Asia Newsletter | December 2023

NEWSLETTER: In what feels like a blink of the eye, the holiday festivities are just around the corner. Despite challenges coming from all angles, it’s been encouraging to see many of our clients continuing to grow and innovate, and the regulators pushing forward with pace to provide predictable frameworks, particularly in the virtual asset space.

On that note, in Hong Kong, the SFC are cracking down on illegal digital trading activities with the recent JPEX fraud case, highlighting the new licensing regime for Virtual Asset Trading Platforms. We recently ran a webinar walking through the regime and requirements for firms which you can catch up on here if you missed it.

In response to market volatility, the SFC has also introduced its Risk Management Guidelines for futures brokers (Type 2 licensees) to disseminate what they see as best practice. We unpick the guidelines and summarise the controls expected to be in place.

Hopping across to Singapore, virtual assets also remain firmly on the agenda, with the MAS issuing the second half of its response to its Digital Payment Token Services consultation paper, continuing their focus on consumer protection.

MAS crosshairs are also set on the asset management sector, with its new information paper outlining its liquidity risk management expectations. Its focus on senior management oversight, monitoring and management, and stress-testing mean it’s worth making sure your compliance frameworks remain fit for purpose, to avoid getting caught out.

Finally, at this time of year, many firms are starting to think about completing their annual cross border arrangements audit and certification. We recently looked at some of the sectoral differences stemming from the requirements, and it’s an area where we’re helping many of our clients as they prepare for the exercise .

Wishing you and your loved ones an enjoyable holiday period, and I look forward to seeing what 2024 has in store.

Rebecca Thorpe
Chief Executive Officer

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