October 7, 2014
Thomson Reuters to Host the Fifth Pan-Asian Regulatory Summit in Hong Kong
Hong Kong - Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced that the 5th Pan-Asian Regulatory Summit will take place in Hong Kong on 29 - 30 October, 2014.
The Pan-Asian Regulatory Summit provides a forum for regional and global regulatory bodies and policy makers within the financial services industry across the Asia-Pacific region to discuss key regulatory issues. More than 500 senior business leaders from local and international banks, financial institutions, authorities, associations, local, regional and international regulatory bodies are expected to attend the Summit.
Regulatory bodies and banks represented at the event include the Hong Kong Securities & Futures Commission (HKSFC), Hong Kong Monetary Authority (HKMA), People’s Bank of China, International Organization of Securities Commissions (IOSCO), Financial Conduct Authority and Prudential Regulatory Authority (PRA) from the UK, Bank of England, Australian Securities and Investments Commission (ASIC), Securities & Exchange Commission of Thailand, Bank of Korea, amongst others.
John Tsang, Financial Secretary of the Hong Kong SAR Government, Ashley Alder, CEO of HKSFC and Mark Steward, Executive Director of enforcement from the HK SFC will deliver keynote speeches, while David Wright, the Secretary General of IOSCO will provide the closing remarks.
Sanjeev Chatrath, managing director, Asia Pacific, Financial & Risk, Thomson Reuters, said, “As the global regulatory landscape continues to evolve, Asia-based regulators are looking for opportunities to work more closely together to present a more unified voice. As an example of this, the Shanghai-Hong Kong Stock Connect scheme that will be one of the Summit’s most topical discussions will strengthen links between securities regulators and exchanges in Hong Kong and China.”
The two-day program will explore key themes such as regulatory risk management across Asia, anti money laundering, personal data protection and cyber threats to financial institutions, closer cooperation and financial integration between mainland China and Hong Kong, OTC derivatives reform implementation including Basel III capital and liquidity reforms, and regulatory focus on electronic trading platforms, dark pools, high frequency trading and MiFID II.
Companies and organisations supporting this year include Allen & Overy, Barclays, Citi, Microsoft, CompliancePlus Consulting, Compliance Recruitment Solutions, CFA Institute, Robert Walters, ASIFMA, PricewaterhouseCoopers as well as Liberty Asia, a NGO that combats human trafficking in the region.
According to Thomson Reuters Annual Cost of Compliance Survey, more than half compliance officers expect personal liability to increase in 2014. Thomson Reuters surveyed more than 600 compliance practitioners from financial services firms including banks, brokers, insurers and asset managers across 71 countries covering Africa, the Americas, Asia, Australia, Europe and the Middle East. It builds on annual surveys of similar respondents conducted over the course of the last five years, offering year-on-year trends and developments. Key findings from the latest report include:
- 66 percent of respondents expect the cost of senior compliance professionals to increase in 2014.
- 75 percent of respondents expect an increase in the amount of information published by regulators.
- 26 percent of compliance teams spent less than an hour a week amending reports for the board, a similar finding as last year’s survey
- Compliance functions report spending very little time liaising with the internal audit function finding which continues to cause of concern.
- The number of compliance teams spending more than 10 hours a week tracking and analyzing regulatory developments nearly doubled in both the U.S. (13 percent in 2013 and 25 percent in 2014) and the Middle East (8 percent in 2013 and 18 percent in 2014).
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organisation. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. For more information, go to www.thomsonreuters.com