Regulatory roundup, Sep 19
HKMA seeks RMB cap removal; BIS issues EM warning; London RQFII quota awarded; Shanghai FTZ head removed; HK to join OECD tax-data scheme; US allows hedge funds to advertise; and HKEx cuts tax on transactions.
Hong Kong: HKMA head seeks RMB conversion cap removal
Norman Chan, head of the Hong Kong Monetary Authority (HKMA), has reportedly asked Chinese authorities to remove the cap it applies to residents in the city converting Hong Kong dollars to renminbi.
Speaking on September 15 at Hong Kong’s Treasury Markets Summit, Chan quoted by media said: “The [People’s Bank of China] says it doesn’t see any problems with removing the quota."
Chan has asked for the measure to be implemented…
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