MyComplianceOffice Blog

It’s 4PM on a Friday. You were hoping to wrap up for the day to start your weekend, but there’s a deal to be closed. The CEO is looking for confirmation that there are no conflicts around outside business activities or any other potential conflicts of interest, and he needs that info stat.

At a recent compliance round-table event in Hong Kong, compliance experts, executives, and chief compliance officers shared their firms’ challenges in keeping pace with regulatory change within the financial sector. They also discussed the increasing demands placed upon compliance teams, emerging opportunities, and the role of technology in more effectively managing regulatory risk and upholding compliance obligations.

The days when firms could write off regulatory fines as the cost of doing business are long over. Both the financial penalties and the reputational damage are too costly in the current regulatory environment.

According to the 2023 Starling Compendium, firms must have processes in place to prevent misconduct from happening in the first place.

It has been a lukewarm first quarter of 2023 for the global Initial Public Offering (IPO) market. Ernst & Young reports that 299 IPOs raised US$21.5b in Q1, representing 8% and 61% drops, respectively, year-over-year (YOY). Interest rate and inflation hikes, banking industry issues, and pessimism throughout the global stock market have made their mark this year.

After challenges with strict COVID restrictions and political issues in the last several years, Hong Kong is fighting to bolster its status as a global financial hub - and prove its unique advantage as the gateway between mainland China and the rest of the globe. As a result, technological developments and the regulations required to stay ahead of a rapidly evolving financial landscape are now a priority in the region.