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Global Trustee and Fiduciary Services News and Views
| Issue 48 | 2017
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But what other topics are on people’s minds?
The UK’s decision to exit the EU, which is currently unfolding, is still of interest to many, not just those based in the UK.
Included in this edition is an article that sets the scene and identifies topics for consideration, as asset managers continue to
look at their options. Most recently, and also worth reviewing, is an Opinion from ESMA (ESMA42-110-433) setting out general
principles aimed at helping market participants wishing to relocate from the UK to the EU.
We are still waiting for the UK’s FCA to reveal its proposals for a Senior Managers and Certification Regime, and, in terms of
this particular trend for senior management accountability on a global level, the Hong Kong regulator will shortly have its own
regime in place — The Manager-in-Charge Regime. Our article covering this topic addresses what the Hong Kong Securities and
Futures Commission-licensed corporations need to do to make sure they will be.
Unlocking innovation
Regulators globally have been discussing the potential benefits and concerns for FinTech and RegTech solutions to assist in
the effective compliance of regulation. Two areas utilising such solutions for asset managers involve the continuing evolution
of robo-advice and efficiencies to be gained for purposes of know-your-client (KYC) requirements.
This edition focuses on developments in the US, where robo-advisers have historically been more prevalent, but other
jurisdictions are also picking up on this theme. However, in a bid to keep up with the growth of online financial services
offerings, the SFC recently released a consultation on proposals to regulate online distribution and advisory platforms for
investors. The regulator is proposing to introduce guidelines for online order execution, distribution and advisory services. The
proposed guidelines also cover robo-advice, an area that until now has not been directly targeted by regulation in Hong Kong.
Additionally we also consider how distributed ledger technology can be used to lower KYC costs.
We would like to thank all our external contributors for their time and insights: we are grateful to them for sharing their
knowledge and experience with us and our readership.
In keeping with previous editions, we hope you continue to enjoy Global Trustee and Fiduciary Services News and Views
and invite you to contact our Regulatory Services team (see our contact details at the back) with any questions you might
have or interests to learn more about any regulatory matters not covered in this edition.