Asia Newsletter | April 2024

NEWSLETTER: I was delighted to spend some quality time with clients, colleagues and partners across Singapore and Hong Kong this month. It had been a long gap since my last in-person visit and so the differences were noticeable and positive, ranging from brand new tower blocks to a distinct renewed sense of optimism around business growth.

The MAS has been busy of late, issuing a repeal of the regime for Registered Fund Management Companies. Those in scope wishing to continue trading after the 1st of August this year will need to ensure applications are prepared and submitted on time. The regulator has also extended the scope of cross-border money transfer, domestic money transfer and digital payment token services under the Payment Services Act. Do check whether you’re now caught under the expanded remit as you’ll need to notify the MAS by the 3rd May for a temporary exemption.

It’s worth noting the independent Business Continuity Management audit deadline is fast approaching, so don’t hesitate to reach out if you need any support in reviewing the effectiveness of your framework before the 6th June. Our team also ran a face-to-face session on what a good (and bad!) audit looks like, so get in touch if you’d like to pick our brains.

Over in Hong Kong, the FSTB’s public consultation on legislative proposals around regulating over-the-counter trading of virtual assets has officially closed. Make sure that you understand the implications of the proposed regime on your business if you’re affected.

Finally, a reminder that the Business and Risk Management Questionnaire deadline is just around the corner for Hong Kong firms with a 31 Dec year-end. Take this opportunity to check whether your systems are up to scratch before the 30th April to avoid getting caught out during routine inspections.

Rebecca Thorpe
Chief Executive Officer

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