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NEWSLETTER: We’re in the final stretch before switching off for a well-earned Christmas break.
In Singapore, following the MAS guidance paper outlining AML expectations, the regulator has been showing some teeth in the form of inspections and fines. The team have picked through the recent enforcements, highlighting areas firms should be focusing on to meet MAS expectations.
In case you missed it, the MAS also updated its guidelines on conflicts of interest for fund managers. Alongside the expected emphasis on robust policies, transparent disclosures and documentation, Appendix 5 sets out some good examples and best practice you can adapt to your own firm.
Over in Hong Kong, we continue to hurtle towards the May 2025 effective date for the new guidelines on market soundings. Focused on preventing the misuse of confidential information during pre-deal discussions, we’re supporting affected clients to work through the core principles and requirements for ‘Disclosing, and Recipient Persons’.
Alongside this, the HKMA and SFC have announced enhancements to the over-the-counter (OTC) derivatives reporting regime. With measures including a mandated use of Unique Transaction Identifiers, and Unique Product Identifiers. With plenty of lessons learned globally from such rewrites, the team highlight how firms can prepare and have a smooth transition.
Finally, following our successful GRC writing competition with Risky Women, we’re delighted to feature some of the standout articles. ‘Making a difference: How GRC enables meaningful work’ and ‘Evolution of female leadership in risk management and compliance’ are both timely, thought-provoking reads as we look towards the future.
Wishing you a successful close to the year, a Merry Christmas and a Happy new Year.
Rebecca Thorpe, Global Head of Regulatory Consulting and Aron Brown, Global Head of Regulatory & Compliance
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