"Business information for a reporting framework" series :
Governance, Risk and Compliance for investment services and private banking in Hong Kong

Held on : 14th September 2010

event summary

Following the global financial crisis, FRSGlobal’s Centre of Risk & Regulatory Excellence (CoR2E) team have been continuously monitoring the global trend for increased banking supervision and corporate governance, where every central bank or monetary authority around the world has amplified its requirements. As part of the 'Business information for a reporting framework' webinar series, this particular webinar focused on how the new regulatory landscape has impacted the investment services and private banking business in Hong Kong.

The financial crisis affected the global markets, and Hong Kong banks were no exception as they were one of the many regions that faced accusations of mis-selling wealth management products. Following public protests to the government and various banks that were involved in the scandal, and complaints that both the Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SFC) of Hong Kong did not perform their functions well enough, the Legislative Council initiated a full investigation in 2009.

This resulted in the launch of a fair compensation scheme to protect “non-professional” investors, who subscribed to various Lehman Brothers mini-bonds. On top of this, the HKMA increased banking supervision requirements to all banks in Hong Kong, to the extent that those banks involved with selling investment products must keep video records to capture each interview and selling process.

Further to this extra supervision, there has been an extra push for the board and senior management to ensure overall integrity and governance by implementing robust risk management and internal control systems for compliance with the Banking Ordinance, SFO and other market regulations. In August this year, HKMA also announced the launch of the Mystery Shopper Programme to monitor their compliance.

The HKMA regularly revise a number of guidelines on corporate governance applicable to all authorised institutions in Hong Kong to take into account international developments and to keep up with international best practice. It is more important than ever to keep up-to-date with these changes.

The webinar agenda covered the following key points:

  • Investment services and private banking in HK (introduction)
  • Ordinance and rules for private banking business
  • Market regulations by Hong Kong Exchange Ltd. (HKEx)
  • Major regulatory returns for private banking business
  • Supervisory by HKMA and SFC
  • Camel rating system

Governance, Risk and Compliance
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Attendees automatically receive a summary of the webinar, complete with results of on-line polls and questions submitted during the Q&A session, the PowerPoint slides used during the presentation, and a link to a recording of the webinar.

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