Etelka Bogardi (HK)

Firm/Organization: Norton Rose Fulbright

Blogs: Financial services: Regulation tomorrow

Latest Articles

Consensus New York & Blockchain week – key takeaways

By Hannah Meakin (UK) & Etelka Bogardi (HK) on May 21, 2019

Partners from our global FinTech team flew in from Hong Kong, Vancouver, London and Dallas to join our New York team to attend Consensus and Blockchain week in NYC (13-15 May). Consensus is an annual global conference which brings together the world’s most innovative minds to explore and debate the future of blockchain and crypto. There were two topics which attracted considerable attention on which we have provided our key takeaways below. Central bank digital…

Financial services: Regulation tomorrow

Hong Kong: Insurance Authority to take over regulation of intermediaries from 23 September 2019

By Etelka Bogardi (HK) & Marina Sherer (HK) on May 20, 2019

With effect from 23 September 2019, the Hong Kong Insurance Authority (the IA), an independent statutory body, will take over regulation of insurance intermediaries from the three existing self-regulatory organisations (the Hong Kong Confederation of Insurance Brokers, the Professional Insurance Brokers Association, and Insurance Agents Registration Board) and administer a new statutory licensing regime. The new statutory licensing regime will capture a broader scope of regulated activities than under the existing regime. Those currently licensed…

Financial services: Regulation tomorrow

Global Regulatory Enforcement and Sanctions Trends for 2019

By Katie Stephen (UK), Sonya Zywko (UK), David Harris (UK), Christian Dargham (FR), Kevin Harnisch (US) & Etelka Bogardi (HK) on April 12, 2019

In this on-demand webinar, members of our Regulatory, Compliance and Investigations team in London, France, the US and Hong Kong give their thoughts on likely regulatory enforcement and sanctions trends for the rest of this year based on recent enforcement cases and forward looking statements from the regulators. Topics discussed include individual accountability, anti-money laundering and cybersecurity. To access the webinar, please click the below link and enter your details when requested. https://event.on24.com/wcc/r/1900629/CE0C95915E3A7CF20DB873DC36966D7B…

Financial services: Regulation tomorrow

Hong Kong: SFC releases consultation conclusions on proposed guidelines for securities margin financing activities

By Etelka Bogardi (HK) on April 12, 2019

On 4 April 2019, the Securities and Futures Commission (SFC) released the conclusions of its consultation on proposed guidelines for securities margin financing activities (the Guidelines). The existing conduct requirements for securities margin financing activities are mainly prescribed in the Code of Conduct for Persons Licensed by or Registered with the SFC and the Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the SFC. The current conduct requirements are high…

Financial services: Regulation tomorrow

Hong Kong: SFC issues reminder about security token offerings

By Etelka Bogardi (HK) on April 8, 2019

On 28 March 2019, the Securities and Futures Commission (SFC) published a statement reminding parties who engage in security token offerings (STOs) to be aware of the applicable legal and regulatory requirements. This statement is helpful given that STOs are a relatively new form of token issuance. STOs are specific offerings which are structured to have features of traditional security offerings, and involve security tokens which are digital representations of ownership of assets (e.g. gold…

Financial services: Regulation tomorrow

Hong Kong: BCBS issues statement on crypto-assets

By Etelka Bogardi (HK) on March 26, 2019

The Basel Committee on Banking Supervision (BCBS) have shone a light on the risks associated with crypto-assets in a statement issued on 13 March 2019, calling on banks who acquire exposures to crypto-assets to take appropriate and specific measures to mitigate such risks. The BCBS is the primary global standard setter for the prudential regulation of banks. Its mandate is to strengthen the regulation, supervision and practices of banks globally. The BCBS’ members consist of…

Financial services: Regulation tomorrow

Hong Kong: HKMA publishes Open API Framework

By Etelka Bogardi (HK) on August 17, 2018

The Hong Kong Monetary Authority (HKMA) has recently (18 July 2018) released its final Open API Framework. The formulation of the Open API Framework is one of the seven initiatives announced by the HKMA in September 2017 to facilitate the move into a new era of Smart Banking. The framework sets out a phased approach to implementation, it currently covers “read-only” data such as product and service information, with plans to roll out API…

Financial services: Regulation tomorrow

Norton Rose Fulbright Hong Kong contributes to pioneering ASIFMA report on Best Practices for Digital Asset Exchanges

By Etelka Bogardi (HK) & Emma de Ronde (HK) on June 20, 2018

‘Best Practices for Digital Asset Exchanges’ is a first-of its kind report released by ASIFMA, the region’s leading trade association for the financial industry. The report aims to guide digital exchanges towards international best practices and highlights key areas for consideration, including the listing processes, market abuse issues, regulatory considerations, cybersecurity and engagement with external stakeholders. We are delighted to have assisted ASIFMA with the preparation of this report. We trust that these recommendations are…

Financial services: Regulation tomorrow

Hong Kong: HKMA publishes a revised guideline on Virtual Banks

By Etelka Bogardi (HK) on June 4, 2018

Following a public consultation, the Hong Kong Monetary Authority (HKMA) published a revised Guideline on Authorization of Virtual Banks (the Guideline) on 30 May 2018. The Guideline supersedes the previous guideline issued in 2000 (and updated in 2012). Our blog entry dated 4 March 2018 which provides details of the public consultation can be found here. In general, the consultation did not result in major policy shifts, but it indicated areas where clarification and…

Financial services: Regulation tomorrow

SFC publishes consultation conclusion on disclosure requirements for discretionary accounts

By Etelka Bogardi (HK) on May 30, 2018

The Securities and Futures Commission (SFC) published its consultation conclusion on 23 May 2018 in relation to the proposed disclosure requirements for intermediaries providing discretionary account management services (Discretionary Account Managers). This consultation conclusion has been released in connection with the consultation on this topic issued by the SFC in November 20171. In view of the common practice resulting in some Discretionary Account Managers and/or their associates receiving benefits from product issuers and making trading…

Etelka Bogardi (HK)

Consensus New York & Blockchain week – key takeaways

Hong Kong: Insurance Authority to take over regulation of intermediaries from 23 September 2019

Global Regulatory Enforcement and Sanctions Trends for 2019

Hong Kong: SFC releases consultation conclusions on proposed guidelines for securities margin financing activities

Hong Kong: SFC issues reminder about security token offerings

Hong Kong: BCBS issues statement on crypto-assets

Hong Kong: HKMA publishes Open API Framework

Norton Rose Fulbright Hong Kong contributes to pioneering ASIFMA report on Best Practices for Digital Asset Exchanges

Hong Kong: HKMA publishes a revised guideline on Virtual Banks

SFC publishes consultation conclusion on disclosure requirements for discretionary accounts

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