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| Tuesday, 26 February 2013, 12:30 HKT/SGT | |
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Source: Promontory | |
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HONG KONG, Feb 26, 2013 - (ACN Newswire) - Promontory Financial Group (PFG) warned that Asian financial companies face hidden regulatory pitfalls in the Year of the Snake.
PFG experts called on the financial services industry to make sure their clients are purchasing the right products in an article in the winter edition of 'Promontory Sightlines'.
"Recent punitive action taken against 'minibond' sellers by the Hong Kong and Singapore regulators shows that the era of 'buyer beware' in the financial services industry is over. Legislators, regulators, and enforcement authorities are closely watching the steps companies are taking to protect consumers when introducing new financial products," said Ronald Gould, Managing Director of PFG in Greater China.
Multinational companies looking to expand their business in Asia should also be wary about hidden risks.
"Regulators in the United States and Europe are increasingly probing the actions of locally domiciled companies overseas, particularly in areas such as corruption," said Frederic Lau, Managing Director of PFG. "For example, companies making acquisitions in Asia may be liable for any past criminal activity conducted by their new subsidiary. Good due diligence is essential."
The winter edition of 'Promontory Sightlines' also includes articles on:
-- The regulatory landscape in President Obama's second term
-- Risk management approaches banks should take to guard against cyberthreats
-- New rules emerging from the recent overhaul of the US bank capital regime
-- Latest compliance requirements for insurance companies coming from the International Association of Insurance Supervisors' public consultation
-- Steps for remediation banks should take to respond to customer complaints
'Promontory Sightlines' is regularly published at www.promontory.com .
Contact:
Asia
Anne Pang
College Hill
+852 3791 2287
anne.pang@collegehill.com
Americas
Debra Cope
+1 202 384 1011
dcope@promontory.com
Topic: Research / Industry Report
Source: Promontory
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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