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Grace Fung

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Grace Fung is a Special Counsel in Baker McKenzie's Hong Kong Office.

The Securities and Futures Commission recently released its Consultation Conclusions on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners. Changes to the existing Guidelines on Competence and Guidelines on Continuous Professional Training will take effect in January 2022. These changes impact the competence and ongoing training requirements for new and existing Responsible Officers and Licensed Representatives of Licensed Corporations, as well as Executive Officers and Relevant Individuals of Registered Institutions.

Regulators around the world are seeking to strengthen governance frameworks to deter and prevent the perpetuation of employee misconduct and to stem the “rolling of bad apples.”

In this webinar recording, Eunice Tan and Grace Fung from our financial services regulatory team, and Zhao Yang Ng and Sonia Wong from our employment and compensation team discuss and analyze regulatory developments proposed by the Monetary Authority of Singapore and the Hong Kong Monetary Authority in meeting these objectives.

“Ramp and dump” or “pump and dump” schemes continue to attract significant press coverage and are an enforcement priority for the Securities and Futures Commission (SFC) in Hong Kong. These schemes do not only have penalties for the fraudsters, but could also have significant implications for SFC-licensed corporations (LCs) who are the gatekeepers for the financial system. Recent statements by the SFC and The Stock Exchange of Hong Kong Limited (SEHK) suggest that the impact of these schemes is not limited to secondary trading and may extend to initial public offerings (IPOs).

Hong Kong continues to have an active and growing money-lending market. Since 2016, the Hong Kong Government has adopted a four-pronged approach to enhancing the compliance standards of non-bank money lenders. The Hong Kong Companies Registry (CR), which currently performs the role of Registrar of Money Lenders (“Registrar”) pursuant to the Money Lenders Ordinance (MLO),1 recently released a new Guideline on Fit and Proper Criteria for Licensing of Money Lenders2 (“Fit and Proper Guideline”) and a Guideline on Submission of Business Plan by Applicant of a Money Lenders Licence3 (“Business Plan Guideline”). The new guidelines (“Guidelines”) will be effective from 1 April 2021. In this publication, we provide an overview of the money lenders regime in Hong Kong and the implications of the new Guidelines on new and existing market participants. 

Hong Kong continues to have an active and growing money-lending market. Since 2016, the Hong Kong Government has adopted a four-pronged approach to enhancing the compliance standards of non-bank money lenders. The Hong Kong Companies Registry (CR), which currently performs the role of Registrar of Money Lenders (“Registrar”) pursuant to the Money Lenders Ordinance (MLO),1 recently released a new Guideline on Fit and Proper Criteria for Licensing of Money Lenders2 (“Fit and Proper Guideline”) and a Guideline on Submission of Business Plan by Applicant of a Money Lenders Licence3 (“Business Plan Guideline”). The new guidelines (“Guidelines”) will be effective from 1 April 2021. In this publication, we provide an overview of the money lenders regime in Hong Kong and the implications of the new Guidelines on new and existing market participants. 

The Hong Kong Securities and Futures Commission (SFC) recently released additional guidance on external electronic data storage in the form of frequently asked questions (FAQs)1, which elaborate on the requirements for using external electronic data storage providers (EDSPs) under the SFC’s 31 October 2019 circular (“EDSP Circular”)2. The FAQs provide further guidance on the following key aspects: (i) key personnel requirements for the purpose of the EDSP Circular; (ii) the application of the EDSP Circular where electronic regulatory records are kept with affiliates; and (iii) the use of undertakings by designated Manager(s)-in-Charge (MIC(s)) / Responsible Officer (RO) (“MIC/RO Undertaking”) as acceptable alternatives to the undertakings provided by the EDSPs (“EDSP Undertaking”). We discuss the implications in these areas further below. The SFC has also made consequential changes to its Frequently Asked Questions on premises for business and record keeping3.

In this recording of our introductory workshop, Baker McKenzie FinTech Legal Accelerator: Cracking the Legal Code, held as part of the Hong Kong FinTech Week 2020, our lawyers across Asia Pacific give an overview of key fintech issues that start-ups or scale-ups need to know as they grow and expand…

In brief On 3 November 2020, the Financial Services and the Treasury Bureau (“FSTB”) of the Government of the Hong Kong Special Administrative Region launched a consultation1 (“Consultation”) on proposals to enhance anti-money laundering and counter-terrorist financing (“AML/CTF”) regulation in Hong Kong under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO”).…