The regulator has listed mutual funds that meet new ESG disclosure requirements aimed at countering greenwashing.
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The regulator has listed mutual funds that meet new ESG disclosure requirements aimed at countering greenwashing.
Hong Kong’s regulator is responding to the demand for access to the plethora of offshore-listed ETFs.
UBS, Morgan Stanley and Standard Chartered, as well as Merrill Lynch, were hit with a total $100m in fines for lapses in due diligence related to Hong Kong stock market listings.
The difficulty lies in the distribution side collecting information on complex products from asset managers.
The regulator now has teams assigned to supervise asset management sub-sectors, such as traditional, alternative or real estate, according to Lim Cheng Khai, executive director at the Monetary Authority of Singapore (MAS).
Some distributors in Hong Kong may avoid ‘complex products’ because of the added risk of being non-compliant, according to Rolfe Hayden, a partner at law firm Simmons & Simmons.
HKMA and Mas have joined counterparts in Dubai, Australia, the US and the UK to collaborate on a global innovation network that includes a sandbox to trial cross-border fintech solutions.
Despite recent ‘sweeteners’ to the new asset and wealth management guidelines, the wealth management industry will likely consolidate as the new regs are adopted, according to Andrew Xia, chief research officer at NYSE-listed Chinese wealth manager Noah.
A report names and shames asset managers that use the most obscure language, long sentences and jargon on their websites.
Sino-foreign joint ventures stand to benefit in China’s tightening regulatory environment thanks to the relative transparency of their products and operations, said Rachel Wang, director of manager research for China at Morningstar.
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