You will find here all our publications dedicated to the Financial Services industry.
Operational resilience regulatory framework for financial services providers regulated by the HKMA and the SFC
Operational and security incidents in the financial services industry are on the rise globally. This is why becoming operationally resilient and to understand the existing vulnerabilities and mitigate the corresponding risks and impacts are more vital than ever.
Regulatory review /mock inspection for securities dealers and asset managers licenced by the SFC
Given the complexity of the regulatory requirements for the financial services industry increases over time, the need for asset management and securities brokerage companies to face the scrutiny of inspections from regulators also increases. Failing to comply with the latest regulatory requirements will not only result in greater reputational and business risks, but it will also result in public reprimands and fines.
Update on latest regulatory requirements for insurance products and insurance-linked securities
To enhance customer protection in the Hong Kong financial industry, the Hong Kong Monetary Authority (“HKMA”), the Securities and Futures Commission (“SFC”) and the Insurance Authority (“IA”) (collectively the “Regulators”) have recently conducted a series of reviews and inspections over the industry’s selling practices of various insurance products and insurance-linked securities and highlighted areas of concerns and their respective regulatory requirements and expectations.
Regulatory standards and measures on operational resilience and remote working arrangements of the SFC
As a hybrid mode of working is likely to be the new normal in the financial industry even after the pandemic is under control, licensed corporations and registered institutions (collectively “intermediaries”) should be more vigilant to operational resilience and the risks associated with remote working to better sustain their businesses.
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.