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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.  

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IOC Says No Ceremony If Russian Skater Valieva Medals in Event – BNN Bloomberg

IOC Says No Ceremony If Russian Skater Valieva Medals in Event - BNN Bloomberg

(Bloomberg) — The International Olympic Committee pushed back against a ruling that allowed Russian Olympic Committee figure skater Kamila Valieva to continue to compete at the Beijing Winter Olympics despite failing a drug test, saying it would not hold a medal ceremony for the women’s individual event if she finishes on the podium.

The Court of Arbitration for Sport on Monday declined to impose a temporary suspension on Valieva partly due to her status as a minor, after it came to light on Feb. 8 that the 15-year-old had tested positive for a banned heart drug from a sample taken before the Olympics. The Russian anti-doping agency had temporarily suspended Valieva after learning she had tested positive for trimetazidine, which can boost endurance, then reinstated her on Feb. 9. 

READ: Russian Olympic Skater in Doping Case Cleared to Compete

The IOC, the International Skate Union and the World Anti-Doping Agency had all appealed to have Valieva’s suspension reinstated. The parties acknowledged the court’s decision to allow Valieva to keep competing, but the IOC and WADA voiced their disappointment toward the CAS judgment. WADA added it would further investigate Valieva’s support staff. 

Valieva is viewed as a top contender for gold in the women’s individual event, which begins Tuesday. She was also part of the ROC team that won gold at last week’s team event, though the medal ceremony has yet to take place due to the investigation. The IOC said that in the interest of fairness, it would only allow medal ceremonies for both the team and the women’s individual event to take place after further investigation into Valieva.

“The management of the case after this positive A-sample has not yet been concluded. Only after due process has been followed can it be established whether Ms Valieva infringed the World Anti-Doping Code and would have to be sanctioned,” the IOC said in a statement.

 

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