.

In addition, HongKongDAO appears to operate at least two Telegram groups, one in Chinese with over 10,000 members and the other in English with over 1,700 members. In the Telegram groups, the increase in the purported 'market' price and future market value of the HKD Token appears to be touted to lure investors to purchase the HKD Token.

The SFC warns the public to be cautious about too-good-to-be-true investment opportunities and advice posted on social media platforms and via instant messaging apps.  It also reminds investors to stay vigilant and beware of fraud when making investment decisions.  [6 Dec 2023]

SFC reprimands and fines licensed corporation HK$5.2 million and suspends its RO for ten months over fund management and account opening failures

The SFC has reprimanded and fined Ruifeng Securities Limited (RSL) HK$5.2 million over failures and breaches relating to its fund management activities and account opening procedures, when it acted as an investment manager of a Cayman-incorporated fund between 1 July 2019 and 10 December 2020.  The SFC has also suspended the licence of Mr Fang Zhi for 10 months for failing to discharge his duties as a responsible officer (RO) in charge of RSL’s fund management activities.

The SFC found that as of May 2020, RSL had invested about 90% of the fund’s US$94.5 million net asset value into financial instruments linked to a Mainland property developer even after identifying various downside factors in its own analysis.  It had also failed to make adequate disclosure of material information about the fund.  In particular, RSL had (in breach of various provisions of the SFC’s main code of conduct and Fund Manager Code of Conduct) failed to:

  • establish sufficient risk management measures to ensure the fund was not exposed to excessive risks, and that its decisions to invest for the fund were reasonable and in the fund’s best interest;
  • adequately disclose information about the fund’s investment holdings which were necessary for its investors to make an informed judgement about their investments;
  • identify, prevent, manage and minimise the conflict of interest arising from its underwriting activities and disclose the conflict to the fund’s investors;
  • ensure accurate representations were made on behalf of the fund to a notes issuer in a subscription agreement; and
  • adopt acceptable account opening procedures for verifying the identities of clients who opened accounts on a non-face-to-face basis through RSL’s mobile application.

The SFC is of the view that RSL’s failures were attributable to Mr Fang’s failure to discharge his duties as an RO and a member of the senior management of RSL. [4 Dec 2023]

SFC issues circular regarding changes to list of persons designated as FSPs under OTC derivatives regime clearing and record keeping rules

The SFC has issued a circular to notify intermediaries that a revised list of persons designated as financial services providers (FSPs) for the purposes of the Securities and Futures (OTC Derivative Transactions—Clearing and Record Keeping Obligations and Designation of Central Counterparties) Rules (Clearing Rules) has been gazetted, and will become effective on 1 January 2024.

The SFC reminds intermediaries that if their average total position in over-the-counter (OTC) derivatives during a calculation period reaches the corresponding clearing threshold (USD 20 billion), relevant OTC derivative transactions that they enter into on and after the corresponding prescribed day (seven months after the end of the corresponding calculation period), including those with FSPs, must be centrally cleared in accordance with the Clearing Rules (see FAQs for further details).  [1 Dec 2023]

 HKEX launches consultation on securities and derivatives trading under severe weather conditions 

The HKEX has launched a consultation on the proposed operational model and related arrangements for Hong Kong's securities and derivatives markets to remain operational during severe weather conditions (also see podcast).  Feedback on the proposals is required to be submitted by 26 January 2024.

Under the existing arrangements, an issuance of Typhoon Signal No.8 or above, or a Black Rainstorm Warning by the Hong Kong Observatory, or an announcement of "extreme conditions" by the HKSAR Government, could lead to delayed market opening or suspension of trading, clearing and settlement services.  Since 2018, severe weather events have resulted in 11 instances of market-wide trading suspensions, four of which took place in 2023.

Under the proposals, severe weather conditions will no longer have automatic consequential impact on the continuity of trading.  The HKEX intends for its securities and derivatives markets (including Southbound and Northbound Stock Connect, derivatives holiday trading and afterhours trading) to be open and available to all local, regional and international investors during severe weather conditions.

During a severe weather event, the trading, post-trade and listing arrangements will be substantially the same as those during regular trading days, with some necessary adjustments needed to ensure the market’s operational resilience and the safety of market participants, since the provision of some services provided via physical outlets would be unavailable.  The HKEX intends to make appropriate announcements on its website and systems to alert participants and investors that market trading remains normal during severe weather events, with alternative arrangements in place for certain functions.

The Hong Kong Association of Banks and the Hong Kong Interbank Clearing Limited have confirmed that, during a severe weather event, relevant banking services (such as e-cheque clearance and electronic money transfer channels) will be available from the designated banks and settlement banks of relevant clearing houses of the HKEX, to fully support clearing participants' operations and money settlement requirements.  The HKEX's trading, clearing, settlement and market data systems will be accessible via remote networks.

The HKMA has issued a circular regarding the above consultation, and has asked authorised institutions to commence the necessary planning and preparation work, so as to shorten the lead time required for the introduction of severe weather trading.  [30 Nov & 1 Dec 2023]

SFC makes available materials for AML/CFT webinars held in November 2023 

The SFC has made available the materials for the webinars on anti-money laundering and counter-financing of terrorism (AML/CFT) held on 15 and 16 November 2023 (see previous update).  They can be found on the SFC's webpage here, under the headings of 'Training materials - Presented by SFC staff' and 'Training materials - Presented by external parties' respectively.

Licensed corporations, SFC-licensed virtual asset service providers and associated entities are encouraged to download the materials for reference and internal training as appropriate.  [30 Nov 2023]

 HKMA shares good practices and sets out expected standards regarding sale and distribution of green and sustainable investment products by registered institutions 

The HKMA has issued a circular to share with the industry the good practices observed in its recent thematic review on the sale and distribution of green and sustainable investment products, as well as set out the expected standards in respect of sale and distribution of green and sustainable investment products by registered institutions.  They are set out in Annexes I and II of the circular.

Registered institutions are requested to review and make any necessary enhancements to their policies and procedures with the aim of complying with the expected standards as soon as practicable, and in any case not later than 12 months from the date of the circular.

The thematic review was conducted on all registered institutions (including retail banks, private banks and corporate banks), and focused on the types of green and sustainable investment products offered, the relevant classification framework, the selling process as well as controls and monitoring conducted by the registered institutions.

In the review, the green and sustainable investment products offered include funds, bonds and structured products.  Some good practices have been identified in areas including product due diligence, customer sustainability preferences, disclosure, governance and controls, staff training, and bookbuilding activities.  In formulating the expected standards, the HKMA has made reference to international developments, with evolving standards and practices.  [29 Nov 2023]


MAS: Response on proposals to require FIs to conduct reference checks

The Monetary Authority of Singapore (MAS) has published its response to its consultation paper (CP) on proposals to require financial institutions (FIs) to conduct reference checks and respond to reference check requests on employees. The response confirms:

  • that MAS will proceed with the proposal to require FIs in the categories listed in Annex A to conduct and respond to reference checks;
  • that FIs should also seek references from out-of-scope employers as part of due diligence;
  • that MAS will require reference checks on senior managers (SMs) and material risk personnel (MRPs) performing relevant functions under s 6 of the FSMA;
  • on lookback period, MAS will proceed with the proposal for FIs to cover a lookback period of five years;
  • on minimum mandatory information, MAS will proceed with the proposed list of mandatory information with some exceptions;
  • that MAS has decided not to mandate the right to view references at this point in time;
  • that MAS will require FIs to keep records of adverse information on all employees for a minimum of five years; and
  • that MAS will proceed to impose the requirements via Notices and will consult on draft Notices in due course.  [12 Dec 2023]

MAS: New digital finance and capital markets initiatives with China

MAS has announced new digital finance and capital markets initiatives to expand its financial cooperation with China. The initiatives comprise of:

  • cross-border E-CNY pilot between China and Singapore;
  • launch of the Exchange Traded Funds (ETF) product link between the Singapore Exchange (SGX) and Shanghai Stock Exchange (SSE); and
  • signing of a memorandum of understanding (MoU) between SGX and Guangzhou Futures Exchange (GFEX).  [7 Dec 2023]

MAS consults on AML/CFT information sharing

MAS has published a consultation on proposed regulations that set out the scope of relevant parties whose information may be shared via COSMIC (Collaborative Sharing of Money Laundering/Terrorism Financing (ML/TF) Information & Cases). COSMIC will allow participating financial institutions (FIs) to share information with each other for AML/CFT purposes. Responses to the consultation are requested by 5 January 2024. [6 Dec 2023]

MAS launches multi-sector transition taxonomy

MAS has announced the launch of the Singapore-Asia Taxonomy for Sustainable Finance which sets out detailed thresholds and criteria for defining green and transition activities that contribute to climate change mitigation across eight focus sectors.

The Singapore-Asia Taxonomy builds upon extensive feedback received from the previous four rounds of public consultation. It will be reviewed periodically to keep pace with emerging science and technology improvements.  [3 Dec 2023]


Authorities announce facilitation measure for GBA Standard Contract for cross-boundary data transfer, with first phase of pilot involving banking, credit referencing and healthcare sectors

The Innovation, Technology and Industry Bureau (ITIB) and the Cyberspace Administration of China (CAC) have announced the facilitation measure on "Standard Contract for the Cross-boundary Flow of Personal Information Within the Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong)" (GBA Standard Contract) and its early and pilot implementation.

Such measure is to facilitate and streamline the arrangements on cross-boundary flow of personal information from the Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to Hong Kong.

Under the co-operation framework of the "Memorandum of Understanding on Facilitating Cross-boundary Data Flow Within the Guangdong-Hong Kong-Macao Greater Bay Area" signed between the ITIB and the CAC in June 2023, the GBA Standard Contract is the first facilitation measure formulated to foster the cross-boundary flow of personal information within the GBA in a safe and orderly manner.  It allows individuals and organisations in the Mainland cities within the GBA and Hong Kong to enter into a standard contract adopting a standardised template on a voluntary basis, providing for the responsibilities and obligations of both contracting parties in protecting personal information.

The Office of the Government Chief Information Officer (OGCIO) and the CAC of the Guangdong Province will jointly take forward the orderly implementation of the GBA Standard Contract.  The OGCIO will launch the "early and pilot implementation" arrangement in December 2023, in the first phase inviting participation from the banking, credit referencing and healthcare sectors, which have a strong demand for cross-boundary services.  [13 Dec 2023]

CSRC consults on draft rules to enhance regulation of public fund sales

The China Securities Regulatory Commission (CSRC) has launched a consultation on draft rules for enhancing regulation of public fund sales.  Feedback on the proposed rules is required to be submitted by 7 January 2023. The proposed rules seek to enhance the regulation of public fund sales, regulate the charging and allocation of commissions by fund managers, and protect the interests of investors, including:

  • Reducing the commission rates (such as setting upper limits for various types of public funds) and specifying the framework for setting industry rates;
  • Reducing the maximum ratio of commissions that fund managers can allocate to securities firms;
  • Enhancing the requirements on fund managers (including on the selection of securities firms and the matters to be agreed upon with securities firms), securities firms (including on research capabilities and fund sales), and fund custodians;
  • Enhancing information disclosure requirements relating to charging and allocation of commissions by fund managers. [8 Dec 2023]

CAC releases draft measures for cybersecurity incident reporting

The Cybersecurity Administration of China (CAC) has released a consultation draft of the Administrative Measures on the Reporting of Cybersecurity Incidents, together with the Guidelines on Grading of Cybersecurity Incidents and the Reporting Form of Cybersecurity Incident Information. The drafts are open for public comment until 7 January 2024. Once effective, they will provide much-needed clarity for practitioners and businesses in China on when and how to report a cybersecurity incident.

The draft guidelines divide cybersecurity incidents into four levels and provide detailed and quantitative criteria for determining each level. “Extremely Severe Cybersecurity Incidents”, “Severe Cybersecurity Incidents” and “Relatively Severe Cybersecurity Incidents” must be reported to the competent authorities within one hour of occurrence. The incident report must include certain specified information.

Within five business days of the incident being resolved, the operator must conduct a thorough analysis of the cause, emergency response measures, risks, liability and accountability, rectification measures and lessons learned. A report summarising the findings must be submitted through the original reporting channel.

For further details, please refer to our recent briefing.  [8 Dec 2023]

CSRC launches consultation on revised rules for private investment funds

The China Securities Regulatory Commission (CSRC) has launched a consultation on revised rules on management of private investment funds. The deadline for submission of comments and feedback is 8 January 2024.

Key proposed enhancements include:

  • Clarifying the scope of the rules;
  • Enhancing the requirements on the managers of private investment funds, including on the shareholders and persons in control of the managers;
  • Specifying the requirements on the custodians and service providers of private investment funds;
  • Categorising private investment funds based on product category and applying differentiated requirements;
  • Increasing the minimum investment for qualified investors in private equity and venture capital funds from CNY 1 million to CNY 3 million;
  • The minimum investment for special categories of funds (such as those that are not custodied, sold via agents, investing in real estate, or have a single investment target) is CNY 5 million, and the minimum investment for natural persons in funds that have a single investment target is CNY 10 million;
  • Strengthening supervision over the fundraising process and eligibility of qualified investors;
  • Clarifying operational requirements for investments, including measures to prevent conflict of interests;
  • Enhancing information disclosure and reporting requirements;
  • Implementing differentiated requirements for venture capital funds;
  • Clarifying the exit and liquidation procedures for private investment funds;
  • Strengthening the administrative supervision of private investment funds;

The proposed transitional period for the enhanced rules is one year, with some exceptions.  [8 Dec 2023]

SAC issues guidelines on operational risk management for securities firms

The Securities Association of China (SAC) has issued guidelines on operational risk management for the securities industry. The guidelines came into effect on 1 December 2023, and aim to improve operational risk management, mitigate operational risks, and strengthen the prevention and control of, and response to, operational risk events.

The guidelines cover the following key areas:

  • Responsibilities of the board, committees, departments and subsidiaries in respect of operational risk management;
  • Operational risk management framework, including risk identification and evaluation, risk control and mitigation, monitoring and reporting, specialised areas of risk management, system and data requirements, and reporting of major operational risk events. [1 Dec 2023]


CBRCT: CBDC use cases video

The Central Bank of the Republic of China Taiwan (CBRCT) has released a Central Bank Digital Currency (CBDC) Proof of Concept demo video. The video demonstrates use cases of CBDC in a controlled environment with a number of experimental scenarios, including setting up a CBDC wallet, and exchange between CBDC and deposit accounts. [14 Dec 2023]

FSC considering whether to establish new financial technology bureau to regulate crypto industry

The Financial Supervisory Commission (FSC) is considering whether to set up a Financial Technology Bureau to regulate the crypto sector, following the decision by the Executive Yuan earlier this year to designate the FSC as the crypto regulator. The FSC currently has four bureaus, namely the Financial Examination Bureau, the Insurance Bureau, the Securities and Futures Bureau and the Banking Bureau. According to the Central News Agency, the FSC has indicated that it will need to conduct a cost-benefit analysis to determine whether establishing a Financial Technology Bureau will add value.  [11 Dec 2023]

FSC amends regulations to streamline operating procedures for banks to provide financial products suitable for high-asset customers

The FSC has amended the Regulations Governing Banks Conducting Financial Products and Services for High-Asset Customers to streamline the operating procedures for banks to provide financial products suitable for high-asset customers and encourage major international banks to participate in the domestic wealth management market for high-asset customers. The consultation for such amendments has ended and the amendments will shortly be promulgated.

  • The FSC has added a provision in respect of certain Taiwan-equity linked derivatives denominated in foreign currencies – If the high-asset customers are overseas Chinese or foreigners, they shall be exempted from the requirement to complete registration procedures with Taiwan Stock Exchange Corporation.
  • The FSC has expanded the scope of entities eligible for the investment and talent recruitment clause – If the bank filing the application to the FSC for conducting the business or its head office, parent bank, or group is ranked among the top 50 banks globally in terms of capital or assets in the year prior to the application, the bank shall be exempted from the requirement to attain a certain level of assets under management. [7 Dec 2023]


Japan publishes policy plan to promote country as leading asset management centre

The Japan government has published its policy plan for promoting the country as a leading asset management centre, with the aim of reforming the asset management industry and asset ownership.

This follows the publication of a report of the Working Group on Capital Market Regulations and Asset Management Task Force of the Financial System Council, which presents the results of the discussions of four meetings held from October 2023 to November 2023 on the reform of asset management business.

The government has been taking various measures to enable more household savings to flow into productive investment, and the benefits of increased corporate value to be returned to households, increasing further private sector investment and consumption.

The policy plan furthers this goal by focusing on the following five areas:

  • Reforming the asset management sector, such as developing principles for product governance for asset management companies, resolving barriers to entry, and (by summer 2024) publishing a policy package for special zones;
  • Reforming asset ownership, such as developing asset owner principles by summer 2024;
  • Promoting financing for growth (such as promoting investment in start-up companies with growth potentials) and diversifying investment opportunities (such as alternative investments and sustainable investments);
  • Effective implementation of stewardship activities, such as following up with listed companies on the Tokyo Stock Exchange's request to take action to implement management that is conscious of cost of capital and stock price; and
  • Strengthening public relations and communications, such as launching an asset management forum in collaboration with domestic and overseas investment companies and investors.

The Cabinet Secretariat will conduct a review of the progress and implementation of the policy plan in June 2024.  [14 Dec 2023]

JPXI partners with generative AI company to disseminate information on Japanese market to investors

JPX Market Innovation & Research Inc. (JPXI) has announced that it has partnered with Bridgewise, a generative artificial intelligence (AI) company for global stock analysis, to disseminate information on the Japanese market.

With Bridgewise's AI technology, JPXI can deliver more information on Tokyo Stock Exchange listed companies to investors in Japan, and can help global investors find listed companies that are not covered by analysts (information can be disseminated in multiple languages including English).

Bridgewise uses its technology to analyse all stocks worldwide, and analyses the stocks' financial performance based on sources such as financial statements and securities reports. It also facilitates comparisons of stocks with peers and assists investors in conducting investment analysis.  [29 Nov 2023]


BNM and World Bank launch initiatives to support nature-positive outcomes

Bank Negara Malaysia (BNM) and the World Bank have announced the launch of two initiatives to enable the financial sector to support nature-positive outcomes. The initiatives seek to facilitate the integration of nature-related considerations into decision-making while supporting financial flows towards nature-based solutions.  [3 Dec 2023]             


RBI: Circular on processing of e-mandates for recurring transactions

RBI has announced that it is increasing the limits for relaxation of Additional Factor of Authentication (AFA) while processing e-mandates or standing instructions. The limits are increased from ₹15,000/- to ₹1,00,000/- per transaction for the following categories: (a) subscription to mutual funds; (b) payment of insurance premiums; and (c) credit card bill payments. The increase takes effect immediately. [12 Dec 2023]

RBI Statement on Developmental and Regulatory Policies

The Reserve Bank of India (RBI) has published its Statement setting out various developmental and regulatory policy measures relating to (i) Financial Markets; (ii) Regulations; and (iii) Payment Systems and Fintech. Topics covered in this edition include:

  • the review of the regulatory framework for hedging of foreign exchange risks;
  • the framework for connected lending;
  • the regulatory framework for web-aggregation of loan products;
  • enhancing unified payments interface (UPI) transaction limits for specified categories;
  • e-mandates for recurring online transactions;
  • establishment of a cloud facility for the financial sector in India; and
  • the set up of the Fintech repository.  [8 Dec 2023]

SEBI extends timeline for implementation of rules on redress of investor grievances through the SEBI Complaint Redressal (SCORES) platform

The Securities and Exchange Board of India (SEBI) has announced that it has extended the effective date of implementation of the provisions in an earlier circular relating to the processing of investor grievances that were set to come onto force on 20 December 2023. The provisions will now be in effect from 1 April 2024. [1 Dec 2023]


SECT issues additional guidance on cross-border offerings of ESG funds

The Securities and Exchange Commission, Thailand (SECT) has issued additional guidelines on cross-border offerings of ESG Funds under the Mutual Recognition of Funds between Hong Kong and Thailand Framework. It aims to provide guidance to Hong Kong Management Companies regarding cross-border offerings of ESG Funds under the Framework while supporting fair competition and the sustainable development of the capital markets in Hong Kong and Thailand and fostering economic relations between the two jurisdictions.  [6 Dec 2023]

SECT sets out criteria for establishment of Thailand ESG funds

SECT has announced that it has issued regulations for the establishment and management of Thailand ESG funds whose investment policy emphasises investments in domestic assets that demonstrate outstanding sustainable or environmental considerations. The regulations took effect on 1 December 2023.  [4 Dec 2023]


BSP expands access of unit investment trust funds to BSP securities

Bangko Sentral ng Pilipinas (BSP) has announced that trust entities may now access the primary market for BSP Securities. Following amendments to the regulations, trust entities can now participate in the auction for BSP Securities through their unit investment trust funds.  [1 Dec 2023]

Gareth Thomas photo

Gareth Thomas

Partner, Hong Kong

Gareth Thomas
Richard Norridge photo

Richard Norridge

Partner, Head of Private Wealth and Charities, London

Richard Norridge
Hannah Cassidy photo

Hannah Cassidy

Partner, Head of Financial Services Regulatory, Asia, Hong Kong

Hannah Cassidy

Key contacts

Gareth Thomas photo

Gareth Thomas

Partner, Hong Kong

Gareth Thomas
Richard Norridge photo

Richard Norridge

Partner, Head of Private Wealth and Charities, London

Richard Norridge
Hannah Cassidy photo

Hannah Cassidy

Partner, Head of Financial Services Regulatory, Asia, Hong Kong

Hannah Cassidy
Gareth Thomas Richard Norridge Hannah Cassidy