Raising the stakes against tax evaders
Marcus Leese, partner of Ogier, talks to Hubbis about the seemingly irreversible global movement - and subsequent impact - in relation to efforts to fight tax evasion and secrecy with regulation, legislation and enforcement, at home and abroad.
Moving towards a tax-transparent world
William Ahern, principal of Family Capital Conservation, talks to Hubbis about the trends and implications of the global crackdown on tax evasion, and looks at what the moves towards transparency and information-sharing mean for offshore financial centres.
India's investment adviser regulations still need clarifications
Weeks after the release of the Investment Adviser Regulations by the Indian regulator, the wealth management industry still has queries about the scope of the regulations, as discussed at a roundtable organised by Financial Intermediaries Association of India (FIAI) and Hubbis.
What are Hong Kong's regulatory priorities?
Hong Kong’s Securities and Futures Commission (SFC) is focused on ensuring the quality – not quantity – of its rules and regulations, and in turn enhancing the market for all participants, according to Mark Steward, executive director of enforcement.
Creating an effective compliance culture in private banking
In today’s rapidly-evolving regulatory environment, simply being able to comply with the many local and cross-border regulations that private banks now face is a significant challenge. And achieving this while also maintaining an appropriate cost-income ratio is even tougher.
Regulatory review - January 2013
Below is a snapshot of some of the key local and international regulatory and compliance developments in January 2013 relevant to the Asian wealth management industry.
How to tackle Asia's multi-jurisdictional wealth challenge
International wealth management is under added regulatory pressure from the frequency and scope of reforms in various jurisdictions around the world. It is tougher than ever before to keep up with all the changes and new requirements.
The role of technology in easing the compliance burden
Technology solutions are in favour as the most viable way for wealth management firms to deal with the multitude of regulatory and compliance challenges they face.
Understanding the consequences of non-compliance
With the many – and frequent – new regulatory requirements and compliance obligations for Asian wealth management firms of all types and sizes, organisations must be very aware of the cost of non-compliance.
Dealing with the tax crackdown in Singapore
The far-reaching crackdown by the Monetary Authority of Singapore (MAS) on tax-related crimes is causing concern for many practitioners in the wealth management industry – especially as 1st July 2013 draws nearer.
Can the industry meet increased regulatory requirements?
Wealth management institutions across Asia face a plethora of challenges to be able to meet new regulatory requirements. Solutions range from on-boarding more practitioners, and training and monitoring existing, to revolutionising remuneration schemes and investing in new systems and technology.
Top compliance challenges for Asian wealth management in 2013
The biggest challenges for wealth management organisations in Asia relate to mis-selling and suitability, followed closely by tax criminality. Another issue they face is around technology, given that robust systems are needed to support and monitor bankers and other advisers. Yet there are significant cost implications, leading to changes in budget allocations.
Compliance obligations drive new approach to remuneration
In response to challenges in relation to meeting changing regulatory and compliance requirements in Asian wealth management, banks and other financial institutions are adapting the way they reward frontline staff.
Assessing the fairness of FAIR
Proposed new regulations for Singapore’s financial advisory community have provoked a mixed response, with industry experts claiming that – while reforms are necessary – regulators must beware of the impacts of some changes if implemented prematurely.
Implications of Singapore's FAIR recommendations
If the recommendations of Singapore’s financial advisory industry review (FAIR) panel –released in mid-January – are adopted, the results could be both positive and negative for the industry.
Weighing up Asian locations for independent asset managers
Despite the roles of both Hong Kong and Singapore as popular Asian wealth management hubs, they have significantly different types of appeal to independent asset management companies.
IAMs face ever-tougher compliance landscape in Singapore
With intensifying compliance and regulatory obligations, independent asset management companies in Singapore face greater challenges every day.
Risk profiling expert suggests due diligence questions
Paul Resnik is a co-founder of FinaMetrica which provides best practice psychometric risk tolerance testing tools and investment suitability methodologies to financial advisers in 20 countries. In response to the Indian Investment Adviser Regulations, he offers some suggestions on how to assess risk profiling tools.
Financial advisers get ready for a shake-up in Singapore
Lance Tay, chief executive officer of Tokio Marine Life Insurance, explains to Hubbis the expected changes to the insurance and financial advisory communities in Singapore as a result of the Financial Advisory Industry Review (FAIR).
Regulatory review - November 2012
Below is a snapshot of some of the key local and international regulatory and compliance developments in November 2012 relevant to the Asian wealth management industry.
The need for regulatory infrastructure in Indonesia
Sustainable growth of the wealth management industry in Indonesia requires a better-developed regulatory environment to support financial institutions in providing the best quality service to clients.
Regulator interview: Mark Steward, SFC
Mark Steward, executive director, enforcement division at Hong Kong’s Securities and Futures Commission (SFC), talks to Hubbis about his priorities for the year ahead, as well as the increasing collaboration between regulators across borders.
The strain for regulators in meeting global demands
Philippa Allen, chief executive officer and managing director of Compliance Asia, explains to Hubbis some of challenges and burdens regulators face as a result of international pressure, as well as the knock-on effect on the firms under their supervision.
Consolidating the compliance burden
The ever-increasing regulatory burden on compliance officers in Asian wealth management – a perennial topic of discussion – is having a significant impact on this role and function within organisations.
Indian wealth managers seek clarity on adviser regulations
The wealth management industry is still not clear on the implications of the draft Investment Adviser Regulations, and is considering seeking clarification from the Securities and Exchange Board of India (SEBI).
Prioritising the challenges for Asia's compliance officers
Philippa Allen, chief executive officer and managing director of Compliance Asia, talks to Hubbis about the many, increasing challenges for compliance practitioners as a result of having to deal with so many jurisdictions at different stages of development – and with varying approaches to regulating their financial markets and respective institutions.
Dealing with a tougher EAM regime in Singapore
Anthonia Hui of AL Wealth Partners explains the implications for the external asset management industry, and individual firms, of recent regulatory changes and new licensing requirements in Singapore.
Regulatory review - September 2012
Below is a snapshot of some of the key local and international regulatory and compliance developments in September 2012 relevant to the Asian wealth management industry.
Regulatory review - August 2012
Below is a snapshot of some of the key local and international regulatory and compliance developments in August 2012 relevant to the Asian wealth management industry.
FATCA - dealing with the reality of implementation
Mark Jansen of PwC explains what is required for financial institutions to be able to implement the necessary systems and process to ensure they are complying with FATCA.