All Entries in the "Securities and Futures Commission (SFC)" Category
HK SFC Waives Licensing Fees for Two Years
The Securities and Futures Commission (SFC) has today announced that the payment of annual licensing fees will be waived for a two-year period, effective from 1 April 2012. This initiative will benefit about 40,000 intermediaries. The said the measure is designed to relieve the regulatory cost burden on the securities and futures industry. “Market conditions [...]
SFC Supports HKEx Move to Implement Risk Management Reform Measures For Its Clearing Houses
The Securities and Futures Commission (SFC) welcomes consultation conclusions (Note 1) announced by the Hong Kong Exchanges and Clearing Ltd (HKEx) March 11 to implement risk management reform measures for its clearing houses. The SFC is of the view that the reform measures will enhance the overall stability of the Hong Kong securities and futures [...]
HK SFC Sets up Centralised Unit on Risk Management Headed By Benedicte Nolens
The Securities and Futures Commission (SFC) today announced the establishment of a centralised unit overseeing risk management and strategy planning. The setting up of the Risk and Strategy Unit is in line with the SFC’s statutory objectives of reducing systemic risks and maintaining financial stability in the securities and futures markets. The Unit will be [...]
HK SFC Wins Appeal Against Tiger Asia
The Court of Appeal overturned the decision of the Court of First Instance to strike out the proceedings of the Securities and Futures Commission (SFC) against New York-based asset management company, Tiger Asia Management LLC (Tiger Asia) and three of its officers, Mr Bill Sung Kook Hwang, Mr Raymond Park and Mr William Tomita (collectively [...]
HK SFC Concludes Short Position Reporting Rules
The Securities and Futures Commission (SFC) published February 10 the conclusions to the Further Consultation on the Securities and Futures (Short Position Reporting) Rules (Rules) ended in November 2011 (Note 1). The proposed Rules attached to the conclusions will be submitted to the Legislative Council for consideration. Subject to the legislative process, the Rules will [...]
Futures Trader Tsoi Bun Convicted of Price Rigging After Retrial
The Eastern Magistracy today convicted a futures trader, Mr Tsoi Bun, after a retrial of five charges of manipulating the calculated opening prices (COP) of index futures contracts in the futures market following his acquittal two years ago. Tsoi was sentenced to six months imprisonment to be suspended for two years; fined $500,000 and ordered [...]
HK SFC Welcomes Announcement of RQFII Pilot Scheme
The Securities and Futures Commission (SFC) welcomes the pilot scheme jointly announced by the China Securities Regulatory Commission (CSRC), People’s Bank of China and State Administration of Foreign Exchange today to allow Hong Kong subsidiaries of qualified fund managers and securities companies to channel renminbi (RMB) raised in Hong Kong to have the opportunity to [...]
SFC: Margin Requirements May Change Along With Market Conditions
In the latest issue of InvestEd Intelligence, the Securities and Futures Commission (SFC) reminds those who borrow to trade securities and futures to stay on top of their margin requirements to maintain their margin positions, especially in times of high volatility. The SFC points out that margin requirements can be changed in response to fluctuating [...]
SFC Issues Variation Notice on MF Global Hong Kong Limited
The Securities and Futures Commission (SFC) has issued a Variation Notice on MF Global Hong Kong Limited (MFGHK) which removes the deadline in relation to the close out or transfer of clients’ outstanding positions in the HKFE Clearing Corporation Limited (HKCC). Upon the making of the Order on 2 November 2011 by Mr Justice Harris [...]
MF Global Hong Kong Granted Extension to Resolve Client Positions
The Securities and Futures Commission (SFC) has given its consent to extend the deadline permitting MF Global Hong Kong Limited (MFGHK) to close out or transfer its clients’ outstanding positions in the HKFE Clearing Corporation to 18 November 2011. The extension is granted to facilitate an orderly resolution of the remaining futures and options positions [...]
