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sfc Forewarns Retail FX Brokers To Stay Away From Doing Business In China
Hong Kong brokers may target Mainland customers unlawfully. The Securities and Futures Commission (sfc) has recently published a statement warning brokers in relation to conducting business in mainland China. The sfc pointed out that the Chinese State Administration of Foreign Exchange (SAFE) not long ago has prohibited a Mainland's China entities to get traders to deposit funds with brokers ...
Path: BlogHong Kong Type 9 (Asset Management) License
For individuals and corporations seeking to enter the securities and futures markets of Hong Kong, the Securities and Futures Commission (sfc) is the gatekeeper of standards, administrating the SFO (Securities & Futures Ordinance). SFO stipulates regulated activity and provides detailed definition for each of them, Type 9 license covers the provision of a service to manage a portfolio of securiti...
Path: LicensingUsage of artificial intelligence for financial institutions in Singapore
...nt. It will also extend to every step of AI usage and will be useful for companies with any of financial services specializations. What other countries have also decided to adopt rules of AI usage? The Hong Kong Securities and Futures Commission (sfc) is on its way of developing recommendations as well. In their opinion, customers and users of financial services operating AI should know how the...
Path: BlogCyber risks rules compliance. New rules in Hong Kong
Top Hong Kong trading companies informed their customers on upcoming changes of security and rules on **cyber risks**. These changes were released by the **Securities and Futures Commission (sfc)**. As of April 27th, 2018, **two-factor authentication will become obligatory for every company that provides trading services in Hong Kong**. Such brokers as Monex Boom, Z.com, Phillip Securities (H...
Path: BlogOTC derivatives regime to be updated in Hong Kong
**The Securities and Futures Commission (sfc) in collaboration with the Hong Kong Monetary Authority (HMA) have issued a joint consultation proposal in regards to regulations of over-the-counter (OTC) derivatives market in Hong Kong.** The consultation paper is purposed to strengthen the regulation of the OTC market. In particular, the paper consists of various recommendations related to sup...
Path: BlogHong Kong introduced new rules for Virtual Asset Fund Managers
**Hong Kong has introduced a new regulatory framework for managers controlling virtual asset portfolios.** New terms and conditions released by Hong Kong’s Securities and Futures Commission (sfc) have emerged in the light of increasing concerns about the risks associated with investing in crypto assets. Regulatory standards for virtual asset fund managers provide detailed guidance on risk manag...
Path: BlogHong Kong regulator raises investor compensation limits
...e. The Investor Compensation Regime is reviewed and complemented from time to time. The regulator conducts surveys of brokers to gather more relevant information, therefore, changes to the compensation regime are based on the survey data. The sfc admitted that over the past 10 years, Hong Kong markets have undergone significant changes which require alterations in Investor Compensation Regi...
Path: BlogHong Kong Securities and Futures Commission changing its previous "opt-in" approach
Hong Kong’s Securities and Futures Commission (sfc) will stipulate the regulations of all cryptocurrency trading companies operating in Hong Kong’s jurisdiction. The following activities is an extension of the crypto regulations introduced by the sfc in November last year. Hong Kong is considered as the base of many major cryptocurrency exchanges, but until November 2019, they were not reg...
Path: BlogLawyers’ Lobbying Efforts result in lifting Crypto-Ban in Vanuatu
One of the most popular offshore licensing jurisdictions faces changes. Dealing with Cryptocurrencies was banned by Vanuatu authorities for a long time. If the Vsfc license holder had a small reference to crypto on his website, regardless whether as a means for payment, a traded commodity or a CFD, Vsfc license could have been revoked and the USD 50,000.00 bond forfeited – never-minding the ...
Path: BlogHong Kong Type 3 (Leveraged Foreign Exchange Trading) License
...(obtaining personal licenses) Application for reservation of company name Incorporation of a Hong Kong company Opening a bank account Preparation/compiling of the application to Type 3 license Submission of the licensing application to the sfc (including the application for approval of the proposed responsible officers) In order to obtain license, Offshorelicense will fill all nece...
Path: Licensing