Hong Kong regulator issues two more Stored Value Facility licences

Sourced from: https://financefeeds.com/hong-kong-regulator-issues-two-more-stored-value-facility-licences/

Deputy Chief Executive of the HKMA, Mr Howard Lee, stated, “The SVF market has been rising since the implementation of this SVF licensing regime in 2016. We expect the present in addition to the new licensees will continue to launch new solutions to encourage diversity, and also to bring merchants and consumers more convenience and choices. ”

There are 15 SVF licensees such as the two, and three licensed banks will also be working SVFs.

This means an undertaking that, when the facility is used as a Way of Earning payments for goods or services, the issuer, or someone procured by the issuer to take such payments, will take the obligations up to the Sum of the saved value that is available for use under the principles of this facility;
Under Hong Kong legislation, a centre is the SVF if:

  • (I) as a means of making payments for goods or services under a job (whether express or implied) given by the issuer.

The Hong Kong Monetary Authority (HKMA) today declares the granting of Stored Value Facility (SVF) licences into the following SVF exemptions under the Payment Systems and Stored Value Facilities Ordinance:
The post Hong Kong regulator issues two Stored Value Facility licences appeared first on FinanceFeeds.
(per year ) It Might Be used for storing the value of an amount of money that (I) is paid to the centre from time to time; and (ii) can be stored in the facility under the principles of the facilityand

(b ) ) It Might Be used for either or both of these purposes:

  • (ii) as a way of earning payments to another individual (other than obligations mentioned in sub-paragraph (I) above) under an undertaking (whether express or implied) given from the issuer.

That usually means an endeavor which, if the centre is employed as a way of earning payments to another person (recipient) (other than obligations mentioned in sub-paragraph (I) above), the issuer, or a person secured by the issuer to make such payments, will make the payments to the recipient up to the quantity of the saved value that is readily available for use under the principles of this facility.

FinanceFeeds –

Ping An OneConnect, Ant SME Services among companies to secure Hong Kong virtual banking licences

Sourced from: https://financefeeds.com/ping-an-oneconnect-ant-sme-services-among-companies-to-secure-hong-kong-virtual-banking-licences/

FinanceFeeds –
The licences are effective now. According to the banks’ firm programs, the four recently licenced entities intend to launch their services at around six to nine months.

Following the awarding of the banking licences that are aforementioned, licensed banks in Hong Kong’s number rises to 160.

The HKMA says it will carefully monitor the operations of digital monies as soon as they have commenced company, including clients ’ responses to the newest ways of delivery of financial solutions as well as the effect, if anyone of those digital banks around the banking industry generally. After the first digital bank has established its own service the regulator expects to have the ability to conduct a comprehensive evaluation of the situation about a year.
The Chief Executive of the HKMA, Mr Norman Chan, stated, “We’re pleased today to give four more virtual banking licences. The HKMA is working together with all the eight monetary licensees to prepare in accordance with their plans for the launching of the business operations. ”
The Hong Kong Monetary Authority (HKMA) has been issue virtual banking licenses. Before now, the agent announced it granted banking licences below the Banking Ordinance into Ant SME Services (Hong Kong) Limited, Infinium Limited, Insight Fintech HK Limited and Ping An OneConnect Company Limited for them to operate in the form of a virtual bank. 

Hong Kong’s SFC imposes HK$375m fine on UBS over sponsor failures

Sourced from: https://financefeeds.com/hong-kongs-sfc-imposes-hk375m-fine-ubs-sponsor-failures/

The article Hong Kong’s SFC imposes HK$375m fine on UBS over host failures appeared initially on FinanceFeeds.
Mr Ashley Alder, the SFC’s Chief Executive Officer, said:”The results of those enforcement actions for sponsor failures — especially failings when conducting IPO due diligence — indicate the vital significance that the SFC places about the elevated standards of patrons’ behavior to protect the investing public and take care of the integrity and standing of Hong Kong’s financial markets. The sanctions send a powerful and clear message to the marketplace that we won’t be afraid to hold errant sponsors accountable for their misconduct.”
The SFC’s investigations show that UBS has failed to create reasonable due diligence enquiries in relation to several core elements of China Forestry’s company. Inter alia, the lender is found to have failed to check the occurrence of China Forestry’s forestry funds and also to have failed to confirm China Forestry Group’s forestry rights. The lender didn’t verify correctly China Forestry’s compliance with applicable regulations and laws.

The SFC has also suspended the licence of Mr Cen Tian for a couple of years. Cen has also been licensed to carry on Type 6 (advising on corporate finance) regulated activity under the SFO as a representative of UBS Securities Hong Kong since 7 June 2012. The suspension of his license is for failing to discharge his supervisory duties as a sponsor principal responsible for oversight of the execution of China Forestry’s listing application.
(The SFC will not disclose the comprehensive findings that led to its disciplinary actions against UBS in relation to the Other Listing Program until the end of its disciplinary proceedings against these other celebrations ).

FinanceFeeds –

Regarding Tianhe’s record application, the SFC’s investigations have found the UBS, one of the joint patrons in Tianhe’s list program, had neglected to follow the specific recommendations on due diligence offenses in paragraph 17.6 of the Code of Conduct.
In deciding the penalties, the SFC considered that the deficiencies identified in regard to UBS are extensive. But, UBS agreed to engage an independent reviewer to assess its own policies, practices and procedures in relation to the conduct of its sponsor business.
The regulator also partly suspended UBS Securities Hong Kong’s permit to advise on corporate finance for one year, therefore that UBS Securities Hong Kong will not act as a sponsor for list application in the Stock Exchange of Hong Kong Limited (SEHK) of any securities.

Top 10 Largest Stock Exchanges In The World


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10. Deutsche Börse – .71 trillion
The powerful German economy and its firms are largely influenced by what goes on at the Frankfurt stock exchange.

9. Shenzhen Stock Exchange – .91 trillion
The rise of the Chinese economy has allowed the Shanghai-based exchange to penetrate the top ten.

8. TMX Group – .20 trillion
Trading the best Canada has to offer, the Toronto-based TMX Group operates the country’s most important stock exchanges.

7. Shanghai Stock Exchange – .86 trillion
The second Chinese stock market is also located in Shanghai, but is far larger than its counterpart.

6. Hong Kong Stock Exchange – .14 trillion
As one of the largest global trade centers, Hong Kong’s financial growth has been absolutely stunning and continues on the same trajectory.

5. London Stock Exchange Group – .39 trillion
Despite being one of the most important financial centers throughout history, the city is no longer as powerful as it once was.

4. Euronext – .50 trillion
Commanding the economies of the Netherlands, France, Belgium, and Portugal, this exchange not only has several members, but also several headquarters.

3. Japan Exchange Group – .48 trillion
Trading shares of some of the most advanced corporations in the world, the Tokyo-based stock exchange has grown to become one of the world’s biggest.

2. NASDAQ – .68 trillion
The second largest stock exchange in the world is the NASDAQ, located in New York and trading, among others, very lucrative technology stocks.

1. New York Stock Exchange – .77 trillion
By far the most important financial trading grounds in the world today, the New York Stock Exchange is home to some the biggest and most powerful corporations from the United States.

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