Publications & Events |
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Latest Publications & Events |
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Results 1-5 of 5 (88KB) for +broking with 5 total matches
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New Short Position Reporting: Analysis of Hong Kong Proposals |
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The Hong Kong Securities and Futures Commission has unveiled new proposals to increase transparency in short positions. Other jurisdictions have introduced similar proposals but it is questionable whether Hong Kong needs to follow suit. In this article, we summarize the proposals and provide our insights on them.
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Stock Exchange of Hong Kong: Third Party Clearing At Last |
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With the introduction by the SEHK of third party clearing, brokers may delegate clearing and carrying broker functions to a third party. This development opens up the possibility for established clearing and carrying brokers and custodians to expand their scale of operations in the Hong Kong market and for brokers to focus on their core order execution franchise, leaving the clearing and, if desired, carrying functions to a third party.
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Challenging the SFC: What Every Compliance Officer Needs to Know |
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Licensed and registered persons generally prefer to work with the SFC rather than against the SFC. Nevertheless, circumstances may arise where the SFC adopts a hostile posture or takes a position that is commercially undesirable. While it is the rare licensed or registered person who is unafraid to challenge the SFC, the past 4 years have demonstrated that where the SFC acts unreasonably, in bad faith or otherwise improperly, a remedy may be available through the SFAT. In this article, we review strategies for challenging the SFC through the SFAT.
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SFAT Casts Doubt on Legality of Introduction Arrangements between Hong Kong Brokers and their Offshore Affiliates |
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A recent determination by the Securities and Futures Appeal Tribunal suggests that the introduction of trades from introducing brokers in Hong Kong to executing brokers based in London, New York or other financial centers may constitute active marketing by these offshore executing brokers, thereby subjecting these offshore executing brokers to licensing requirements. Prior to this determination, the industry generally believed that licensing requirements would not apply. In this article, we review the determination and explore its potential consequences on the industry in Hong Kong.
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Responding to SFC Enforcement Action: New Tactics? |
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A recent decision of the Hong Kong Court of Appeal has raised the issue of whether disciplinary proceedings against licensed and registered persons are civil or criminal in nature. While a subsequent decision of the SFAT has ruled that such proceedings are civil, the current state of the law remains unsettled with at least the possibility of a higher standard of proof available in certain instances. In this article, we examine these developments, and more importantly, what the repercussions could be for licensed and registered persons who find themselves in the crosshairs of the SFC.
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