http://www.complianceasia.com Financial Industry Compliance in Asia Pacific Thu, 23 May 2013 03:01:03 GMT ListGarden Program 1.3.1 http://blogs.law.harvard.edu/tech/rss http://www.complianceasia.com/210436/global-fund-distribution-asia-2015-speaker-update Philippa Allen, CEO of ComplianceAsia is speaking at the 2015 Global Fund Distribution Asia conference in Hong Kong. The organisers are offering a special 20% speaker discount on the registration fee to all our clients. Additionally, if your book by Friday 25th September they will receive an early registration discount of up to £200. Fri, 4 September 2015 http://www.complianceasia.com/207243/complianceasia-and-chartered-alternative-investment-analyst-caia-association-announce-new-educational-partnership ComplianceAsia and Chartered Alternative Investment Analyst (CAIA) Association Announce New Educational Partnership Wed, 2 September 2015 http://www.complianceasia.com/?p=159676 CLIENT INFORMATION: CONSULTATION ON REGULATORY FRAMEWORK FOR DEALING IN OTC DERIVATIVE CONTRACTS, EXECUTION-RELATED ADVICE AND MARKETING OF COLLECTIVE INVESTMENT SCHEMES Fri, 19 June 2015 07:15:00 GMT http://www.complianceasia.com/?p=152517 ComplianceAsia is pleased to announce that as part of its growing private equity and venture capital practice and to better serve our clients in that area, we have joined the Hong Kong Venture Capital and Private Equity Association and the Singapore Venture Capital Association. Mon, 8 June 2015 02:00:00 GMT http://www.complianceasia.com/?p=145567 ComplianceAsia is delighted to announce that it is the winner of the 2015 AsianInvestor Compliance Service Provider of the Year award. This is a recognition of our entire teams’s hard work and professionalism in servicing our clients and an outstanding achievement achievement on their part. We thank AsianInvestor and our all clients for their continuing support. Thu, 28 May 2015 04:00:00 GMT http://goo.gl/I9MSS The MAS issued a consultation paper in August 2012 about their proposed changes to the Insurance Act regarding appointment of directors and key executive persons. <p>The consultation ended in September 2012, and the MAS has just recently responded.</p> Thu, 23 May 2013 03:01:01 GMT http://goo.gl/qCfRL The Securities and Futures Commission has clarified why it chose to deauthorize the Hong Kong Mercantile Exchange as an automated trading services provider. The statement includes new information that the SFC has referred some evidence to the Commericial Crimes Bureau. Wed, 22 May 2013 04:37:23 GMT http://goo.gl/FkRJm The Securities and Futures Appeals Tribunal disagreed with the Securities and Futures Commission's punishment of Christian Denk for trades he made at a time when the SFC suspected market manipulation. The SFAT disagreed with the SFC's charge that Denk, although not manipulating the market, should have known better than to place his hedging orders near the close of business that week because the orders would move the share price. The SFAT argued that Denk was unable to view the order depth when placing his sell orders. <p>It's full determination may be found <a href="http://goo.gl/Gz3ou">here</a>.</p> Wed, 22 May 2013 04:32:23 GMT http://goo.gl/fTcyH The Securities and Futures Commission reprimanded UBS Securities Hong Kong Limited fined it HK$1.6m for regulatory breaches and internal control failures relating to position limit monitoring failures. Tue, 21 May 2013 09:19:13 GMT http://goo.gl/fnCi7 The Securities and Futures Commission of Hong Kong has suspended Lam Ka Wo for allowing a third party to open and operate an account under a different name. Tue, 21 May 2013 02:04:24 GMT http://goo.gl/5n9su The Hong Kong Mercantile Exchange has decided to surrender its authorization to perform automated trading services after determining that its revenues from the services failed to support its operating expenses. Sat, 18 May 2013 03:30:01 GMT http://goo.gl/h63Mc The Monetary Authority of Singapore (MAS) issued a public reprimand to Aon Singapore Pte Ltd for failing to submit forms to notify the MAS of 43 appointments of new broking staff for a period between 7 January 2008 and 5 December 2011. Fri, 17 May 2013 03:19:35 GMT http://goo.gl/Z6B9Z Global Financial Consultants Pte Ltd paid a composition amount of $4,900 because it submitted its annual audited accounts and Form 17 34 days after the due date, and its Forms 14, 15 and 16, 49 days after the due date. Fri, 17 May 2013 02:26:41 GMT http://goo.gl/Ey7ka The Securities and Futures Commission has begun a consultation on proposals concerning the professional investor regime and the client agreement requirements in the Code of Conduct. It is seeking comments until 14 August 2013. Wed, 15 May 2013 09:35:59 GMT http://goo.gl/3J4dP Pearl Wisdom Limited agreed to unwind sales of hotel units at The Apex Horizon in accordance with the Securities and Futures Commission's view that the sale of the units constituted a Collective Investment Scheme, and that more information was required. <br> <br>&lt;p>Other parties involved, Cheung Kong (Holdings) Limited, Cheung Kong Property Development Limited, and Horizon Hotels &amp; Suites Limited, still dispute the SFC's claims arguing that the investment is a real estate investment.&lt;/p> Tue, 14 May 2013 03:42:34 GMT http://goo.gl/oUcjq Tan successfully appealed the Monetary Authority of Singapore's prohibition order resulting from its findings of false trading on his part, reducing the period for which he was prohibited from carrying on business in any regulated activity or acting as a representative in respect of any regulated activity from 3 years to 2 years. <p>He was also able to reduce the prohibition against taking part, directly or indirectly, in the management of, acting as a director of, or becoming a substantial shareholder of, any CMS licence holder or exempt company registered with the MAS from 4 years to 2 years.</p> Tue, 14 May 2013 03:31:28 GMT http://goo.gl/I7utl The Rt Hon the Lord Hoffmann NPJ, with whom all judges agreed, said, amongst other things, in the judgement, that: <ul> <li>it "simply does not follow" that the creation of criminal and Market Misconduct Tribunal (MMT) procedures for dealing with market misconduct means that such procedures are intended to be exhaustive for determining whether there has been a contravention;</li> <li>the remedies under section 213 of the SFO serve a different purpose from the penalties that can be imposed under the criminal and MMT processes;</li> <li>in proceedings under section 213, the SFC acts "not as a prosecutor… but as protector of the collective interests of the persons dealing in the market who have been injured by market misconduct"; and</li> <li>the question of whether a person has committed a criminal offence remains entirely a matter for the criminal court and is not a matter that is determined in proceedings under section 213 which are plainly civil proceedings.</li> </ul> Fri, 10 May 2013 01:42:29 GMT http://goo.gl/uK0Oy The SFC has prohibited Pau from re-entering the industry until 6 May 2023 for several breaches of conduct. Tue, 7 May 2013 01:39:46 GMT http://goo.gl/8jBkH Zeng's trading in Nexen shares before the public announcement that CNOOC had entered an agreement to acquire it resulted in insider dealing allegations against her in proceedings commenced by the US Securities and Exchange Commission. <p>The allegations call into question Zeng’s fitness and properness to be licensed by the SFC to carry on regulated activities in Hong Kong. The SFC revoked her licence and banned her fro reentering the industry for five years.</p> Tue, 7 May 2013 01:36:53 GMT http://goo.gl/0pFau In a landmark ruling, the Court of Final Appeal dismissed the appeal of Tiger Asia Management LLC and three of its officers, Mr Bill Sung Kook Hwang, Mr Raymond Park and Mr William Tomita against legal proceedings brought by the Securities and Futures Commission. Tue, 30 Apr 2013 01:32:14 GMT http://goo.gl/zwG8b The SFC banned Ma Tin Luk from 24 April 2013 to 23 April 2016 for fabricating telephone order recordings and providing false and misleading information to the SFC to conceal the lack of records on a short selling order he executed for a client in November 2009. Mon, 29 Apr 2013 01:29:46 GMT http://goo.gl/Mf08g On 25 April 2013, the Eastern Magistracy convicted Mr Lee Lam Chong of manipulating a Callable Bull Bear Contract during a pre-opening session. The court fined him $67,000, suspended him for 12 months, and sentenced him to one month imprisonment. Thu, 25 Apr 2013 01:27:44 GMT http://goo.gl/yNxiY The Securities and Futures Commission has banned Chow Chun Tung from re-entering the industry for five years from 19 April 2013 to 18 April 2018. The ban follows an investigation that uncovered that Chow had breached the Code of Conduct in several different ways. Wed, 24 Apr 2013 07:20:57 GMT http://goo.gl/NL4CZ The SFC is seeking disqualification orders against Yeung Chung Lung as well as the company’s former chief executive officer and executive director, Mr Yang Le, and another former executive director, Mr Ni Chao Peng in relation to an alleged embezzlement of $84 million in assets and false accounting. Wed, 24 Apr 2013 01:24:31 GMT http://goo.gl/ETocA The Securities and Futures Commission has reprimanded Sun Hung Kai Investment Services Limited and fined it $1.5 million for internal control failures relating to an erroneous buy order for two billion shares of China Life Insurance Company Limited. Mon, 22 Apr 2013 07:11:36 GMT http://goo.gl/uB2S0 Mr Stephen Yenn Man Han was convicted on one count of false trading in the Eastern Magistracy. <p>Yenn was given a suspended sentence of three years imprisonment and fined $560,000, an amount equivalent to his profits, for his misleading trading in Kaisa Group Holdings Limited. He also had to pay $32,879 to the Securities and Futures Commission to cover its investigation costs.</p> Mon, 22 Apr 2013 07:10:09 GMT http://goo.gl/z4UpC The Monetary Authority of Singapore has enforced a $50,000 fine against Mr Ang Kok Min for insider trading. <p>Mr Ang traded in shares of Kencana Agri Limited while in possession of the material non-public information that his employer, Wilmar International Limited, would purchase 20% of Kencana's share capital. Mr Ang made a profit of $6200 from his personal trades.</p> Fri, 19 Apr 2013 04:36:23 GMT http://goo.gl/la35C The Securities and Futures Commission reprimanded China Everbright Securities (HK) Limited and fined it HKD$1.2 million and reprimanded and fined its responsible officer, Mr Chan Kam Hop, HKD$400,000. <p>The penalties were given as the result of an investigation that showed that Mr Chan failed to supervise an employee at the company's mainland affiliate. The employee failed to perform know-your-client procedures and falsely represented that he had read the risk disclosure statements and account documents to the clients. As the responsible officer, the SFC found that Chan failed in his duty to properly supervise the mainland representative.</p> Fri, 12 Apr 2013 09:17:30 GMT http://goo.gl/RqHTX The KPMG audit partner in charge of Skechers and Herbalife accounts is under investigation by the SEC for insider trading. KPMG has withdrawn as auditor from these accounts. Wed, 10 Apr 2013 02:24:56 GMT http://goo.gl/ixjKu The Securities and Futures Commission of Hong Kong has fined Sky Cheung Shi Gaii $500,000 and suspended him for 30 months for trading with a concealed securities account, putting himself in a conflict of interest position and making false and inaccurate declarations about his connected accounts in a newspaper investment column. Mon, 08 Apr 2013 07:57:48 GMT http://goo.gl/yGCwC The Securities and Futures Commission of Hong Kong has banned Luk Ping for 10 months because of the following breaches to the Code of Conduct. <p>Luk <ul> <li>failed to act with due skill, care and diligence when operating two client accounts;</li> <li>operated those two discretionary accounts without proper authorization; and</li> <li>failed to keep a proper record of trade order instructions and confirmations.</li> </ul> </p> Mon, 08 Apr 2013 07:10:57 GMT http://goo.gl/JwlNT Lawrence White of Reuters reports on the case of Luo Juncheng and Lam Mei-Ling, noting their relatively low standing in the money laundering schemes' hierarchies. Mon, 08 Apr 2013 04:12:07 GMT http://goo.gl/ecucs The Hong Kong Monetary Authority and Securities and Futures Commission of Hong Kong have jointly committed to the global regulatory standards on financial market infrastructures promulgated by the International Organization of Securities Commissions (IOSCO) and the Committee on Payment and Settlement Systems (CPSS). <p>The IOSCO and CPSS April 2012 publication, "Principles for Financial Market Infrastructure", may be found <a href="http://goo.gl/HFNZ0">here</a>.</p> Fri, 29 Mar 2013 04:09:23 GMT http://goo.gl/nV9ja On 28 March 2012, the Securities and Futures Commission of Hong Kong released its findings from the Survey on Hedge Fund Activities of SFC-licensed Managers/Advisers. Fri, 29 Mar 2013 04:02:19 GMT http://goo.gl/Kfcun On 27 March 2013, the Securities and Futures Commission of Hong Kong published consultation conclusions on the regulation of non-corporate entities. <p>The conclusions to the consultation may be found <a href="http://goo.gl/Xyy2D">here</a>.</p> Thu, 28 Mar 2013 03:57:37 GMT http://goo.gl/Vlm5v The MAS reprimanded Jeeves Securities for making misleading statements in its application for a trust business licence. The application materials stated that there were no proceedings pending which may result in an order or judgment against the company's controller, when in fact a default judgment had been made against him in the United States. <p>The default judgment was subsequently lifted, but the MAS considered the statements in the application to be false and misleading.</p> Wed, 27 Mar 2013 04:16:24 GMT http://goo.gl/4SDl7 On 26 March 2013, the Securities and Futures Commission of Hong Kong announced that it has banned Selina Tsang Siu Kam for two years because she had taken orders from a third party without written authorization from a client, and then carried out trades for the client without his knowledge or authorization. Wed, 27 Mar 2013 03:54:18 GMT http://goo.gl/pOqy2 &lt;p>The SFC published its conclusions to its consultation paper on the regulation of electronic trading. It appears to have kept most of the proposals listed in the consultation paper.&lt;/p> <br> <br>&lt;p>A new Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission and a new Fund Manager Code of Conduct will come into force in January 2014.&lt;/p> Fri, 22 Mar 2013 09:15:33 GMT http://goo.gl/PlCvn <p>These regulations prescribe the detailed requirements on benefits to directors to be disclosed in the notes to financial statements as well as matters concerning the revision of reporting documents.</p> <p>The second batch of subsidiary legislation was made by the Financial Secretary, and will be tabled in LegCo on March 27. Subsidiary legislation will be tabled in May.</p> Fri, 22 Mar 2013 09:10:45 GMT http://goo.gl/78W92 The Eastern Magistracy Court accepted Pacific Sun Advisors Limited's argument that its advertisements soliciting investments over the Web and through email were aimed at professional investors and did not constitute an invitation to investment to the general public. <br> <br>The SFC may appeal the decision. Fri, 22 Mar 2013 01:30:50 GMT http://goo.gl/QxJPQ The Securities and Futures Commission has obtained orders from the high court to disqualify Andy Wong Shu Wing, former chairman and executive director of a listed company, Sunlink International Holdings Ltd, and its former financial controller and company secretary Mr Lee Chak To for failing to make timely disclosure of price sensitive information to the market concerning the company’s financial position in 2008. <br> <br>This disqualification seems to have been sought by the SFC under the new statutory disclosure regime that came into effect in January 2013. Thu, 21 Mar 2013 01:25:41 GMT http://goo.gl/lY7Pm The Securities and Futures Commission of Hong Kong has issued a Restriction Notice that prohibits Salisbury Securities Limited from continuing its regulated activity and dealing with clients' assets until further notice. <br> <br>The SFC has not released any other information about the prohibition or the reasons behind it. Wed, 20 Mar 2013 02:08:18 GMT http://goo.gl/ls6zl The Securities and Futures Commission of Hong Kong has banned former Morgan Stanley research associate Calvin Ho Kei Him for 14 months. The ban follows Ho's breaches of the Code of Conduct for Persons Licensed by or Registered with the SFC, including: <ol style="list-style-type:lower-alpha;"> <li>Non-disclosure of related accounts and provision of false or misleading declarations</li> <li>Failure to avoid actual and potential conflicts</li> </ol> Tue, 12 Mar 2013 06:54:20 GMT http://goo.gl/QhUUj The Securities and Futures Commission has suspended Ng Kwok Wing for six months in relation to his conviction for illegal short selling. Tue, 05 Mar 2013 01:46:33 GMT http://goo.gl/P1Ygb The Securities and Futures have banned Du Jun from re-entering the industry following his criminal conviction for insider dealing. Mon, 04 Mar 2013 09:46:54 GMT http://goo.gl/1h3SA Manulife Asset Management received a reprimand from the SFC and paid a penalty of HK$24m for failures to profile customers and concerns about the quality of record keeping in relation to the distribution of Manulife Global Fund between 2007 and 2012. Mon, 04 Mar 2013 09:26:46 GMT http://goo.gl/ZDFGC As of March 1, 2013, Notice 819 on the control of advertisements regarding the Finance Companies Act has been cancelled. The The Finance Companies (Advertisements) Regulations (Rg 2) have also been <a href="http://goo.gl/Bu3og">revoked</a>. Fri, 01 Mar 2013 04:38:22 GMT http://goo.gl/YzL06 The Monetary Authority of Singapore (MAS) fined Marathon Asset Management LLP for the late notification to the MAS and Singapore Exchange of various changes in it shareholdings in STATS ChipPAC Ltd. and Global Yellow Pages Limited. Tue, 19 Feb 2013 07:34:16 GMT http://goo.gl/eAL5O The SFC banned Mr Kuo Shou Min for nine months after he failed to disclose previous disciplinary actions taken against him by the Securities and Futures Board of Taiwan in his licence application. Thu, 14 Feb 2013 03:41:02 GMT http://goo.gl/bfjpH The SFC banned Joyce Hsu Ming Mei from re-entering the financial industry because of her conviction for performing unauthorized transactions as an employee for Merill Lynch. Tue, 05 Feb 2013 04:17:12 GMT http://goo.gl/NRUa5 The SFC banned Ho Wing Kin for life because of his conviction for misappropriating $1.3 million from customer accounts. Mon, 04 Feb 2013 04:19:45 GMT http://goo.gl/HGvLX <p>The deadline for re-registation with the MAS for all exempt asset managers is looming with only 3 weeks left before the 6th February final date for submission. This is a critical deadline. Firms that have not submitted an application by the deadline would be acting illegally if they provided asset management services in Singapore after the deadline.</p> <p>We have noted that the numbers of exempt fund managers has remained worryingly high at 533 with only 29 registered fund management companies to date and a handful of licensed accredited / institutional investor fund management companies. This is not significantly reduced from the approximately 580 exempt fund managers prior to the introduction of the new rules. Allowing for both those new applications in progress and for the fact that the MAS takes a few days to update the publicly available list of financial institutions, there is a grave risk that MAS will be swamped with applications in the last few days of what has been a 6 month transitional period.</p> <p>The MAS has informally commented to the industry that so far a high proportion of fund managers have not filed their applications, which we are sure is of concern to the regulator. Further we understand that the MAS has highlighted the risk of late submission – if the MAS does reject an application close to the final date for reasons such as incompleteness, the firms run the risk that they will lose their exemption and therefore will be in breach of Singapore law which requires an entity providing a regulated activity to be properly licensed or properly exempted. Persons with any doubt as to the seriousness of the issue should consult Singapore counsel.</p> <p>The process is further complicated by the fact that the MAS must approve the submissions and generally very few applications are being processed (even for registered fund management companies) without at least 1 and sometimes more rounds of requisitions and further questions from the MAS. The forms themselves certainly do not represent the entire package of information that the MAS requires to process the applications.</p> <p>To their credit the MAS case officers are working long hours to try and deal with their existing cases and process them as soon as possible, but the sheer numbers of firms involved seems to have created a log-jam.</p> <p>For those firms that have not yet got their applications into the MAS, it is certainly something that should be addressed as a priority.</p> <p>We strongly recommend firms do not delay.</p> <h3>Contact our people</h3> <p>Feel free to <a href="http://www.complianceasia.com/contact-form">contact our people</a> to discuss how we can assist your business in meeting the deadline.</p> Fri, 01 Feb 2013 05:55:19 GMT http://goo.gl/QOmKY Hong Kong's Financial Services and the Treasury Bureau announced on 30 January 2013 that the first round of sub-legislation for the new companies ordinance will be gazetted on 1 February 2013. Thu, 31 Jan 2013 08:27:29 GMT http://goo.gl/Nl6z5 Lee Siu Hang was suspended for 1 month for inputting the incorrect nature of trades into his employer's system, and then transferring the trades to other clients to resolve the errors. Mon, 28 Jan 2013 03:32:48 GMT http://goo.gl/QqZ9j The International Organization of Securities Commissions published a report on Monday 21 January 2013 detailing the suitability requirements for complex financial products. The definition that IOSCO provides for <em>complex financial products</em> is quite broad, including anything that is "not reasonably likely to be understood by a retail customer". <p>Perhaps a more useful part of the definition are the lists of examples of complex financial products and examples of products that are not complex.</p> <p>Considered complex financial products: <ul> <li>structured instruments</li> <li>credit linked notes</li> <li>hybrid instruments</li> <li>equity-linked instruments and instruments whose potential pay-off is linked to market parameters</li> <li>asset-backed securities (“ABSs”)</li> <li>mortgage-backed securities (“MBSs”)</li> <li>collateralized debt securities</li> <li>other financial derivative instruments (including credit default swaps and covered warrants</li> </ul></p> <p>Instruments not considered complex financial products: <ul> <li>conventional equities</li> <li>conventional bonds</li> <li>plain vanilla unit trusts and mutual funds</li> <li>exchange-traded standardized derivatives contracts</li> </ul></p> Tue, 22 Jan 2013 04:06:57 GMT http://goo.gl/rTs9C Mr. Lee paid a penalty of $50,000 in relation to his actions where he opened an account with Philips Securities Pte Ltd, a broker, under his own name, when in reality the beneficial owner of the account was a third party. Mon, 21 Jan 2013 07:27:48 GMT http://goo.gl/jHh69 The Monetary Authority of Singapore has released a monograph that outlines its approach to financial supervision. Tue, 15 Jan 2013 07:29:16 GMT http://goo.gl/AXiNw The Monetary Authority of Singapore announced on 8 January 2013 that Singapore will participate in the International Monetary Fund’s Financial Sector Assessment Programme in 2013. Tue, 08 Jan 2013 03:46:12 GMT http://goo.gl/SkVGP On 31 December 2012, Universal Insurance Consultants and Brokers Limited (UIC) and its director Ms Au Mei Chun were acquitted of aiding and abetting two insurance agents who were found guilty of unlicensed activity in August 2012. Thu, 03 Jan 2013 12:41:57 GMT http://goo.gl/j5SJb Du Jun withdrew his application for leave to appeal his criminal conviction on insider dealing. <br> <br>The Hong Kong Securities and Futures Commission will proceed with a civil case against Du Jun now that the criminal case is effectively over. Thu, 03 Jan 2013 02:58:26 GMT http://goo.gl/a7FPW The Monetary Authority of Singapore has reprimanded Aon Consulting (Singapore) Pte Ltd for allowing two of its employees to provide financial advisory services on collective investment schemes ("CIS") when they were neither appointed nor provisional representatives with permission to advise on CIS. <br> <br>It also reprimanded Aon for failing to lodge a notice of commencement for advising on CIS within 14 days of commencement of the activity. Mon, 31 Dec 2012 02:08:25 GMT http://goo.gl/2040g A former research analyst has been arrested in Hong Kong, following a request by the US authorities on alleged insider trading. Fri, 28 Dec 2012 03:48:02 GMT http://goo.gl/8heCR Following statements by overseas regulators regarding alleged misconduct with UBS's submission of interest rates, the HKMA received evidence from other regulators that UBS may have manipulated the Hong Kong Interbank Offered Rate (HIBOR). <br> <br>The HKMA has commenced an investigation into any misconduct on the part of UBS regarding the HIBOR. Thu, 20 Dec 2012 09:26:30 GMT http://goo.gl/R55uI On 12 December 2012, the SFC published consultation conclusions on Initial Public Offering sponsors. The new requirements will apply to new listing applicants from 1 October 2013. Thu, 13 Dec 2012 02:17:51 GMT http://goo.gl/f3Yp8 On 4 December 2012, Mr Goh and Mr Keu paid civil penalties to the Monetary Authority of Singapore of $110,000 and $50,000 respectively. The pair knew that Wilmar International Limited had plans to invest in Kencana Agri Limited in August 2010, and bought shares in Kencana before the information was made public. Wed, 05 Dec 2012 03:14:12 GMT http://goo.gl/hMq8t The SFC publicly reprimanded and issued a $2m fine to President Securities (Hong Kong) Limited for failing to act in its clients' best interests when purchasing structured products on behalf of some Taiwanese clients. Tue, 04 Dec 2012 07:50:21 GMT http://goo.gl/2pLPN On 30 November 2012, the SFC reported that the Eastern Magistracy convicted Finet Group Limited and its former chairman, Yu Gang, for providing false or misleading information to SEHK. These failings relate to failing to disclose interests in Finet and failing to keep a proper register of interests in its shares. The company's quarterly reports omitted information that Finet's chairman, Lo Yuk Yee, was a substantial shareholder, and were found to be materially false. <br> <br>Fines for the omission of Lo as a substantial shareholder totaled $16,000, while fines for other disclosure of interest failures totaled $12,000. Mon, 03 Dec 2012 04:23:02 GMT http://goo.gl/VEJI9 0n 2 November 2012, finexis advisory Pte Ltd paid $2,600.00 for failing to submit its annual audited accounts within five months of the end of its financial year in contravention of section 48(1)(b) of the Financial Advisers Act (Cap. 110). Mon, 03 Dec 2012 04:09:03 GMT http://goo.gl/auh6p The MAS has issued a prohibition order on Tan that prevents him from carrying on or acting as a representative in a regulated business activity for three years. He has also been prohibited from becoming a director or substantial shareholder of a capital market service licence holder for four years. <p>These prohibitions are in relation to a conviction of false trading that was ruled on in September 2010.</p> Thu, 29 Nov 2012 01:23:49 GMT http://goo.gl/wgmAi In the Eastern Magistracy court on 27 November 2012, Mr Simon Chui Wing Nin was sentenced to 15 months imprisonment, fined a total of $1,018,855 and ordered to pay investigation costs of $228,469 to the SFC. Chui sold shares in CITIC Pacific when, as the financial director, he had inside information that the company would be facing a significant loss. Wed, 28 Nov 2012 01:27:27 GMT http://goo.gl/3aMZw The SFC reprimanded and fined CIC $4m for failing to follow proper procedures in determining whether its clients were professional investors. Wed, 14 Nov 2012 07:42:37 GMT http://goo.gl/rsHCh Philippa Allen, chief executive officer and managing director of Compliance Asia, talks to Hubbis about the many, increasing challenges for compliance practitioners as a result of having to deal with so many jurisdictions at different stages of development – and with varying approaches to regulating their financial markets and respective institutions. Mon, 12 Nov 2012 08:39:27 GMT http://goo.gl/WhwCc The Securities and Futures Commission banned Leung for 9 months for accessing his employer's client information system with his coworkers' login details. Wed, 07 Nov 2012 03:47:49 GMT http://goo.gl/Cwxhn ComplianceAsia is now listing important upcoming compliance dates on its calendar. Please feel free to make use of the calendar and <a href="http://www.complianceasia.com/contact-form">contact us</a> to let us know what you think. Thu, 01 Nov 2012 09:45:35 GMT http://www.complianceasia.com/1172/our-singapore-office-has-moved/ Our business is expanding and we needed more space, so we have moved to a larger office. <p>Our contact details for our Singapore office are now:</p> <p style="padding-left: 30px;">ComplianceAsia Consulting Pte Ltd,<br /> 137 Telok Ayer Street #03-06<br /> Singapore 068602<br /> Tel: +65 6533 8834<br /> Fax: +65 6221 2413</p> <p>As always, you may contact us over the Web through our <strong><a href="http://www.complianceasia.com/contact-form/#contactform">contact form</a></strong>.</p> Thu, 18 Oct 2012 08:14:52 GMT http://www.complianceasia.com/what-we-do/isda-documentation/ <p>At ComplianceAsia we appreciate that the negotiation of counterparty documentation, in particular ISDA Master Agreements, can be time consuming. Compliance Asia offers a price-efficient advisory service solution in respect of derivatives documentation. We can assist our fund manager and trading clients in the reviewing, drafting and amending of derivatives documentation including the ISDA Master Agreement, ISDA Schedule, Confirmations, Credit Support Agreements and Amendment Agreements.</p> <p>We work closely with you and the counterparty’s legal, credit, risk, tax, treasury and operations teams to ensure a focused and swift negotiation process. We maintain a transparent process with all relevant internal contacts regularly kept well informed of progress via internal calls, and reporting at a frequency agreed with you.</p> <p>Once negotiations are completed we track your ongoing obligations events of default and reporting requirements to ensure that no reporting deadlines are missed.</p> <h3>What is the next step?</h3> <a href="http://www.complianceasia.com/contact-us/">Contact us</a> if you are interested in learning how ComplianceAsia can help you. Mon, 15 Oct 2012 08:00:42 GMT http://goo.gl/ZSBkt On 10 October 2012, the Monetary Authority of Singapore reprimanded Professional Investment Advisory Services Pte Ltd for failing to undertake proper steps to ensure that two of its representatives held the requisite licence under the Financial Advisers Act to carry out the financial advisory activities of advising others and marketing Collective Investment Schemes. Fri, 12 Oct 2012 09:48:20 GMT Singapore Enforcement http://goo.gl/wFtRd The first listing of a Registered Fund Management Company has appeared on the Monetary Authority of Singapore's website. Tue, 18 Sep 2012 03:01:59 GMT http://goo.gl/oIOWU The SFC has disciplined Merrill Lynch for breaches of the Code of Conduct. These breaches were in regard to insufficient complaint handling over misrepresentations made by one of the company's former employees who was convicted on 20 counts of theft and other offences. Wed, 22 Aug 2012 09:03:43 GMT Hong Kong http://www.complianceasia.com/1126/thomson-reuters-reputational-risk-at-heart-of-standard-chartereds-new-york-settlement-officials-say/ Standard Chartered’s $340 million settlement with New York’s Department of Financial Services has highlighted the cost of reputational risk and the need for clear lines of communication between a bank’s compliance and legal departments, officials have said. <p> The case has also highlighted the increasingly complex regulatory environment facing banks that operate across jurisdictions and in the U.S., with some experts saying the agreement was a wake-up call to the risks of breaching international sanctions. </p> Mon, 20 Aug 2012 03:36:44 GMT http://goo.gl/rJWVo The Hong Kong Securities and Futures Commission (SFC) has reprimanded and fined RBC Investment Management (Asia) $4m in relation for failures in its investment advice on funds. <p>The failures involved inadequate due diligence procedures and poor record-keeping practices. Part of the resolutions agreed to by RBC involve addressing the policies and procedures surrounding these issues.</p> Thu, 16 Aug 2012 08:29:42 GMT Hong Kong http://www.complianceasia.com/1113/16082012-additional-session-for-regulatory-briefing/ <strong>Thursday, 16 August 2012</strong> <p>Due to the high response rate for our <a title="15/08/2012 – Regulatory Briefing – MAS Enhanced Regulatory Regime for Fund Management Companies" href="http://www.complianceasia.com/1103/15082012-regulatory-briefing-mas-enhanced-regulatory-regime-for-fund-management-companies/">briefing on Wednesday</a>, we have decided to offer the same briefing on the following morning for those who cannot make the Wednesday briefing.</p> <p>As part of our series of regulatory briefings we are pleased to host a seminar on the MAS newly implemented enhanced regulatory regime for fund management companies (FMCs).</p> <p>As part of this seminar we will cover topics such as:</p> <ul> <li>Who must make application to the MAS;</li> <li>The different categories of registration;</li> <li>Personnel requirements under the new rules;</li> <li>Internal control expectations under the new rules;</li> <li>Audit and risk management requirements;</li> <li>Insurance; and</li> <li>The registration process.</li> </ul> <p>The seminar will be at:</p> Gilmour Room<br /> Singapore Cricket Club;<br /> Connaught Drive Singapore 179681 <table> <tbody> <tr> <td><strong>Registration:</strong></td> <td><strong>8.00am</strong></td> </tr> <tr> <td><strong>Presentation:</strong></td> <td><strong>8.30pm (sharp)</strong></td> </tr> </tbody> </table> <p>We hope you can join us. Demand has already been quite strong for this event, so please register early to reserve your place.</p> <p>There will be no cost for current clients for this event. Other firms will be charged S$25 payable at the door. Singapore CPT/CPD will apply to this for all license types.</p> <p>If you would like to attend the above event, please fill out your details <a href="http://www.complianceasia.com/form/">here</a>.</p> Mon, 13 Aug 2012 07:19:41 GMT Singapore http://www.complianceasia.com/1103/15082012-regulatory-briefing-mas-enhanced-regulatory-regime-for-fund-management-companies/ <strong>Wednesday, 15 August 2012</strong> <p>As part of our series of regulatory briefings we are pleased to host a seminar on the MAS newly implemented enhanced regulatory regime for fund management companies (FMCs).</p> As part of this seminar we will cover topics such as; <ul> <li>Who must make application to the MAS;</li> <li>The different categories of registration;</li> <li>Personnel requirements under the new rules;</li> <li>Internal control expectations under the new rules;</li> <li>Audit and risk management requirements;</li> <li>Insurance; and</li> <li>The registration process.</li> </ul> <p>The seminar will be at;</p> Singapore Cricket Club;<br /> Connaught Drive Singapore 179681 <table> <tbody> <tr> <td><strong>Registration:</strong></td> <td><strong>4.00pm</strong></td> </tr> <tr style="font-size: 10px;"> <td><strong>Presentation:</strong></td> <td><strong>4.30pm (sharp)</strong></td> </tr> <tr style="font-size: 10px;"> <td><strong>Drinks:</strong></td> <td><strong>6.00pm to 7.00pm</strong></td> </tr> </tbody> </table> <p>We hope you can join us, we expect demand for this to be strong so please register early.</p> <p>There will be no cost for current clients for this event. Other firms will be charged S$25 payable at the door. Singapore CPT/CPD will apply to this for all license types.</p> <p>If you wish to attend please <strong><a title="Contact Us" href="http://www.complianceasia.com/contact-form/">contact us</a></strong>.</p> Thu, 09 Aug 2012 02:00:21 GMT Singapore http://goo.gl/wZmMx AsianInvestor reports that many firms in Singapore currently under the exempt fund manager regime will seek full licences rather than registration as registered fund management companies as the Monetary Authority of Singapore's new regulations come into effect. Wed, 08 Aug 2012 03:41:15 GMT Singapore http://goo.gl/rg8l6 The Monetary Authority of Singapore has implemented its new fund management regime. The announcement was made on 6 August 2012, and the regime takes effect 7 August 2012. <p>More details are available from the MAS website.</p> Tue, 07 Aug 2012 01:49:36 GMT Singapore http://www.complianceasia.com/1034/mas-update-on-fund-manager-rules-in-singapore/ <p>On the launch of the MAS Annual Report 2011/12 on 25th July 2012 Ravi Menon, Managing Director from the MAS made the following comment as point 39 of his written press release:-</p> <blockquote>“All fund management companies will have to meet the enhanced competency, business conduct, and capital requirements by August. Those with assets under management greater than S$250m will have to be licensed, while those below this threshold may operate under the ‘Registered Fund Management Company’ regime, which will replace the existing ‘Exempt Fund Manager’ regime.”</blockquote> <p>We strongly urge all of our asset management clients which have not yet begun planning for this transition to contact us to determine how we may assist.</p> Mon, 30 Jul 2012 04:29:23 GMT http://goo.gl/hudrv The Hong Kong Securities and Futures Commission has updated their FAQs on this page to clarify the reporting obligations of partnerships. Wed, 20 Jun 2012 06:15:42 GMT http://www.complianceasia.com/1004/client-informa…ndustry-review/ The Monetary Authority of Singapore (MAS) has begun a review process of the financial advisory industry. Some financial advisory firms have already received questionnaires from the MAS. <br> <br>The attached information sheet aims to identify some key issues in this review. Wed, 20 Jun 2012 04:14:27 GMT http://www.complianceasia.com/993/1462012-breakfast-briefing/ "Internal Control Considerations for Sponsors and Type 6 Licence Holders" <br> <br>As part of our series of compliance breakfast briefings for compliance officers and those responsible for the compliance function in Hong Kong we are pleased to host a seminar where we will discuss the appropriate internal control environment for sponsors on the Hong Kong Stock Exchange and Type 6 license holders. Thu, 31 May 2012 10:12:53 GMT http://goo.gl/AuUTr The consultation paper may be found <a href="http://goo.gl/scWMy">here</a>. The proposed amendments are as follows: <ul> <li><a href="http://goo.gl/TLbjw">Annex 1 : Draft Securities and Futures (Amendment) Bill 2012</li></a> <li><a href="http://goo.gl/fPWal">Annex 1A : Draft Securities and Futures (Amendment) Bill 2012 Comparative Table</li></a> <li><a href="http://goo.gl/aUC6T">Annex 2 : Draft Financial Advisers (Amendment) Bill 2012</li></a> <li><a href="http://goo.gl/5dtKy">Annex 2A : Draft Financial Advisers (Amendment) Bill 2012 Comparative Table</li></a> </ul> Thu, 24 May 2012 01:39:08 GMT Singapore http://goo.gl/AuUTr You can find the consultation paper <a href="http://goo.gl/W7Nl4">here</a>. <p>The proposed amendments are as follows:</p> <ul> <li><a href="http://goo.gl/yc0HH">Annex 1 : New Part IIA (Clearing Facilities) of the SFA</a></li> <li><a href="http://goo.gl/Xz7pb">Annex 2 : New Part III (Trade Repositories) of the SFA</a></li> <li><a href="http://goo.gl/3A7pJ">Annex 3 : Draft Amendments to Part IIIA (Approved Holding Companies) of the SFA</a></li> <li><a href="http://goo.gl/ySRNq">Annex 4 : Draft Amendments to Section 2 of the SFA</a></li> </ul> Thu, 24 May 2012 01:31:59 GMT Singapore http://goo.gl/ADEu0 The Securities and Futures Commission has taken disciplinary action against Capital VC Limited and Mr Yau Chung Hong in relation to their breach of Rule 26.1 of the Code on Takeovers and Mergers. Wed, 23 May 2012 01:16:13 GMT Hong Kong http://goo.gl/Z55xi To facilitate the establishment of the Financial Dispute Resolution Centre Ltd (FDRC) and enhance the regulatory framework, the Securities and Futures Commission (SFC) released a set of <a href="http://goo.gl/uEKza">consultation conclusions</a> Monday announcing amendments to the Code of Conduct for Persons Licensed by or Registered with the SFC. Tue, 22 May 2012 02:27:18 GMT Hong Kong http://goo.gl/tP3pz Sessions are organized by the SEHK and HKSCC on 2 and 3 June 2012. Mon, 21 May 2012 01:24:20 GMT Hong Kong http://goo.gl/Gr5HV The deadline for providing certain fee disclosures is July 1, 2012. Thu, 17 May 2012 04:19:53 GMT United States http://goo.gl/1wvsp CtW Investment Group, a labor-backed shareholder group, last year warned JPMorgan Chase &amp; Co that its risk management committee was not up to the task and sought to remove one of its members, Ellen Futter, who had been a director at American International Group Inc (AIG) before its near-collapse in 2008. Wed, 16 May 2012 01:37:11 GMT United States risk management http://goo.gl/GncqB The Securities and Futures Commission (SFC) applied for a review of the sentence imposed on futures manipulator, Mr Tsoi Bun, following his conviction on five charges of manipulating the calculated opening prices of index futures contracts in the futures market. Wed, 16 May 2012 01:21:38 GMT Hong Kong http://goo.gl/n0CGH The Securities and Exchange Commission today charged a China-based natural gas company and an executive for defrauding investors by secretly loaning company funds to benefit his son and nephew while failing to disclose the true nature of the loans. Tue, 15 May 2012 01:21:05 GMT United States China http://goo.gl/M6OOj The Court of First Instance has varied the sentence imposed on Mr Lo Kam Chung for carrying on an unlicensed business of advising on securities. Tue, 15 May 2012 01:18:04 GMT Hong Kong facebook unlicensed http://goo.gl/I9I0S The Securities and Futures Commission (SFC) has gazetted today the Securities and Futures Ordinance (Amendment of Schedule 1) Notice 2012 to amend the lists of local and overseas futures and stock exchanges in Parts 2 and 3 of Schedule 1 to the Securities and Futures Ordinance (Cap. 571) by adding nine new exchanges and updating the names of some exchanges currently included in the lists. Mon, 14 May 2012 05:25:42 GMT Hong Kong SFC short selling http://goo.gl/Oq7Uj The unprecedented run of perpetual bond sales in Singapore's local market has caught the attention of the city state's regulators. Mon, 14 May 2012 05:24:04 GMT Singapore http://goo.gl/rWIYC The capital duty currently levied on Hong Kong companies under the Companies Ordinance will be abolished from June 1, the Registrar of Companies Ada Chung said today. Mon, 14 May 2012 05:23:15 GMT Hong Kong http://goo.gl/fKCTD The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), is implementing changes to the short selling criteria for designated securities available for short selling to reflect development in the securities market following a review conducted earlier this year. Fri, 11 May 2012 01:37:54 GMT Hong Kong short selling http://goo.gl/tJIfH A former investment representative of a securities firm, charged by the ICAC, was Thursday convicted at the District Court of accepting over $1.1 million in bribes from a businessman for assisting the latter in selling 50 million shares of a listed company. Fri, 11 May 2012 01:34:17 GMT Hong Kong http://goo.gl/Vjv1h The Singapore High Court has dismissed the application of Mr Yeap Wai Kong, a former director of China Sky Chemical Fibre Co Limited (China Sky), to quash the SGX-Securities Trading Limited’s (SGX-ST) public reprimand of him on 16 December 2011. The High Court found that the SGX-ST fully and substantively accorded Mr Yeap a fair hearing by giving him notice of its intention to reprimand, particulars of the case against him and full opportunities to be heard. Thu, 10 May 2012 04:41:16 GMT Singapore SGX China Sky http://goo.gl/BCsEK “Given the current growth of the Hong Kong IPO market and the important role of sponsors in the IPO process, appropriate reform in the regulation of sponsors is desirable,” said Charles Li, HKEx’s Chief Executive. Thu, 10 May 2012 01:45:59 GMT Hong Kong IPO sponsors http://goo.gl/DFFMw The Securities and Exchange Commission today announced an enforcement action against Shanghai-based Deloitte Touche Tohmatsu CPA Ltd. for its refusal to provide the agency with audit work papers related to a China-based company under investigation for potential accounting fraud against U.S. investors. Thu, 10 May 2012 01:18:18 GMT United States China http://goo.gl/jtGST The JOBS Act is deregulatory, easing some of the rules for companies seeking to access the U.S. capital markets. These changes pose interesting compliance challenges. Wed, 09 May 2012 02:15:23 GMT United States JOBS compliance http://goo.gl/IDkEQ The head of Hong Kong’s securities regulator says it is processing dark pool applications again after a hiatus amid concerns about retail investor protection. Wed, 09 May 2012 01:57:59 GMT Hong Kong http://goo.gl/AKPoZ The purpose of this letter is to provide guidance and clarification on: <ol style="list-style-type: lower-roman;"> <li>the difference between profit forecast and profit estimate;</li> <li>when applicants need to include a profit forecast or a profit estimate in a listing document; and</li> <li>the submission of a profit forecast memorandum irrespective of the repeal of Main Board Rule 8.21B.</li> </ol> Wed, 09 May 2012 01:42:30 GMT Hong Kong http://goo.gl/pYezj The Securities and Futures Commission (SFC) has banned Mr Wong Chiu Wan, a former licensed representative of KGI Asia Limited (KGI), from re-entering the industry for life. Tue, 08 May 2012 04:19:22 GMT Hong Kong http://goo.gl/3JhJF The board of directors (the “Board”) of Sun Hung Kai Properties Limited (the “Company”) announces that it was informed by Mr. Kwok Ping-sheung, Walter (“Mr. Walter Kwok”), a Non-Executive Director of the Company, at night on 3 May 2012, that he was arrested by the Independent Commission Against Corruption in connection with an investigation into an offence or offences suspected, inter alia, to have been committed under the Prevention of Bribery Ordinance, and has been released on bail. Fri, 04 May 2012 04:40:30 GMT Hong Kong http://goo.gl/iZDCw In April 2003, the Federal Reserve Bank of New York and New York state bank regulators cracked the whip on HSBC Bank USA, ordering it to do a better job of policing itself for suspicious money flows. Staff in the bank's anti-money laundering division, according to a person who worked there at the time, flew into a "panic." Fri, 04 May 2012 03:33:47 GMT AML http://goo.gl/qvvNg Hong Kong financial industry associations argue that the US Internal Revenue Service should amend Fatca or risk damaging the industry in unexpected ways. Fri, 04 May 2012 03:14:36 GMT Hong Kong United States http://goo.gl/i6ZFY The amendments appear in government gazette today. Fri, 04 May 2012 02:02:50 GMT Hong Kong http://goo.gl/TPVzT Under the Amendment Ordinance, which will be gazetted tomorrow, the SFC is empowered to implement the following new regulatory initiatives: <ul> <li>The establishment of a statutory disclosure regime whereby listed corporations will be required to disclose price sensitive information (PSI) in a timely manner, backed by civil sanctions for non-disclosure of PSI;</li> <li>The SFC can directly institute proceedings before the Market Misconduct Tribunal (MMT), without having to first refer the case to the Financial Secretary for his decision, to enforce PSI disclosure requirement, and to deal with the existing six types of market misconduct under the Securities and Futures Ordinance (SFO); and</li> <li>The SFC will establish the Investor Education Centre (IEC) to take up broader investor education responsibilities covering the entire financial services sector.</li> Fri, 04 May 2012 01:49:55 GMT Hong Kong http://goo.gl/u2Vfc China, Japan and South Korea have agreed to enhance the regional trilateral financial cooperation during the 12th Trilateral Finance Ministers' and Central Bank Governors' Meeting of China, Japan and South Korea hold in Manila on Thursday. Thu, 03 May 2012 05:05:24 GMT China Japan South Korea http://goo.gl/t8veU Updates mainly deal with advisers advising on securities that fall under the provisions of the <a href="http://goo.gl/iME0A">Securities and Futures (Prescribed Securities) Regulations 2012</a>. Thu, 03 May 2012 03:36:41 GMT Singapore http://goo.gl/CszPK Updates mainly deal with advisers advising on securities that fall under the provisions of the <a href="http://goo.gl/iME0A">Securities and Futures (Prescribed Securities) Regulations 2012</a>. Thu, 03 May 2012 03:27:54 GMT Singapore http://goo.gl/qhShx The bourse operator has lately been issuing queries to firms that have published their annual reports, asking their directors to provide clearer opinions on the health of their firms, in order to comply with new listing rules implemented last September. Wed, 02 May 2012 04:19:28 GMT Singapore http://goo.gl/LLhSW Earlier last week, when the DOJ and SEC charged Garth Peterson with FCPA violations, both agencies publicly announced that they had declined to prosecute or charge his employer, Morgan Stanley, because of its strong compliance program. Mon, 30 Apr 2012 04:14:03 GMT United States http://goo.gl/iwKCF Foreign companies doing business in China must navigate a business culture in which bribery is rife, finding ways to remove obstacles to expanding in the world's second-largest economy without running afoul of local or home-country laws. Mon, 30 Apr 2012 04:09:36 GMT China http://goo.gl/C0uVr China’s internet censors have a dim view of Facebook, but that has not stopped it from being a model of sorts for the country’s securities regulator, IFR reported yesterday. Mon, 30 Apr 2012 04:01:01 GMT China http://www.complianceasia.com/981/client-information-consultation-on-proposed-revisions-to-the-regulatory-capital-framework-for-holders-of-capital-markets-services-licences/ On 3 April 2012, MAS released a consultation paper on proposed changes to be made to the regulatory capital framework for capital market services licensees (CMSLs). The proposed changes seek to unify and enhance the requirements across all CMSLs. <p>The <a href="http://www.complianceasia.com/wp-content/uploads/2012/04/CA-Client-Information-on-Singapore-Capital-Framework-Apr2012.pdf">attached document</a> is ComplianceAsia’s overview of these changes.</p> Mon, 30 Apr 2012 03:43:37 GMT http://goo.gl/XLWW6 A former Senior Relationship Manager of DBS Bank (HK) Limited (DBS), charged by the ICAC, was Thursday convicted at the District Court of accepting bribes totaling $1.3 million from a client on account of handling the latter's accounts with DBS. Fri, 27 Apr 2012 03:39:53 GMT Hong Kong http://goo.gl/80d7s The Eastern Magistrates Court today fined seven investors a total of $71,000, ranging from $2,000 to $30,000 each, after they had pleaded guilty to 11 charges of illegal short selling shares of Imagi International Holdings Limited (Imagi) in May 2010 &lt;category>Hong Kong&lt;/category> Fri, 27 Apr 2012 02:56:16 GMT Hong Kong http://goo.gl/oxjx0 The Hong Kong stock exchange is investigating three mainland private firms involved in "possible fraudulent activities and false accounting," Secretary for Financial Services and the Treasury Caejer Chan Ka-keung said yesterday. Thu, 26 Apr 2012 07:29:27 GMT Hong Kong http://goo.gl/Onu7H This letter gives guidance on disclosure in listing documents relating to hard underwriting. Thu, 26 Apr 2012 07:28:18 GMT Hong Kong http://goo.gl/0Zqs6 Some now argue that Wal-Mart discredits the U.S. Chamber of Commerce's efforts to amend the FCPA with a good faith compliance defense. They will point out that Wal-Mart had a compliance program of some kind in place, and yet is alleged to have committed systematic violations. Thu, 26 Apr 2012 07:27:17 GMT United States http://goo.gl/9Siuh The Hong Kong stock exchange's new chief vowed yesterday to provide an "orderly and fair" trading platform, amid concern about low-quality listings in the world's biggest initial public offering (IPO) market. Wed, 25 Apr 2012 03:39:33 GMT Hong Kong http://goo.gl/3vLig You might think that if you bought shares of a Chinese company that was listed on an American stock market, you would actually own a piece of that company. <p>Unfortunately, it is not that simple.</p> Wed, 25 Apr 2012 03:38:12 GMT United States China http://goo.gl/cd4Ww The SFC noted that some industry participants have implemented or intend to implement measures in determining whether an SFC-authorized fund is a derivative product for the purpose of the Code of Conduct. Questions have been raised about the criteria to be used in this circumstance. Tue, 24 Apr 2012 03:00:42 GMT Hong Kong http://goo.gl/hMkfd The Eastern Magistrates Court today set down the date for the trial of former senior executive of CITIC Pacific Limited (CITIC), Mr Simon Chui Wing Nin, whom the Securities and Futures Commission (SFC) alleges committed insider dealing. Tue, 24 Apr 2012 02:55:11 GMT Hong Kong http://goo.gl/ZOM0S Local distributors and fund managers are ignoring the cost impact, and some say the new legislation will make foreign financial institutions de-facto tax enforcement agents of the IRS. Mon, 23 Apr 2012 03:15:54 GMT Asia http://goo.gl/RTbXV The Securities and Futures Commission (SFC) has revoked Mega Capital (Asia) Company Limited’s licence to advise on corporate finance and fined it $42 million for failing to discharge its sponsor’s duties in relation to the listing application of Hontex International Holdings Company Limited (Hontex) in 2009. Mon, 23 Apr 2012 03:14:54 GMT Hong Kong http://goo.gl/u9OzA Japan's financial regulator on Friday reprimanded the country's third-largest broker, SMBC Nikko Securities, for leaking information about a stock offering, as the country tries to clean up its image as being lax on insider trading. Mon, 23 Apr 2012 03:14:07 GMT Japan http://goo.gl/ruS7Q A former China Sky director has chosen the wrong process in bringing his case against the Singapore Exchange (SGX) to court, the lawyer representing SGX argued yesterday. Fri, 20 Apr 2012 04:44:32 GMT Singapore http://goo.gl/BEQ3w The Federal Reserve Board on Thursday announced its approval of a statement clarifying that an entity covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the so-called Volcker Rule, has the full two-year period provided by the statute to fully conform its activities and investments, unless the Board extends the conformance period. Fri, 20 Apr 2012 03:57:13 GMT United States http://goo.gl/xw8mK A corruption case against Hong Kong's two richest property tycoons has been attracting a lot of media attention. Thu, 19 Apr 2012 02:29:42 GMT Hong Kong http://goo.gl/VC1py Section 83(1) (now repealed) of the SFA states no person shall act as a representative in respect of any regulated activity or hold himself out as doing so, unless he is the holder of a representative’s licence for that regulated activity. Thu, 19 Apr 2012 02:25:23 GMT Singapore http://goo.gl/Ym6gM The Court of Appeal today granted leave to Tiger Asia Management LLC and three of its officers, Mr Bill Sung Kook Hwang, Mr Raymond Park and Mr William Tomita to take their case to the Court of Final Appeal. Thu, 19 Apr 2012 01:21:18 GMT Hong Kong http://goo.gl/Dh69B Opening Remarks by Christine Lagarde<br /> Managing Director, International Monetary Fund<br /> Washington DC, April 17, 2012 Wed, 18 Apr 2012 02:37:14 GMT IMF http://goo.gl/7eaeG China is raising the minimum level of reserves financial firms must set aside as a percentage of total risk assets to 1.5 percent from 1 percent, state media said on Wednesday, to reduce dangers in the sector. Wed, 18 Apr 2012 02:35:31 GMT China http://goo.gl/ajdwb The Securities and Futures Commission (SFC) has prohibited Mr Ng Chi Keung from re-entering the industry for 10 years from 17 April 2012 to 16 April 2022 for failing to establish the true identity of the holder of an account and allowing unauthorized persons to operate that account. Tue, 17 Apr 2012 09:51:12 GMT Hong Kong http://goo.gl/sSg3b Asian Capital Resources (Holdings) Limited (ACR) and its former company secretary Mr Andrew James Chandler were today convicted of providing false or misleading information to the Stock Exchange of Hong Kong Limited. Tue, 17 Apr 2012 01:47:07 GMT Hong Kong http://goo.gl/iZkLr The Monetary Authority of Singapore (MAS) ushered in a new era for the Asian capital markets in February by issuing a consultation paper on the proposed regulation of over the counter (OTC) derivatives. Mon, 16 Apr 2012 06:19:00 GMT Singapore http://goo.gl/Nb4mS A financial institution’s anti-money laundering team must have the authority to question account relationships and business plans, and any objections must be taken seriously. That was one of the key lessons to be learned from the last week’s regulatory enforcement action against Citibank over AML weaknesses, experts said. Fri, 13 Apr 2012 02:29:22 GMT United States http://goo.gl/y3xhc The Financial Supervisory Commission is considering offering incentives to firms that put in place larger local investment teams, among other things. Fri, 13 Apr 2012 02:01:49 GMT Taiwan http://www.complianceasia.com/careers/compliance-consultant/ Due to the continued growth of our business we are seeking an experienced compliance consultant to join our licensing team in Hong Kong. Thu, 12 Apr 2012 05:05:10 GMT http://goo.gl/bDrcW The Monetary Authority of Singapore has taken civil penalty enforcement action against Mr Lau Kee Swan for contravening section 201(b) of the Securities and Futures Act, which prohibits the employment of manipulative and deceptive devices in connection with the subscription, purchase or sale of securities. Thu, 12 Apr 2012 04:55:21 GMT Singapore http://goo.gl/qSFD9 Senior management often asks their lawyers whether they can disclose privileged documents for a limited purpose; say, to the regulators. Conventional advice is that the legal position in Hong Kong is not entirely clear. <br> <br>On 28 March 2012, the Court of Appeal provided the long awaited clarity by overturning Wright J's decision in Citic Pacific Limited v Secretary for Justice and the Commissioner of Police , confirming that partial waiver of privilege is part of Hong Kong law. This is an important decision, clarifying the position for many legal practitioners including in-house counsel. Thu, 12 Apr 2012 04:47:16 GMT Hong Kong http://goo.gl/iOznG When a Chinese court sentenced 28- year-old Wu Ying, known as “Rich Sister,” to death for taking $55.7 million from investors without paying them back, it sparked an unexpected firestorm that has drawn in China’s top leadership. Wed, 11 Apr 2012 02:52:03 GMT China http://goo.gl/nIQYr The current regulatory environment has investment management firms grappling with a growing number of requirements and expectations from both regulators and investors. So, how are financial law firms assisting them to accommodate these demands? Tue, 10 Apr 2012 04:18:42 GMT Philippa Allen Asia http://goo.gl/FDrZG Foreign brokers and investors may have to undergo stricter controls in order to directly trade securities on the Singapore Exchange (SGX), the market operator said yesterday in a consultation paper. Tue, 10 Apr 2012 04:18:33 GMT Singapore http://www.complianceasia.com/968/easter-statutory-holidays-office-hours/ Our offices in Hong Kong and Singapore will be closed Friday 5th of April 2012. Our office in Hong Kong will be closed Monday 9th of April as well. Thu, 05 Apr 2012 06:42:00 GMT http://www.complianceasia.com/949/ching-ming-festival-hong-kong-office-closed-04042012/ Our Hong Kong offices will be closed on Wednesday, 4 April 2012 for Ching Ming Festival. If you have any urgent matters please direct your enquiries to our &lt;a href="http://www.complianceasia.com/contact-form/singapore-office/">Singapore office&lt;/a>. Tue, 03 Apr 2012 04:05:01 GMT http://goo.gl/NO9CT MAS has reviewed the current regulatory capital framework for capital markets services licensees, which is contained in the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations. This consultation paper sets out the proposed changes arising from the review, which seek to align the regulatory capital framework across CMSLs and enhance the risk-based capital framework. Tue, 03 Apr 2012 02:58:10 GMT Singapore http://goo.gl/K2bgl The arrest of the billionaire brothers who run Sun Hung Kai Properties Ltd. by Hong Kong’s anti-corruption body may highlight succession risks at the city’s largest family controlled developers. Mon, 02 Apr 2012 03:26:11 GMT Hong Kong http://goo.gl/KB5x2 Financial traders have a new toy: Bitcoin, a digital currency variously dismissed as a Ponzi scheme or lauded as the greatest invention since the Internet. Mon, 02 Apr 2012 03:25:11 GMT United Kingdom http://goo.gl/yKWN1 The U.S. Securities and Exchange Commission will oversee hundreds more private advisers at hedge funds and private equity firms than it first predicted, expanding the reach of one of the most controversial requirements of the Dodd-Frank Act. Fri, 30 Mar 2012 03:02:42 GMT United States http://goo.gl/fBLEu In response to media enquiries, an ICAC spokesman yesterday (Thursday) confirmed that two senior executives of a listed company in Hong Kong and a former principal official of the Hong Kong Government have been arrested for suspected corruption. Fri, 30 Mar 2012 01:34:27 GMT Hong Kong http://goo.gl/KBSJt Singapore: The executive chairman of a mainboard-listed firm, armed with inside information unavailable to the public, sold 849,000 of his company shares in 2007, a court heard yesterday. Thu, 29 Mar 2012 04:12:01 GMT Singapore http://goo.gl/9lvih Compliance and in-house legal teams at several major service providers are seeing a spike in due diligence questionnaires sent to them by their customers. Thu, 29 Mar 2012 04:11:16 GMT United States http://goo.gl/Xln3h China has approved plans to set up a pilot zone in the eastern city of Wenzhou to regulate private financing activities, the State Council, China's cabinet, said Wednesday. Thu, 29 Mar 2012 04:10:45 GMT China http://goo.gl/K2Zl1 Singapore Exchange (SGX) today announced a new organisation structure to reinforce its positioning as the Asian Gateway and better leverage growth opportunities in the region. Wed, 28 Mar 2012 02:25:57 GMT Singapore http://goo.gl/FeXST Companies operating in the Asian region, where state-owned or controlled entities are commonplace, have been warned again of the particular risks they face. Wed, 28 Mar 2012 02:22:43 GMT Asia http://goo.gl/0MJUU The Securities and Futures Commission has banned Mr Ramesh Kumar Chuharmal Sadhwani, a former licensed representative of Citigroup Global Markets Asia Limited, from re-entering the industry for 10 years from 23 March 2012 to 22 March 2022. Tue, 27 Mar 2012 03:02:16 GMT Hong Kong http://goo.gl/VL3jO On 16 January 2012, Malaysian Chinese Association paid a composition amount of $17,500 for contravening section 137 of the Securities and Futures Act which requires substantial shareholders of listed companies to notify the securities exchange of changes in their shareholdings. Tue, 27 Mar 2012 03:01:27 GMT Singapore http://goo.gl/gP8W6 The Financial Services Authority has fined Coutts &amp; Company £8.75 million for failing to take reasonable care to establish and maintain effective anti-money laundering systems and controls relating to high risk customers, including Politically Exposed Persons. Tue, 27 Mar 2012 02:58:14 GMT United Kingdom http://goo.gl/SN8F1 The Securities and Futures Commission (SFC) has today announced that the payment of annual licensing fees will be waived for a two-year period, effective from 1 April 2012. This initiative will benefit about 40,000 intermediaries. Mon, 26 Mar 2012 06:28:02 GMT Hong Kong http://goo.gl/4wJrm Creative Master Bermuda's application for an extension of time to meet the criteria to be removed from the watch-list of loss-making companies has been rejected. Mon, 26 Mar 2012 04:35:14 GMT Singapore http://goo.gl/rm61Z Hong Kong has gazetted the rules for Short Position Reporting. They will come into effect on 18 June 2012. <p>Penalties for infringing the rules have also been gazetted <a href="http://goo.gl/28bs7">here</a>.</p> Mon, 26 Mar 2012 04:34:03 GMT Hong Kong short selling http://goo.gl/Zzgch Japan's financial regulator has stripped AIJ Investment Advisors of its registration as an asset manager after the company was unable to account for the bulk of $2.4 billion in pension funds, Financial Services Minister Shozaburo Jimi said. Fri, 23 Mar 2012 03:37:26 GMT Japan http://www.hongkongtens.com ComplianceAsia Consulting Ltd. is proud to be an official sponsor of the 2012 GFI HKFC Tens rugby tournament at the Hong Kong Football Club from 21 to 22 March 2012. Wed, 22 Mar 2012 11:59:59 GMT rugby tens http://goo.gl/MIq6e Shares of Japan's Nomura Holdings fell on Thursday after sources told Reuters an employee at the brokerage was the source of a tip-off to a Japanese fund manager penalised for insider trading ahead of a stock offering by energy firm Inpex. Thu, 22 Mar 2012 03:20:02 GMT Japan http://goo.gl/K1ivo Mr Li is the Chairman and an executive director of Neo Telemedia Limited. <p>The GEM Listing Committee also criticises Mr Zhou Zhibin, a former executive director of the Company (resigned with effect from 16 December 2011), for breaching the GLR.</p> Thu, 22 Mar 2012 02:37:05 GMT Hong Kong http://goo.gl/OHxQc Opinion: Until governments tackle insider trading on a global basis, it’s like playing Whac-A-Mole. If your business model includes insider trading, you can pop up in Hong Kong or London almost as easily as Tokyo and Shanghai without much fear of prosecution. Wed, 21 Mar 2012 07:36:22 GMT Insider Dealing http://goo.gl/OwC2w Hong Kong, a bastion of free-market policies and low corporate taxes as well as the gateway to the world’s most populous nation, is the best place to do business, according to <a href="http://goo.gl/CdODQ">data compiled by Bloomberg</a>. Wed, 21 Mar 2012 04:33:09 GMT Hong Kong http://goo.gl/2hTz9 A recent poll from Deloitte has revealed a starting disconnect – that while 2011 was the first year in which every U.S. foreign bribery enforcement action involved third parties, many companies conduct low amounts of due diligence on business partners. Tue, 20 Mar 2012 03:00:00 GMT due diligence FCPA http://goo.gl/wp4MI In recent times, Singapore has been uncharacteristically troubled by a number of actual and alleged public sector fraud and corruption scandals. Tue, 20 Mar 2012 02:58:21 GMT Singapore bribery http://goo.gl/SZsFL An executive of Sun Hung Kai Properties Ltd has been arrested by Hong Kong's anti-graft body over suspected bribery, the developer announced in a statement late on Monday. Tue, 20 Mar 2012 01:49:32 GMT Hong Kong bribery http://goo.gl/uKSBO Changes may be coming with regard to how the territory's regulators treat commission disclosure and investment-linked assurance schemes. Mon, 19 Mar 2012 05:01:49 GMT Hong Kong ILAS Commission disclosure http://goo.gl/kvjLD By introducing a reporting regime for large short positions, Korea will also join the global effort to expand a pool of information for market supervision and maintain the orderly functioning or stability of the markets. Mon, 19 Mar 2012 05:01:18 GMT South Korea short selling http://goo.gl/SyZJF While regulation has propelled global clearing houses into the lucrative over-the-counter (OTC) derivatives market, it has also clipped some of the growth in this area, as tightened capital requirements force banks to save on margins. Mon, 19 Mar 2012 04:59:56 GMT Singapore OTC derivatives http://goo.gl/mGQy0 Singapore Exchange (SGX) is consulting the public on its proposed changes to the reporting and registration of Negotiated Large Trades (NLTs) in the derivatives market. Fri, 16 Mar 2012 03:00:56 GMT Singapore derivatives large trades http://goo.gl/ZflT5 The District Court today acquitted Mr David Vong Tat-Ieong, chief executive officer of Vongroup Ltd, of two charges that he disclosed false or misleading information inducing the sale or purchase of securities or to maintain or increase the price of Vongroup shares. Fri, 16 Mar 2012 01:48:31 GMT Hong Kong misleading statements false statements http://goo.gl/mwTiY The Securities and Futures Commission (SFC) welcomes consultation conclusions announced by the Hong Kong Exchanges and Clearing Ltd (HKEx) Sunday to implement risk management reform measures for its clearing houses. Mon, 12 Mar 2012 05:45:06 GMT Hong Kong risk management clearinghouses http://goo.gl/VSrgz The Monetary Authority of Singapore (MAS) said on Friday it has been approached by regulators in other countries to help in investigations over the possible manipulation of interbank interest rates. Mon, 12 Mar 2012 05:43:35 GMT Singapore http://goo.gl/FHmyW The Court of First Instance today ordered the founder and former chairman of Styland Holdings Ltd (Styland) , Mr Kenneth Cheung Chi Shing, and his wife Ms Yvonne Yeung Han Yi, a former executive director of Styland, to pay compensation totalling over $85 million to the company for their misconduct. Thu, 08 Mar 2012 01:36:49 GMT Hong Kong Market Misconduct http://goo.gl/U6dR2 The FATF has approved and published the follow-up report for China. The first mutual evaluation report of China was adopted in June 2007 when China became a full member of the FATF. Thu, 08 Mar 2012 01:33:19 GMT China FATF http://goo.gl/i0Qja Japan's securities watchdog became on Tuesday the latest authority to file a criminal complaint against Olympus Corp, some former executives and outside advisers over the company's $1.7 billion accounting fraud. Wed, 07 Mar 2012 03:17:40 GMT Japan http://www.complianceasia.com/912/632012-hong-kong-breakfast-meeting/ “New Hong Kong Anti Money Laundering Rules – Practical Guide on CDD and Risk Assessment” Tue, 06 Mar 2012 00:00:00 GMT Breakfast Meeting http://goo.gl/J1BtY The SFC’s investigation found that between December 2010 and January 2011, Hui: <ul> <li>carried out unauthorized trading transactions in two clients’ accounts;</li> <li>lied to the clients by telling them that the unauthorized trades were error trades; and</li> <li>failed to disclose to her employer her personal trading activities in the clients’ securities accounts.</li> </ul> Mon, 05 Mar 2012 03:37:46 GMT Hong Kong unauthorized trading http://goo.gl/92Gje The setting up of the Risk and Strategy Unit is in line with the SFC’s statutory objectives of reducing systemic risks and maintaining financial stability in the securities and futures markets. Mon, 05 Mar 2012 03:36:52 GMT Hong Kong risk management