Singapore’s decision not to impose the same hefty fines on banks linked to 1MDB as other countries, but to instead name and punish individuals responsible, is a strong deterrent, said Ravi Menon, managing director of the city-state’s financial regulator.
Hong Kong’s Securities and Futures Commission is smoothing the way for more asset management licenses by relaxing some regulations.
Fok Chi Kin, a vice president at JPMorgan Funds (JPF) until April 2016, was temporarily banned from re-entering the industry for transferring proprietary information and client data to a new employer.
Swiss private bank Edmond de Rothschild has been fined nearly €9m ($10m) by Luxembourg’s financial regulator for its handling of funds reportedly linked to beleaguered sovereign wealth fund 1Malaysia Development Berhad.
All products that mainland Chinese can invest in will have to meet newly-introduced suitability requirements starting July 1.
The US Department of Justice (DOJ) is working to recover around $1.7bn in assets linked to an international conspiracy to launder funds misappropriated from Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB).
Standalone wealth managers are growing fast and actively expanding overseas, but also facing increasing scrutiny over previously loose regulations, according to a Chinese think tank.
Blackrock, E Fund, Haitong, JP Morgan and Legg Mason deauthorised mutual funds from selling in Hong Kong last month, data from Securities and Futures Commission shows.
The regulator has proposed eliminating both track record and AUM requirements for robo-advisers catering to retail investors.
Among the proposed rules are a requirement that an asset management firm inject at least RMB 10m ($1.5m) into mutual funds that levy a performance fee.
Part of the Mark Allen Group.
