You will find here all our publications dedicated to the Financial Services industry.
Consultation conclusions on proposed amendments to the AML Guidelines of the Securities and Futures Commission (“SFC”)
In order to align with the Financial Action Task Force (“FATF”) standards as amplified by the FATF’s Guidance for a Risk-Based Approach for the Securities Sector (issued in Oct 2018) and to uplift the Anti-Money Laundering (“AML”) control environment to address the improvement points observed from the latest FATF Mutual Evaluation Report of Hong Kong (issued in Sep 2019), the Securities and Futures Commission (“SFC”) issued a consultation paper on 18 September 2020 for the proposed amendments to (1) the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations) (the “AML/CFT Guideline”) and (2) the Prevention of Money Laundering and Terrorist Financing Guideline issued by the SFC for Associated Entities (the “Guideline for AEs”), collectively the “SFC AML Guidelines”.
The launch of cross-boundary Wealth Management Connect (“WMC”) pilot scheme in the Greater Bay Area (“GBA”)
In its latest move to further open up the country’s financial market and turn the Greater Bay Area (“GBA”) into an economic powerhouse, the cross-boundary Wealth Management Connect (“WMC”) pilot scheme was officially launched and it is China’s first cross-border wealth management scheme focused on the GBA. Comprising 9 Mainland cities in Guangdong province and 2 special administrative regions of Hong Kong and Macau, the GBA is home to 20% of China’s ultra-high-net-worth and high net-worth households according to a market survey.
SFC consultation conclusions on the management and disclosure of climate–related risks by fund managers
Addressing climate change is at the top of regulators’ agenda globally. In achieving Hong Kong’s carbon neutrality target before 2050 and in complying with its strategy on the management of climate-related risks for the asset management sector, the Hong Kong Securities and Futures Commission (“SFC”) has recently taken a significant step towards addressing such in the industry.
Regulatory compliance services on conduct and governance of insurance companies, insurance agents and insurance brokers
In order to maintain a sustainable market development in the insurance industry and align with the international requirements to have an insurance regulator which is independent of the government & the industry, the Insurance Authority (“IA”) was established to strengthen the regulatory environment.
Regulatory compliance and risk management services for securities brokerage companies regulated by the SFC
This publication provides an overview of the key regulatory requirements of the Hong Kong Securities and Futures of Commission for companies in the securities industry (i.e. brokers / dealers / margin financiers). Mazars offers a wide range of financial advisory services to assist you in achieving compliance with rules and regulations relevant to you.
Regulatory compliance and risk management services for asset managers in Hong Kong
As one of the most vibrant financial services centres in the world, Hong Kong has experienced significant growth in its asset management industry in recent years. The demand for quality and cost-effective supporting services in risk management and regulatory compliance is expected to grow steadily into 2021 and beyond.
Preparation for regulators’ (HKMA / SFC / IA) on-site inspections and reviews
Mazars in Hong Kong issued the latest Financial services publication regarding the Preparation for regulators’ (HKMA / SFC / IA) on-site inspections and reviews.
Selling practices of authorized institutions in respect of investment and insurance products
On 30 September 2020, the Hong Kong Monetary Authority (“HKMA”) published a report on the findings of a mystery shopping programme (“MSP”) under which the selling practices in respect of investment and insurance products of 20 selected banks were covered. Based on the results of the MSP, apart from a few isolated samples, the banks were generally in compliance with the Know-Your-Customer (“KYC”) procedures, suitability assessment and implementation of additional safeguards for less sophisticated customers (including pre-investment cooling-off period) in respect of the sale of investment products.
Suitability obligations/investment product selling practices
Investor protection has always been a priority for regulators all over the world and the cornerstone for investor protection is how suitability obligations of financial institutions selling investment products are being discharged.
Revised HKMA requirements on recovery planning
All Authorized Institutions operating in Hong Kong are required to develop and maintain a recovery. Recovery plan refers to a range of possible actions an AI may feasibly take in a range of stressful situations without considering any form of public support except the eligibility to Hong Kong Monetary Authority liquidity facilities.