Comments from our January Newsletter
Here is the Comments section of our January Asian regulatory newsletter:
January was a quiet month from a regulatory viewpoint in both Hong Kong and
In December in
As Hong Kong is still a great place to build and develop financial services, getting new entrants to the market quickly can only be good for the economy in general and the slow speed of application turn around in 2006 was by and large a drag on investment in
We believe that there will be a temptation to tighten the
MAS is sending warning letters to licensed individuals who fail to notify them of changes in personal details so internal education campaigns about the importance of these requirements should be commenced.
We believe that taxation on the activities of financial firms in both
2007 will be the year that many of the new changes in Japanese financial law come into effect. Coupled with the resurgence of the Japanese financial industry and the move towards greater integration of the Tokyo Stock Exchange with the NYSE, this year should be a challenging and exciting year for financial firms in
In news outside the Asia Pacific Region, the Guernsey Financial Services Commission (“GFSC”) with regard to closed end funds has introduced a new regime. The process of gaining consent has now been streamlined to 3 days and the closed end funds that have received such consent will be known as “registered” funds.
In order to streamline this process the GFSC has placed reliance on the administration of the fund, requiring some certifications from the promoter and administrator of the fund.
Lastly this newsletter goes out just prior to Chinese New Year. We wish all of our readers a prosperous and healthy year of the pig. For those of you in Hong Kong – Kung Hei Fat Choi, and if you are in
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