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NEWSLETTER: It’s been wonderful to spend the last couple of weeks with colleagues and clients as we came together as Bovill Newgate. As our teams across Asia continue to celebrate, the regulators are pressing onward.
In Hong Kong, the recent SFC and HKMA thematic review on distribution of non-exchange traded investment products gives plenty of insight into the regulators’ mindset and focus, particularly around product due diligence, suitability, and client communications. Meanwhile, in the virtual assets space, the clock has now run down on the “non-contravention” period. As it stands, there are only two virtual asset trading platforms licensed by the SFC, testament to the high bar set in place.
Over in Singapore, the MAS has updated its fair dealing guidelines in the wake of last years’ consultation paper. Importantly, there’s no phasing in period, so we’ve been working closely with clients to perform a gap analysis, work through the detail and address any subsequent operational impacts of the widened scope to ‘all products and services offered to customers’.
Finally, in case you missed it, our recent webinar on business continuity management audits laid out what the MAS expects to see and how this can be an effective driver of change in the longer term. While the audit deadline has passed, there’s lot’s to glean from the session which you can pick up here.
Rebecca Thorpe, Global Head of Regulatory Consulting and Aron Brown, Global Head of Regulatory & Compliance
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