Posted on

Hong Kong’s SFC Calls Broker Meeting on Handling Disruptive Events – BNN Bloomberg

Hong Kong’s SFC Calls Broker Meeting on Handling Disruptive Events - BNN Bloomberg

(Bloomberg) — Hong Kong top market watchdog called a meeting with brokers this week to discuss handling of “disruptive events” as the Asian financial hub faces its worst outbreak since the pandemic began.

Other items for the Thursday meeting include managing risks of business email leakage, brokerage insurance, and handling complaints, according to three people familiar with the agenda who asked not be named discussing internal matters. The email inviting to the meeting made no mention of a lockdown, the people said. 

A spokesperson for the SFC said the watchdog maintains regular dialog with the industry. The meeting was earlier reported by Sing Tao. 

Hong Kong Chief Executive Carrie Lam said on Tuesday that she had no plans for a citywide lockdown to rein in the current surge in infections. After successfully preventing any widespread outbreaks for roughly two years, Hong Kong is now grappling with its worst daily caseloads of the pandemic. The government has shut bars and late evening dining, embarked on mass testing at apartment blocks and closed schools. 

Banks and brokers already last month ramped up or extended efforts to protect their staff and business continuity in Hong Kong as the city’s fifth wave of infections emerged. Non-critical staff are working from home, while traders have been split into separate teams to avoid disruptions. 

In past circulars, the SFC has defined “disruptive events” as issues that could endanger business continuity, ranging from the breakdown of a single computer to cybersecurity incidents or pandemics, which can lead to a wide-scale problems.  

©2022 Bloomberg L.P.