Only a small number of large foreign asset managers are expected to apply for approval to hold a controlling stake in a Chinese asset management joint venture, according to Sean Hung, senior analyst at Moody’s Investors Service.
Category: Regulation
Credit Suisse to pay $47m to end Asia hiring probe
Credit Suisse has agreed to pay a penalty of $47m to the US Department of Justice (DOJ) to end an investigation into whether it hired employees in Asia in return for investment banking business and regulatory green lights.
HK moves on discretionary disclosure
New disclosure rules issued by the Securities and Futures Commission for discretionary accounts are seen as a positive move toward increasing transparency for investors, according to industry sources.
SFC fines Noah HK$5m over client risk control
Wealth manager Noah Holdings was fined by Hong Kong’s regulator for failure to comply with several requirements, including KYC and due diligence matters.
MAS bans six in misconduct sweep
Banned from providing financial advice services in Singapore are former Citibank, Prudential and AIA employees after they were found to have mis-sold investment products.
Taiwan relaxes robo-advisory rules
Taiwan’s regulator plans to relax rules from July this year in order to attract more offshore robo-advisory services.
Regulators hike Stock Connect trading quota 4x
To prepare for China’s MSCI indices inclusion, regulators in Hong Kong and China have announced a four-fold increase in daily trading quotas for the cross-border Stock Connect programmes.
Stanchart Singapore fined $5m for AML breaches
The Monetary Authority of Singapore (Mas) sends a message of zero tolerance towards money laundering as it penalises two Standard Chartered entities for suspicious transfers from Guernsey, according to industry sources.
Hong Kong’s SFC goes after big guns
In separate moves, Hong Kong’s Securities and Futures Commission this month has gone after UBS, Deutsche Bank and CLSA for regulatory breaches.
Mifid II brings dilemma to Asian firms
Europe’s Mifid II requires Asian fund managers to decide whether to treat European clients differently from others in terms of transparency, investor protection and cost of research.
