Hong Kong, Feb 26, 2013 - (ACN Newswire) - Promontory Financial Group (PFG) warned that Asian financial companies face hidden regulatory pitfalls in the Year of the Snake.
PFG experts called on the financial services industry to make sure their clients are purchasing the right products in an article in the winter edition of 'Promontory Sightlines'.
"Recent punitive action taken against 'minibond' sellers by the Hong Kong and Singapore regulators shows that the era of 'buyer beware' in the financial services industry is over. Legislators, regulators, and enforcement authorities are closely watching the steps companies are taking to protect consumers when introducing new financial products," said Ronald Gould, Managing Director of PFG in Greater China.
Multinational companies looking to expand their business in Asia should also be wary about hidden risks.
"Regulators in the United States and Europe are increasingly probing the actions of locally domiciled companies overseas, particularly in areas such as corruption," said Frederic Lau, Managing Director of PFG. "For example, companies making acquisitions in Asia may be liable for any past criminal activity conducted by their new subsidiary. Good due diligence is essential."
The winter edition of 'Promontory Sightlines' also includes articles on:
-- The regulatory landscape in President Obama's second term
-- Risk management approaches banks should take to guard against cyberthreats
-- New rules emerging from the recent overhaul of the US bank capital regime
-- Latest compliance requirements for insurance companies coming from the International Association of Insurance Supervisors' public consultation
-- Steps for remediation banks should take to respond to customer complaints
'Promontory Sightlines' is regularly published at www.promontory.com .
About Promontory
Promontory Financial Group, headquartered in Washington, D.C., is the premier global consulting firm for financial services companies. Promontory has offices in Atlanta, Brussels, Denver, Dubai, Hong Kong, London, Milan, New York, Paris, San Francisco, Singapore, Sydney, Tokyo, Toronto, and Washington. Eugene A. Ludwig founded Promontory in 2001.
For more information on Promontory Financial Group in Asia, please contact Ronald Gould or Frederic Lau at +852 3975 2901 or Alexander Carmichael at +65 6410 0900.
Source: Promontory
Contact: Asia
Anne Pang
College Hill
+852 3791 2287
anne.pang@collegehill.com
Americas
Debra Cope
+1 202 384 1011
dcope@promontory.com
Copyright 2013 ACN Newswire. All rights reserved.
Feb 26, 2013
From the Japan Corporate News Network
http://www.japancorp.net
Topic: Press release summary
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