Hong Kong registers drop in applications for SFC licenses in Q2 2020

Maria Nikolova

The decline is 7% in quarterly terms and 40.6% in annual terms.

Hong Kong’s Securities and Futures Commission (SFC) today published its latest Quarterly Report which summarises key developments from April to June 2020.

The document reveals a decrease in the number of applications for SFC licenses. In the second quarter of 2020, the regulator received 1,043 licence applications including 54 corporate applications. This is down 7% from the preceding quarter and 40.6% from the second quarter of 2019.

The number of licensees and registrants totalled 46,824, of which 3,109 were licensed corporations.

The SFC conducted 74 on-site inspections of licensed corporations to review their compliance with regulatory requirements.

The regulator authorised 41 unit trusts and mutual funds, including 28 funds domiciled in Hong Kong, and 24 unlisted structured investment products for public offering.

In terms of oversight, the SFC vetted 82 new listing applications, including three from pre-profit biotech companies. The SFC issued section 179 directions to gather additional information in 18 cases and wrote to detail its concerns in one transaction as part of its review of corporate disclosures.

During the quarter to end-June 2020, eight licensed corporations and two individuals were disciplined, resulting in total fines of $67.5 million. In terms of enforcement, let’s note that the SFC obtained disqualification orders in the Court of First Instance against eight individuals for breaches of their duties as listed company directors.

The regulator made 2,366 requests for trading and account records triggered by untoward price and turnover movements.

Read this next

blockdag

Top Crypto Investment: BlockDAG Outpaces Bitcoin Price and Cardano ADA Upgrades, Securing $19.3M in Revolutionary Presale

After plummeting below the crucial $70,000 mark amidst geopolitical tensions, the Bitcoin price is signalling a recovery as it climbs past $63,000. Concurrently, Cardano ADA upgrades, particularly the much-anticipated Chang Hardfork.

Fundamental Analysis, Tech and Fundamental

Global FX Market Summary: Middle East, US economic data, Eurozone data April 22 ,2024

US Dollar strengthens as easing Middle East tensions and strong economic data boost investor confidence, while dovish central banks and weak data weigh on the Euro.

Digital Assets

Thailand moves to block crypto websites to combat online crime

Thai authorities announced that they will block access to unauthorized cryptocurrency platforms. The decision was made after a meeting of the Technology Crime Prevention and Suppression Committee.

Tech and Fundamental, Technical Analysis

GBPUSD Technical Analysis Report 22 April, 2024

GBPUSD currency pair can be expected to fall further toward the next support level 1.2200, previous strong support from November.

Fintech

TT now enables users to create synthetic multi-leg instruments

“TT Splicer combines the ease and flexibility of TT’s market-leading Autospreader with the power of our best-in-class execution algos to uniquely minimize slippage and optimize trade execution when trading synthetic multi-leg spreads.”

Fintech

Imandra launches FIX Wizard: AI assistant for FIX connectivity suite

“LLMs hold tremendous promise, but ultimately cannot be trusted in regulated environments. By combining their strengths with scalable, rigorous automated reasoning, we obtain a kind of magic: conversational interfaces with correct reasoning and domain-specific skills.”

Chainwire

Sui Overflow Hackathon Funding Pool Balloons to $1,000,000 as New Sponsors Join

Alibaba Cloud, AngelHack and dWallet are among the latest supporters for the global event.

Institutional FX

Liquidnet launches SuperBlock Matching for equities trading

“The creation of a protected space to trade the most challenging blocks is a direct response to a request from our Membership and is an extension of our existing block trading offering, to facilitate more complex and nuanced trades.”

Retail FX

Midas raises $45 million to expand brokerage beyond Turkey

Midas has raised $45 million in equity funding to expand and roll out three new products: cryptocurrency trading, mutual funds, and savings accounts.

<