August Newsletter

ComplianceAsia recently published its August Regulatory Newsletter for the Asian region. Here is the announcements and comments section:

The standout or notable major regulatory events during August were the publication of new anti money laundering guidelines by the MAS in Singapore, new QFII regulations in China and the appointment of new Executive Directors to the SFC in Hong Kong.

The new guidelines will bring Singapore’s regime into line from an international best practice standpoint.

Firms who already have a risk based approach to AML will not find the transition difficult once the new rules are formalized. Firms used to a more proscriptive approach will find that they need to carefully go over the new provisions and they may require updates to existing manuals, practices and training.

ComplianceAsia has done quite a bit of work in this area, let us know if you would like to discuss your own requirements.

Deacons produced a paper on the QFII changes and we refer to this in this update.

We have launched our own blog at http://complianceasia.blogspot.com/

We will be using the blog to comment on developing issues and highlight some regulatory events in a more informal way. Like all blogs the content is quite subjective and we welcome comments from readers.

In September we hosted two regulatory breakfast meetings. Firstly Adrian Pay from NL Technology spoke about Treating Customers Fairly. Let us know if you would like a copy of this presentation. Philippa Allen spoke in Hong Kong on current regulatory issues. We also have copies of this presentation. Let us know if you would like a copy.

Also in September we jointly hosted a regulatory roundtable with Caymans law firm, Ogier, representatives from CIMA, Ernst & Young and Fortis.

We will be hosting some more regulatory events before the end of the year and this is a good opportunity to boost up your CPT hours for those licensed in Hong Kong.

If you are in the financial industry and would like to subscribe to the newsletter please email newsletter@complianceasia.com