[Hong Kong]
Insurance Authority designates three insurance holding companies under the
group-wide supervision framework
IA News, 14 May 2021
The Insurance Authority, by notice published in the Gazette on 14 May
2021 in accordance with the Insurance Ordinance (Cap. 41), designated three
insurance holding companies, namely AIA Group Limited, FWD Management Holdings
Limited, and Prudential Corporation Asia Limited, to be subject to the
group-wide supervision (GWS) by the IA. Under the GWS framework, the IA has
direct regulatory powers over the designated insurance holding company (DIHC).
Through the control and influence that the DIHC may exercise over the
respective insurance group, the IA can carry out effective GWS over the
insurance group.
Full text: click here
[Singapore] Guidelines on Licensing,
Registration and Conduct of Business for Fund Management Companies [SFA 04-G05]
MAS Regulation, 14 May 2021
These guidelines set out the eligibility criteria and application
procedures for licensed fund management companies (LFMCs), venture capital fund
managers (VCFMs), and registered fund management companies (RFMCs). They also
set out the ongoing business conduct requirements for LFMCs, VCFMs and RFMCs,
including requirements relating to custody, valuation and reporting, conflicts
of interest mitigation, disclosure and submission of periodic returns.
Full text: click here
[Singapore] Consultation
Paper on Proposals to Mandate Reference Checks
MAS News, 14 May 2021
This consultation seeks views on MAS’ proposal to require financial
institutions to conduct reference checks and respond to reference check
requests on employees, based on a set of minimum mandatory information within a
specified period of time.
Full text: click here
Philippines joins ASEAN
cross-border funds investment scheme
Asia Asset Management
News, 14 May 2021
The Philippines has become the fourth
country to join the ASEAN Collective Investment Schemes Framework. The move
will allow approved Philippine funds to be sold under a streamlined
authorisation process to retail investors in countries that have joined the
cross-border scheme. The other signatories are Malaysia, Singapore and
Thailand. The Philippines Securities Exchange Commission (Philippines SEC) has
signed a memorandum of understanding with counterparts from the three countries
for admission into the scheme.
Full text: click here
[Hong Kong] Conduct In
Focus looks at conduct issues for insurance agents selling insurance from
temporary booths
IA News, 17 May 2021
The IA published its latest issue of Conduct
In Focus, featuring the recent trend of insurance agents promoting insurance
products in public places such as temporary booths and vacant retail outlets
and related possible conduct issues. An issue the IA observe is that certain
“self-made” marketing materials and banners used in these sale activities to
“hook” the customer’s attention, may sometimes not be approved by the insurance
agents’ appointing principals, as required by the Code of Conduct for Licensed
Insurance Agents. The IA also emphasize the importance of providing adequate
time and information to prospective customers during these activities, so they
can make informed decisions.
