9 April, 2019
Many of our financial services sector clients have indicated their need to keep track of updates on new laws and regulations amid a rapidly changing regulatory landscape in Hong Kong. We are pleased to share with you our Hong Kong financial services regulatory tracker, which we will circulate to you periodically, should you wish to receive it. You can download here our latest tracker summarizing regulatory developments during the fourth quarter of 2018.
Here are a few major highlights:
- Fintech initiatives include consultation conclusions on requirements for offline sales of complex products, new regulatory approaches for virtual assets, and refined verification requirements for electronic wallets setting up direct debit authorisations.
- The Securities & Futures Commission continues to prioritise enforcement against money laundering, and licensed corporations are required to put in place policies, systems and controls to comply with revised AML/CFT Guidelines.
- Updates to the UT Code and the MoU on United Kingdom-Hong Kong Mutual Recognition of Funds aim to strengthen Hong Kong as an international asset management centre, and provide a foundation for further growth in the retail fund industry.
For further information, please contact:
Tim Fletcher, Partner, Hogan Lovells
tim.fletcher@hoganlovells.com
