On November 18, 2024, JPMorgan officially outsourced its Hong Kong custodian business to HSBC, as reported by Webb-site CCASS Analysis. This decision was confirmed in a source dated November 20, 2024. In related regulatory news, the Securities and Futures Commission (SFC) withdrew a restriction notice to a broker concerning a client's suspected insider dealing after obtaining a court order to freeze assets. Additionally, the SFC suspended Wang Shian-tang, a former employee of Yuanta Securities, for 26 months due to an unauthorized profit-sharing agreement with a discretionary client and an undisclosed investment account with another broker. In broader developments, a former senior official at China's securities regulator is under investigation, according to the anti-graft watchdog. Furthermore, Lou Wenlong, a former vice president of the Agricultural Bank of China, and Xu Ying, former deputy director of China's State Tobacco Monopoly Administration, have both been expelled from the Communist Party of China for serious violations of party discipline and laws.