Compliance

Latest News for Compliance

• September 5, 2010 - BTA Bank Cuts Debt With Restructure
  

  Kazakhstan's BTA Bank has completed its restructuring efforts after defaulting last year on billions of dollars worth of foreign debt. BTA Bank had borrowed from overseas financial institutions at low interest rates a few years ago then lent these in Kazakhstan for higher rates, as was the practice among banks in the country.

• August 24, 2010 - Singapore Regulator Lifts Ban On Sale Of Structured Notes
  

  The Monetary Authority of Singapore has lifted the ban on the sale of structured notes on six brokerage firms. With immediate effect, CIMB Securities, Kim Eng Securities, .

• August 22, 2010 - Foreign Banks With Insurance Plans Face Stricter Guidelines In India
  

  The Reserve Bank of India is implementing stricter rules over the business presence of foreign financial institutions in the country. To protect domestic businesses, the FDI has proposed that foreign direct investment proposals of private banks with insurance joint ventures or subsidiaries should get the approval of two regulators before they can operate: the RBI and the Insurance Regulatory and Development Authority.

• August 18, 2010 - NY Law Firm Sets Up Asian Practice To Guard Disputes On Foreign Banks
  

  New York law firm Kobre & Kim has appointed William McGovern to head a new Hong Kong office that focuses on Asian clients with disputes against US regulators or international banks. McGovern was previously the executive director of the transaction management group at Morgan Stanley.

• August 15, 2010 - Aberdeen Obtains QFII Licence In China
  

  Aberdeen Asset Management has just received a Qualified Foreign Institutional Investor (QFII) licence from the China Securities Regulatory Commission to invest in domestic Chinese securities. The investment manager is looking to expand its fixed income business in the region, it said in a statement.

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Latest Features for Compliance

• November 3, 2009 - Asian Headhunters Sharpen Focus On Wealth Management
  

  Financial industry headhunters in the Asia-Pacific are re-focusing on the private banking and wealth management sectors as traditional areas, such as investment and corporate banking, continue to struggle in the wake of the global financial crisis. Tim Tsang, who works with global executive search firm Tardis Group in Sydney, confirmed that he had focused his efforts on the Asian private banking sector, and discovered a sweet spot in “legal and compliance. ” “It proved to be a good move for me and I turned around a good number of deals in a short time,” he told WealthBriefingAsia.

• February 6, 2002 - Singapore's new financial advisory regime: the Financial Advisers Act
  

  During the past year, most Singaporean investors would have heard about or witnessed the gradual transformation how financial products are distributed. The changes include the introduction of fact-finding and needs analysis by life insurance agents, compulsory disclosure of commissions, and the gradual roll out of alternative distribution channels for unit trusts, insurance and other financial services. The Monetary Authority of Singapore has laid the foundations for increased professionalism and productivity, moving distributors away from product push to needs-based selling.

• August 2, 2001 - Thailand's AML Laws Start to Bite
  

  It has taken a while, but Thailand is now actively enforcing its anti-money laundering legislation of 1999 under the scrutiny of European advisers and its regime is, in some ways, much tougher than western models. The Anti-Money Laundering Act 1999 is aimed at the proceeds of a wide range of crimes. There was initial delay in enforcement while the Anti-Money Laundering Prevention and Suppression Office was being set up and ministerial regulations were being framed.

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