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- Preliminary Material
- Main Text
- Part I Finance in Hong Kong
- 1 Hong Kong’s Financial Markets: Evolution and Overview
- 2 Financial Regulatory Structure
- Preliminary Material
- A Regulatory Evolution
- B Foundations: Government and Legal System
- C Financial Regulatory System
- D Pre-global Financial Crisis Weaknesses
- E Post-crisis Evolution and Reforms
- F Conclusion
- Part II Regulation of Banking, Securities, and Insurance
- 3 Banking Regulation and the Hong Kong Monetary Authority
- Preliminary Material
- A Regulatory Framework
- B Banking and Related Business
- (1) Authorized institutions and the HKMA
- (2) Securities activities: The HKMA and SFC
- (3) Financial products and services
- (4) Customer disputes and advertising
- (5) Money brokers
- (6) Money changers
- C Licensing and Authorization
- 3.91
- 3.92
- (1) Banks
- (2) Securities activities of banks
- (3) Other intermediaries
- D On-going Requirements and Compliance
- 3.130
- (1) Transfers of authorization
- (2) Major acquisitions or investments by a bank
- (3) Capital requirements
- (4) Liquidity requirements
- (5) Banking Review Tribunal
- (6) Credit risk
- (7) Market and other risks
- (8) Securities activities: The HKMA and SFC
- (9) Governance and internal controls
- (10) Methods of on-going supervision
- (11) Consolidated supervision
- (12) Information and records requirements
- (13) Anti-money laundering
- E Insolvency and Resolution
- F Conclusion
- 4 Securities Regulation: The Securities and Futures Commission and Hong Kong Exchanges and Clearing Limited
- Preliminary Material
- A Regulatory Framework
- B Licensing and Registration
- 4.63
- 4.64
- 4.65
- 4.66
- 4.67
- 4.68
- 4.69
- 4.70
- 4.71
- 4.72
- 4.73
- 4.74
- 4.75
- 4.76
- (1) Licensing of corporations
- (2) Temporary licences
- (3) Fitness and properness: Corporations and AFIs
- (4) Associated entities
- (5) Licensing of representatives
- (6) Fit and proper guidelines for individuals
- (7) Securities market infrastructure providers
- C Regulated Activities
- 4.113
- 4.114
- 4.115
- 4.116
- (1) Type 1: Dealing in securities
- (2) Type 2: Dealing in futures
- (3) Type 3: Leveraged foreign exchange trading
- (4) Type 4: Advising on securities
- (5) Type 5: Advising on futures contracts
- (6) Type 6: Advising on corporate finance
- (7) Type 7: Providing automated trading services
- (8) Type 8: Securities margin financing
- (9) Type 9: Asset management
- (10) Type 10: Providing credit rating services
- (11) Type 11: Dealing or advising in OTC derivatives
- (12) Type 12: OTC derivative client clearing services
- (13) Securities activities of banks
- D On-going Requirements and Compliance
- E Conduct of Business
- 4.175
- (1) Code of Conduct
- The nine general principles
- General Principle 1—honesty and fairness
- General Principle 2—diligence
- General Principle 3—capabilities
- General Principle 4—information about clients
- General Principle 5—information for clients
- General Principle 6—conflicts of interest
- General Principle 7—compliance
- General Principle 8—client assets
- General Principle 9—responsibility of senior management
- (2) Internal Control Guidelines
- F Compensation, Insurance, Resolution, and Insolvency
- G Conclusion
- 5 Insurance Regulation, the Office of the Commissioner of Insurance, and the Insurance Authority
- Preliminary Material
- A Transitional Regulatory Framework
- B Insurance and Related Business
- C Authorization and the New Licensing Regime
- D On-going Requirements and Compliance
- E Insolvency and Resolution
- F The Global Perspective
- G Conclusion
- 3 Banking Regulation and the Hong Kong Monetary Authority
- Part III Regulation of Financial Products
- 6 Securities Offerings
- Preliminary Material
- A Introduction
- B Public and Other Types of Offers
- C Listing on the SEHK
- D IPO Listing Process
- 6.49
- 6.50
- 6.51
- (1) Preparatory steps
- (2) Eligibility for listing
- (3) Non-Hong Kong issuers
- (4) Application, approval, and filing
- (5) Growth Enterprise Market
- E Sponsors and Underwriters
- F The Prospectus and Related Liabilities
- 6.126
- 6.127
- 6.128
- (1) Listing document and prospectus
- (2) Contents
- (3) Document production: Due diligence and verification
- (4) Supplementary offering documents
- (5) Prospectus liability
- (6) Mechanisms of mitigating potential liability
- G Post-listing Considerations
- H Debt and Other Listed Securities
- I Conclusion
- 7 Asset Management and Investment Products
- Preliminary Material
- 7.01
- 7.02
- 7.03
- 7.04
- 7.05
- A Regulatory Framework
- B Asset Management
- (1) Definition of asset management
- (2) Licensing
- (3) Fund Manager Code of Conduct
- 7.46
- Applications and effects
- Fund management and dealing with clients—client relations
- Honesty and fairness
- Gifts and benefits (paragraph 2.2)
- Diligence
- Information about clients: client identity
- Information for clients
- Conflicts of interest
- Compliance
- Employee dealings
- Treatment of complaints
- Client assets (section 4)
- Responsibilities of senior management
- C Authorized Investment Products
- (1) General considerations
- (2) Collective investment schemes
- (3) Cross-border offerings
- (4) Specialized listed collective investment schemes: ETFs and REITs
- (5) Structured products
- D Retirement Schemes and MPF Regulation
- E Insurance Products
- F Hong Kong and Global Asset Management
- G Conclusion
- 8 Financial Derivatives
- Preliminary Material
- 8.01
- 8.02
- 8.03
- A Sources and Uses
- B Exchange Traded Derivatives in Hong Kong
- 8.70
- 8.71
- (1) HKEx activity and principal contracts
- Covered (derivative) warrants
- Other option products (equity warrants, equity-linked instruments, listed options)
- Stock index products
- Hang Seng Index futures and options
- H-share Index futures and options
- Mini-Hang Seng Index futures and options
- Mini H-shares Index futures (only)
- Interest rate, fixed income, and commodity futures contracts
- (2) Margin requirements
- (3) Risk management controls
- (4) Regulatory framework
- (5) Investor protection
- C OTC Derivatives and Hong Kong Regulatory Oversight
- D Regulatory Framework
- 9 Takeovers and Mergers
- Preliminary Material
- 9.01
- 9.02
- 9.03
- A The Code on Takeovers and Mergers
- B Takeover Structures
- 9.20
- 9.21
- 9.22
- (1) Offers
- 9.23
- 9.24
- 9.25
- 9.26
- What level of control is it seeking to obtain?
- What are the prospects of success via each of these two routes?
- Is it a friendly or hostile takeover situation?
- Flexibility
- Cost
- Acquisition followed by mandatory offer
- Privatizing and withdrawal of listing
- Minority shareholders
- Withdrawal of listing
- (2) Reverse takeovers
- C Offers
- D Announcements
- E Considerations Applying to Other Parties
- F Dealing during an Offer Period
- G Conclusion
- 6 Securities Offerings
- Part IV Financial Market Conduct and Misconduct
- 10 Corporate Governance
- Preliminary Material
- 10.01
- 10.02
- 10.03
- 10.04
- 10.05
- 10.06
- 10.07
- 10.08
- 10.09
- 10.10
- 10.11
- A Development of Corporate Governance in Hong Kong
- B The Topic of Corporate Governance
- C The Corporate Governance Framework in Hong Kong
- D Directors and the Board
- 10.65
- (1) Ambit of ‘director’
- (2) Common law and equity
- (3) Statutory framework
- (4) Regulatory rules
- E Shareholder Rights
- F Disclosure and Transparency
- G Notifiable and Connected Transactions
- H Conclusion
- 11 Market Integrity
- Preliminary Material
- A Market Integrity and Abuse
- B Disclosure Obligations of Listed Companies
- C Disclosure Obligations of Shareholders
- D Market Misconduct Regulation
- E Insider Dealing
- F Market Manipulation
- G Information-based Forms of Market Misconduct
- H Fraud and Deception
- I Money Laundering
- J Conclusion
- 10 Corporate Governance
- Part V The International Dimension
- 12 The China Nexus
- Preliminary Material
- 12.01
- 12.02
- 12.03
- 12.04
- A The Modern Evolution of China’s Financial Sector
- B Financial Markets and their Regulation in Mainland China
- C Banking
- D Securities
- 12.63
- (1) Development of mainland securities markets
- (2) Structure of the mainland securities legal system
- 12.83
- Share classification system in the Chinese securities market
- Overview
- National laws
- Administrative regulations
- 12.104
- Provisional regulations for the administration of the Issuance and Trading of Stock (ITS)
- Special regulations concerning offering and listing of shares overseas by companies limited by shares (Overseas Offering and Listing Regulations)
- Regulations concerning the domestic listed foreign shares of joint stock limited companies (Domestic Listed Foreign Shares Regulations)
- Provisional Regulations Concerning the Trading of Futures
- Departmental rules
- (3) Mergers, acquisitions, and takeovers
- (4) Stock Connect
- E Insurance
- F Opportunities in China Financial Services Business
- G Conclusion
- 13 Hong Kong’s Future as a Leading International Financial Centre
- 12 The China Nexus
- Part I Finance in Hong Kong
- Further Material
- [18.205.26.39]
- 18.205.26.39
