MyComplianceOffice Blog

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.

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.

A consistent theme across sessions at the 2023 SIFMA Compliance and Law Annual Seminar was change. Change is constant in the financial services industry. And when you're dealing with constant change, there’s no time for complacency

In late 2022, the Monetary Authority of Singapore (MAS) announced a complete ban on payment for order flow (PFOF) in Singapore. The move is designed to protect investor interests by mitigating the risk of conflicts of interest arising in brokers’ best execution obligations to their customers. The PFOF ban will commence on 1 April 2023 and can affect financial firms and individuals operating under a capital markets services (CMS) licence in Singapore.

Small businesses and financial firms have undergone seismic shifts over the last few years. The pandemic forced employers to rethink their positions on remote and hybrid working models, and employees have come to expect greater flexibility. PwC’s survey of over 18,000 workers across Asia-Pacific (APAC) reveals that 66% expect to perform their roles in a hybrid capacity 12 months from now. In contrast, 24% expect fully-remote and only 10% fully in-person.