Hong Kong brokerage fined $4m over investment sales failures
The Asia arm of Okasan International has been fined $4m after failing to ensure investment products were suitable for clients.
SFC
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Zurich launches ‘radically changed’ HK savings plan
Zurich International Life has become the latest company to launch a new regular premium savings product in Hong Kong, following the introduction of the GN15 regulations on 1 January this year.
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New Capital unveils four UCITS funds for Hong Kong investors
London-based investment house New Capital has launched four Dublin-domiciled UCITS funds to be sold to investors in Hong Kong.
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Hong Kong plans to extend resolution powers to unregulated firms
Unregulated financial firms in Hong Kong will now be included in the city’s budding resolution regime, which will give the regulators greater powers to minimise the impact failed institutions have on the local economy.
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SFC licence jump linked to rise in private bankers in HK
Advisers suspect the influx of applications for intermediary licences in Hong Kong is due to an increase in private bankers and asset managers in the region.
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Industry to bounce back as HK settles to ILAS changes, says FPI
Demand for investment-linked assurance schemes in Hong Kong dived following January’s ban on indemnity commission, but FPI’s James Tan is confident the industry will move in a positive direction once all players are settled into the changes.
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SFC intermediary licence applications jump by 15%
The number of applications for intermediary licences in Hong Kong has risen by just over 15% in a year, the Securities and Futures Commission has said.
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Nomura Int’l fined after breaching Hong Kong regulations
Nomura International in Hong Kong has been fined after it failed to disclose that a trader had caused a $3.3m trading loss by making false entries in its risk management systems.
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Int’l investments propel HK fund management business to record high
Combined fund management business in Hong Kong increased by over 10% last year to reach a record high of $16.7bn, including a contribution of over $12.4bn from international investors.
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Hong Kong asset managers jump on mutual recognition of funds initiative
Hong Kong has received 14 applications for products wishing to take part in China’s mutual recognition of funds (MRF) scheme, a new initiative which has loosened the flow of cash between the two regions.
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Hong Kong tribunal backs SFC verdict to fine fund house
Hong Kong’s Securities & Futures Appeals Tribunal (SFAT) has backed a decision to fine and reprimand asset manager, Pride Fund Management, for refusing to resolve a financial dispute with a client.
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Complaints against SFC-licensed advisers double in a year
The number of complaints made against the conduct of intermediaries who are licensed by Hong Kong’s Securities and Futures Commission (SFC) has more than doubled in a year, the latest figures reveal.