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| Asia

Asia Newsletter | August 2024

NEWSLETTER: While the recent, global IT outages are already feeling like a distant memory, the reminder of what can go wrong when operational risks emerge continues to linger. Our global…

| Asia

IA steps up AML scrutiny of insurance industry with HK$23 million penalty

The IA has imposed a HK$23 million pecuniary penalty on insurer AIA International for its lapses and deficiencies in anti-money laundering (AML) and counter-terrorist financing (CFT) oversight, highlighting the need…

| Asia

New LFMCs required to submit quarterly MAS returns for first time

Since the MAS repealed its RFMC regime on 1st August 2024, all successful applicants became Licenced Fund Management Companies overnight. Firms now face important changes to compliance obligations, including being…

| Asia

SFC enforcement on insider trading and ramp-and-dump cases

The SFC has been pushing enforcement efforts to uphold market integrity, with an increase in criminal prosecution for investigations at the District Court and the Court of First Instance. With…

| Asia

SFC reinforces Financial Resource Return expectations in HK

The SFC has issued a new circular emphasising the importance of robust financial resources management and adherence to the Securities and Futures Rules. This directive underscores the regulator’s expectations around…

| Asia

Asia Newsletter | June 2024

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,…

| Asia

VATP non-contravention period ends for unlicensed Hong Kong operators

According to the SFC’s conclusions on the proposed regulatory requirements for VATP operators, pre-existing operators that qualify benefitted from a “non-contravention” period, during which they could remain unlicensed as VATPs.…

| Asia

SFC and HKMA thematic review emphasises due diligence gaps

The recent joint thematic review shared by the SFC and HKMA sheds some light on key areas where intermediaries need to sharpen their focus regarding non-exchange traded products to meet…

| Asia

MAS expands scope of fair dealing guidelines

The MAS has recently updated its fair dealing guidelines and widened the application scope to “all products and services offered by financial institutions to their customers”. Following its consultation paper…

| Asia

Asia Newsletter | April 2024

NEWSLETTER: I was delighted to spend some quality time with clients, colleagues and partners across Singapore and Hong Kong this month. It had been a long gap since my last…

MAS finalises crypto segregation and custody regulations

With its response to the July 2023 consultation paper, the MAS has now finalised the key segregation and custody requirements for digital payment token services. The amendments are published in…

| Asia

MAS to repeal RFMC regime

The MAS has issued its response to the Consultation Paper on Repeal of Regulatory Regime for Registered Fund Management Companies. Announced on the 28th March, it comes as no surprise…
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