A competency wake-up call in Hong Kong
Mark Steward, executive director of the Enforcement Division at Hong Kong's Securities and Futures Commission (SFC), explains to Hubbis the rationale and objectives for the regulator's proposals for the professional investor regime and the client agreement requirements in the Code of Conduct for persons licensed by or registered with the SFC.
Hong Kong to enhance professional investor regime
Hong Kong's Securities and Futures Commission (SFC) has begun a three-month consultation on proposals concerning the professional investor regime and the client agreement requirements in the Code of Conduct.
New transparency initiative around ILAS products in Hong Kong
As of the end of June, banks in Hong Kong will be required to make use of a standardised Important Facts Statement (IFS) when selling investment-linked assurance scheme (ILAS) products.
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.
The growing role for a true advisory offering
Chris Van Aeken, chief executive officer of Bank Morgan Stanley AG, and head of products and services, international wealth management at Morgan Stanley, explains to Hubbis the increasing importance of a more focused and client-centric product and advisory offering, especially given uncertain and volatile markets.
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.
Securities regulators focus on distribution of complex products
The International Organization of Securities Commissions (IOSCO) has released its final report on Suitability Requirements with respect to the Distribution of Complex Financial Products, detailing new recommendations on the distribution of complex financial products to retail and non-retail customers.
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.
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.
Hong Kong watchdog reveals deficiencies in selling practices
The Hong Kong Securities and Futures Commission (SFC) has identified specific areas for improvement in the selling practices of licensed corporations.
Supporting the drive for efficiency and performance
Jean-Luc Freymond, chief executive officer of SAGE SA, talks to Hubbis about how wealth management organisations should look to enhance their systems to optimise portfolios and better-manage risk, and in turn enhance performance.
UK proposes ban on promoting UCIS to retail investors
The UK’s Financial Services Authority (FSA) has published proposals to ban the promotion of Unregulated Collective Investment Schemes (UCIS) and similar products to the vast majority of retail investors.
Building a more cohesive suitability culture
In January 2012, the Monetary Authority of Singapore’s (MAS’) recommendations on investment products and how they are sold came into force.
Developing a culture of compliance in Asian wealth management
Mounting regulatory requirements and the increasingly burdensome environment for wealth management firms in Asia are forcing the debate on the overall compliance culture in the industry.
Hong Kong regulator fines RBC HK$4 million
Hong Kong’s Securities and Futures Commission (SFC) has reprimanded and fined RBC Investment Management Asia HK$4 million (US$516,000) in relation to its provision of investment advice to clients on a number of non-SFC authorised funds between November 2006 and July 2008.
The evolving IFA landscape in Singapore
As Singapore undergoes its current Financial Advisory Industry Review (FAIR), advisers in the local community are fearful of the impact this might have on distribution costs – or even commissions altogether – as well as the potential changes to the current three-tiered agency structure.
SunGard reveals 10 trends shaping Asian private banking
Banks are now under greater pressure to build and maintain client trust, while developing more targeted strategies to establish deeper and sustainable clients’ relationships.
Improving the advisory capability in Asian wealth management
One of the biggest challenges for the Asian wealth management industry continues to be how it can encourage clients to think longer term, and in a more diversified way, as part of their portfolio strategies.
Singapore mystery shopping reveals poor advisory processes
The findings of the Monetary Authority of Singapore’s (MAS’) mystery shopping survey on the financial advisory processes of banks and insurers highlight significant room for improvement for the industry as a whole.
Europe sees new guidelines to enhance investor protection
The European Securities and Markets Authority (ESMA) has published two final sets of guidelines in line with the provisions under the Markets in Financial Instruments Directive (MiFID) relating to the suitability of investment advice and the compliance function.
Understanding New Zealand's life insurance market
Naomi Ballantyne of Partners Life explains the key features and characteristics of the life insurance market in New Zealand, including the regulatory environment and the distribution model.
HKMA clarifies guidelines on selling investment products
The Hong Kong Monetary Authority (HKMA) has provided further guidance and clarification on the regulatory requirements relating to sales of investment products.
Singapore reviews requirements for unlisted margined derivatives
The Monetary Authority of Singapore (MAS) has issued a consultation paper on proposed enhancements to the regulatory requirements for unlisted margined derivatives, which seeks to give better protection to retail investors.
Singapore modifies selling requirements on investment products
The Monetary Authority of Singapore has announced that it will refine the prescribed list of Excluded Investment Products
How to generate income for portfolios
Marc Lansonneur of Societe Generale Private Banking explains some of the products and strategies – as well as considerations – for investors to enhance yield and generate income for their portfolios.
Using technology to enhance the client experience
With clients increasingly expecting complementary services around their traditional banking relationships, such as online access and detailed, custom-tailored client reporting, private banks and wealth management firms in Asia must make sure that their client touch-points are aligned with these expectations.
Private banks grapple with front-office threats
Controlling client advisers is a greater source of debate and concern than ever before as private banks continue to struggle with the complex and uncertain regulatory and compliance landscape which is the new reality in Asian wealth management.
Understanding the appetite for alternatives
Rene Buehlmann, managing director and head of investment products and services in Hong Kong for UBS Wealth Management, talks to Hubbis about opportunities and trends in the alternatives space, including in relation to due diligence and fees, and about what is required to help get advisers more engaged in conversations with clients about relevant products.