The Australian Securities and Investments Commission has sentenced former financial adviser Alan Leslie Brown to three years’ imprisonment after he pleaded guilty to charges of obtaining money by deception, using a false instrument and dishonest conduct in relation to financial services.

Below is a snapshot of some of the key local and international regulatory and compliance developments in October 2011 relevant to the Asian wealth management industry.

To promote the development of Malaysia’s capital market in line with global standards, the Securities Commission has amended the Securities Commission Act 1993 and the Capital Markets and Services Act 2007, which came into force in early October.

The Forward Markets Commission of India has tightened its existing penalty structure for delays in uploading client details for trading commodity futures – as it has found that some members have executed trades on behalf of clients without uploading their Unique Client Code (UCC) details.

Taiwan’s Securities and Futures Bureau has clearly defined the range of foreign securities and derivatives that brokers can buy, releasing the rankings of the issuers or guarantors for foreign stock exchanges, government bonds and corporate bonds.

The People’s Bank of China has released a guideline regarding direct foreign investments in renminbi settlement business.

China has appointed new leaders for its banking, securities and insurance regulators.

China’s banking regulator has released a new rule to regulate commercial banks’ wealth management business, in relation to risk management and the sales process.

To further develop the local wealth management industry, the Monetary Authority of Singapore is urging private banks to raise competency, enhance market conduct and keep the financial sector clean.

The Singapore regulator plans to tighten its regime on anti-money laundering and counter financing of terrorism, to ensure that those people and organisations who jeopardise the financial centre’s hard-earned reputation for integrity face severe consequences.

Following a consultation on the Securities and Futures (Short Position Reporting) Rules in May, the Securities and Futures Commission has unveiled the conclusions and has issued a further consultation on the matter.

The Financial Stability Board has published a consultation paper seeking views on a set of options and proposals to introduce a new common data template for global systemically-important banks.

The Swiss Funds Association is supporting the primary objectives of the partial revision of the Swiss Federal Act on Collective Investment Schemes, as well as making additional proposals relating to taxation.

The Technical Committee of the International Organization of Securities Commissions has published a report containing recommendations to promote market integrity and efficiency.

The UK’s Financial Services Authority has fined Credit Suisse the equivalent of around US$9.5 million for systems and controls failings in relation to sales by its private bank of structured capital at risk products.

In its second progress report on implementing over the counter derivatives market reforms, the Financial Stability Board is calling on jurisdictions to aggressively push forward to meet the G20 end-2012 deadline in as many areas as possible.

The G20 finance ministers have agreed to work on issues relating to obtaining tax information, a move that can help countries get information about money stashed in tax havens.

HM Revenue & Customs is writing to over 6,000 more UK individuals, companies, trusts and other bodies holding HSBC accounts in Geneva who it suspects may not have reported all their income and gains to the authorities.

Nick Good of BlackRock discusses the key regulatory reforms needed in the ETF market to enhance disclosure and transparency in a bid to improve investor understanding and the overall market landscape.

Mark Jansen of PwC explains the need for private banks to enhance their systems, technology and business processes to respond to regulatory and operational challenges, as well as to drive their strategy.

Mark Jansen of PwC looks at the various and over-lapping operational challenges that private banks are increasingly facing in Asia, especially in relation to the front office, within a volatile and competitive market.

Below is a snapshot of some of the key local and international regulatory and compliance developments in September 2011 relevant to the Asian wealth management industry.

Australia’s securities regulator has permanently banned a former Citibank manager from providing financial services advice.

Bank Indonesia and the Finance Ministry are planning to issue new regulations requiring exporters to repatriate funds parked overseas, and also limiting offshore borrowing.

To retrieve undisclosed assets held in overseas tax havens, the Indian government is working out the details of a voluntary income disclosure scheme, according to local news reports.

Bank SinoPac has been fined NT$2 million (US$65,000) for providing to a subsidiary information about clients who have been registered as unwilling to be the target of co-marketing.

Taiwan’s Financial Supervisory Commission has warned investors of the risks involved in buying investment-oriented insurance products.

Taiwan’s Securities and Futures Bureau has announced plans to amend relevant guidelines to reduce the requirements for securities companies which want to enter the wealth management business.

The China Securities Regulatory Commission has released the results of its 2010 annual inspection of securities investment consulting institutions.