WAM Annual Regulatory Update 2019 - Practical Challenges of the New Fund Manager Code of Conduct and AML
This is the second part of the 2019 WAM Annual Regulatory Update.
(A) New FMCC - Practical Implementation issues
The SFC's new Fund Manager Code of Conduct (New FMCC) came into effect on 18 November 2018. Ms Helen Li from PwC will share her views on the common challenges that industry players have experienced on their journey to compliance with the revised FMCC
The Hong Kong Private Wealth Management 2018 report, jointly authored by the Private Wealth Management Association (PWMA) and KPMG China, anticipated that the industry’s Assets under Management (AuM) will double over the next five years. The survey respondents reported that onboarding and regulations are top concerns for the industry. Mr Hokee Fu from PwC will share his views of the key AML challenges faced by the industry.
(C) Panel discussion
Mr Samuel Choi will moderate a panel discussion on the challenges faced by the Asset and Wealth Management industry. Panel members include:
Mr Hokee Fu, PwC
Mr Wilkie Lai, aiM Group
Mr Alex Leung, aiM Group
Ms Helen Li, PwC
Ms Vivien Teu, Vivien Teu & Co LLP
Who should attend
Practitioners in the Asset and Wealth Management industry
Financial Incentive Scheme of the WAM Pilot Programme
This is one of the eligible courses / seminars / conferences under the Financial Incentive Scheme (“The Scheme”) of the WAM Pilot Programme.
Eligible in-service practitioners of the financial services industry could apply for reimbursement of 80% of the course fees, subject to a maximum of HK$7,000 (whichever is lower) upon satisfactory completion of a course / seminar / conference over the three-year period of the Scheme.
Each individual may apply for reimbursement for more than one course / seminar / conference.
Application to reimburse the course fees, together with the required documents, must be submitted within four months from the last day of the course / seminar / conference attended. Please refer to the WAM Pilot Programme website for more details.
Hokee has spent six months on secondment to a regulator where he conducted inspections of banks in order to assess their compliance status against the applicable Anti-Money Laundering requirements. He has supported a regulator in the development of money laundering risk assessment, with a primarily focus on industry data collection and analysis.
He is a member of the Anti-Money Laundering working group at the Hong Kong Institute of Certified Public Accountants, assisting with the development of the institute’s enhanced AML guidelines to accountants and comment upon government consultations.
He is also a regular speaker at various functions, including the management of tax evasion risk at a Hong Kong Monetary Authority training seminar, and at Anti-Money Laundering training seminars jointly organised by the Narcotics Division within the Security Bureau of the Hong Kong Special Administrative Region Government, Joint Financial Intelligence Unit and Hong Kong Institute of Certified Public Accountants.
Before that he was the Head of Compliance for Dragon Capital Group, a US$1.5 billion+ regional fund with a focus in the Indo-China markets. His mandates covered regulatory and investment compliance across multiple jurisdictions including Hong Kong, EU, UK, US and traditional offshore markets. In that capacity he was a member of the Group's Management and Compliance Committee.
Prior to Dragon Capital Group, he spent more than 7 years at TriBridge Investment Partners, a pan-Asian credit hedge fund, in various capacities including Chief Risk Officer and Managing Director. In his tenure he covered all non-trading functions including operations, client management, risk management, legal and compliance.
Wilkie also headed up different risk management functions for a number of financial institutions in Hong Kong. He was with Bank of China (Hong Kong) focusing on bank-wide market risk management functions, as well as Banca Intesa S.p.A. Hong Kong Branch focusing on overall risk management functions. Prior to his internal risk manager roles, Mr. Lai spent 6 years with Thomson Reuters, the global information company, in their Trade and Risk Management practice focusing on treasury and middle office advisory and solutions for financial institutions across Asia. He also worked for Andersen Consulting (now Accenture) in process re-engineering for financial institutions.
Wilkie is a lawyer qualified by the State of New South Wales, Australia. He read law at Chinese University of Hong Kong and Australia National University and holds a Juris Doctor degree. He further received a M.Sc. degree in Information System Management from Hong Kong University of Science and Technology, and a B.A. degree in Computer Science from the University of California.
In 2008-2009, Helen seconded to the SFC’s Intermediary Supervision Department for a 9-month period, during which she was responsible for the supervision of SFC licensed intermediaries, including securities broker firms, fund managers and investment advisors.
Helen is a member of the Hong Kong Institute of Certified Public Accountants (HKICPA) and the Association of Chartered Certified Accountants (ACCA). She is a member of Investment Funds Regulatory Panel of HKICPA. She is also a charter holder of Chartered Financial Analyst.
Ms Teu is qualified to practice law in Hong Kong, England & Wales, Singapore and Malaysia. She previously held lead roles in China and Hong Kong funds practice at market leading Hong Kong and international law firms, and thereafter gained substantial in-house experience as Greater China Head of Legal at a large global asset management firm.
With her extensive legal practice and in-house experience focused in the areas of asset management, funds and investment arrangement, trusts and financial services, Ms Teu frequently advises on securities regulatory issues and assists financial institutions on Hong Kong set up, SFC licensing and other legal or regulatory matters.