Here at Bovill Asia, we don’t mind admitting that we are obsessed with regulatory change. And luckily for us there is always plenty of material to feed our obsession. Most of our Asian clients do not have to deal with just one regulator and a single set of rules, but often many regulators across the region, let alone the economic and political nuances in each country that impact on the threats and opportunities for business growth. Financial services is becoming increasingly global too. Though the markets have grown international, regulation remains nationally based, constrained by the domain of domestic jurisdictions, adding to the complexity and presenting practical difficulties in having a consistent in approach.
The regulators themselves are constantly evolving and changing, learning from each other and responding to economic events. As a result, it is vital that businesses are proactive and responsive to regulatory change, in order to survive in an ever more competitive World. In addition to running their business, firms must stay on top of regulatory change, but also recognise the opportunities presented, and what your competitors are doing as a consequence. This means keeping an eye on what the regulator is doing is not just a job for compliance.
From a global perspective, our local regulators here in Asia are less prescriptive. But this does not mean that compliance is any less of a challenge. Without prescriptive rules it can be difficult to be confident that your response is appropriate or will satisfy the supervisors. With our global perspective and deep experience here at Bovill, we can help you interpret the principles and rules for your business and ensure you are confident that your approach is the right one.
We know that you do not always have the time to immerse yourself in every detail that is published by regulators. This is where Bovill comes in. We can support your Board and Compliance Department as we fully understand the regulatory horizon and are able to recognise the impact of regulatory change. Take a look at these pages for our initial thoughts on the current regulatory horizon.