Regulatory Hot Issues

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1 Regulatory Hot Issues March 2018 Welcome to our first edition of Regulatory Hot Issues, which will provide an overview of key regulatory issues and challenges that financial institutions are facing in Hong Kong. It can become difficult to keep track of regulatory updates when new regulations and guidelines are issued on a piecemeal basis almost everyday. Regulatory Hot Issues aims to provide you with a recap on some of the most pertinent areas that are challenging financial institutions. This publication will be released periodically as a reminder of key regulatory updates impacting the financial services industry.

2 HKMA s Bank Culture Reform Circular In March 2017, the Hong Kong Monetary Authority ( HKMA ) released the Bank Culture Reform circular which sets out their expectations of how banks should establish a sound corporate culture. This circular defines the following three pillars, which are to be used as the basis for bank s cultural frameworks. Authorised institutions ( AIs ) are expected to have implemented all necessary enhancements to meet these expectations by March As bank culture is intangible and spans across different functions, banks will likely find it challenging to effectively integrate these measures to drive a consistent and desirable culture. We note that the industry faces a number of common challenges in complying with this circular, in particular with respect to: Designing a dashboard of cultural indicators which is appropriate for the designated culture committee; Designing and conducting employee surveys, focus groups and interviews to seek honest, transparent and unbiased feedback; Designing customer satisfaction surveys which are linked to the bank s values and expected behaviours; and Determining the appropriate approach, audit framework and necessary skills to audit culture. Governance Establish a dedicated board-level committee (chaired by an independent non-executive director) that is responsible for overseeing cultural matters; Determine a regular process to review and confirm the effectiveness of the overall culture enhancement initiatives; and Develop summary sheets setting out the expected conduct and behaviours of employees. Incentive Systems Avoid over reliance on sales/revenue targets in performance measurement; Systems are to include consideration of behavioural indicators; Separate performance rating is to established in respect of adherence to corporate values; and Balanced use of incentives and disincentives. Assessment and Feedback mechanisms The HKMA have identified the following key means of monitoring and assessing behaviours Dashboards to monitor core cultural parameters Staff and customers feedback channels Sharing of lessons learned across the bank Defining clear and robust internal escalation protocols 2 Regulatory Updates Newsletter March 2018

3 Financial product distribution and intermediaries Asset and wealth management The asset and wealth management landscape is evolving and the regulators are revamping their existing rules and regulations in various aspects, including fund distribution and authorisation. In May 2017, the Securities and Futures Commission ( SFC ) released a consultation paper on the proposed guidelines for on-line distribution and advisory platforms, including the extension of suitability obligations from the traditional offline distribution advisory platforms. In the proposed guidelines, the main focus areas are: Core principles for operations of online platform, Robo advice, Application and discharge of suitability requirement in the online context, and Sale of complex products on online platforms on an unsolicited basis etc. Insurance The insurance industry in Hong Kong continues to experience significant developments in financial technology, including in the area of product distribution. We have observed a rising trend of distributing insurance products through online channels, both by life and also non-life insurers. The Insurance Authority ( IA ) has launched a fast track for application for authorisations of new insurers owning and operating solely digital distribution channels. Certain insurers forecast that the sales via their respective online distribution platforms will experience significant growth in the coming years. We understand that a number of financial institutions are currently applying for a licence via this fast track route, and expect that the number of insurers engaging in online distribution will increase significantly in The regulatory landscape in respect of insurance intermediaries is also changing quickly with the establishment of the IA in The IA is in the process of taking over the regulation of insurance intermediaries from the three selfregulatory organisations. As part of this, it is currently formulating a new statutory regulatory and licensing regime for regulating insurance intermediaries, including approximately 20 sets of rules, regulations, codes, guidelines and transition rules. Other initiatives by the IA include enhanced complaints handling procedures and a new information submission system. SFC s Code on Unit Trusts and Mutual Funds The SFC has released a consultation paper on the Code on Unit Trusts and Mutual Funds in December 2017, with proposed amendments to various areas, including capital requirements, limit on the use of derivatives for investment purposes and introduction of new types of funds. This aims to ensure that Hong Kong regulations align with international requirements and that the regulations are up-to-date and appropriately address the opportunities and risks presented by financial innovation and market developments. PwC 3

4 Suitability challenges in Hong Kong Banking and securities industry Suitability is a well-established regulatory requirement for the Hong Kong banking and securities industry. All licensed firms or registered institutions are expected to have robust processes and controls in place when recommending an investment product or making an investment decision on behalf of a client or potential clients. However, despite multiple guidelines and directives being issued in recent years, many financial institutions still struggle to handle investment suitability effectively. Efforts are often limited by competing compliance priorities, internal inefficiencies and suboptimal information technology ( IT ) infrastructures. Challenges can be further complicated by multijurisdictional obligations for financial institutions operating in more than one territory. Insurance and MPF industries Suitability is also an emerging regulatory area for the Hong Kong insurance and MPF market. In July 2015, the Office of the Commissioner of Insurance issued the Guidance Note 16 on Underwriting Long-Term Insurance Business. This introduced new measures to enhance consumer protection, including product design, disclosure of adequate and clear information, suitability assessments and the post-sale monitoring and control environment. With the establishment of IA in June 2017, it is widely anticipated that there will be an increased regulatory focus on suitability, both through ensuring compliance with existing regulatory requirements and issuing new guidelines. Similarly, the Mandatory Provident Fund Schemes Authority issued the Guidelines of Conduct Requirements for Registered Intermediaries in September Such Guidelines introduced new measures for suitability assessment and the post sales confirmation in Sections III.25 to III.30. This is expected to be a complex area for insurers and MPF intermediaries, particularly for those with an agent-centric business model. Designing a compliance framework that can be effectively implemented by agents, and adequately monitored by the insurer/mpf intermediary is particularly challenging. Anti-money Laundering Anti-money laundering and counterterrorist financing ( AML/CTF ) continues to be a hot topic amongst institutions and regulators around the world. Hong Kong falls into the spotlight as the Financial Action Task Force will be assessing the effectiveness of Hong Kong s AML/CTF One key assessment focus will be how well money laundering and terrorist financing risks are understood and managed by financial institutions. It should be noted that Hong Kong s national risk assessment is scheduled to be published in Q1 2018, and financial institutions are expected to framework later this year. This will likely be consider the implications on their risk one of the drivers of continuing regulatory exposure and mitigating measures. scrutiny as regulators seek to address findings arising from the assessment. Further, the financial services landscape is rapidly changing with non-traditional players entering the sector and as traditional players evolve to respond. Institutions should continue to ensure that their AML/CTF frameworks remain it-for-purpose. 4 Regulatory Updates Newsletter March 2018

5 Global MiFID II Go Live and 2018 Outlook MiFID II went live on 3 January 2018 and the market disruption has surprisingly fallen short of industry expectation. However, it is still uncertain as to whether the full impact of the rules has been reflected and most importantly, if the rules have been properly and completely implemented across in-scope firms inside and outside the European Economic Area. In a number of last minute communications, regulators have recognized the complexity in implementing the rules. As such, they have indicated that, whilst they will not take any immediate action on noncompliance, firms are expected to be able to demonstrate having implemented the rules on a best-effort basis and be ready to share their roadmap towards full compliance. While MiFID II is a European Union ( EU ) regulation, it has extraterritorial implications for sales and trading activities conducted in APAC. As such, firms should look to allocate resources across the following areas in 2018: 1 Day 1 remediation Technological limitations are likely to have become apparent during pre go-live testing and the first few weeks of go-live. These limitations are both internal (e.g. accurate pre-trade transparency disclosure) and external (e.g. Approved Reporting Mechanism connectivity and Traded on a Trading Venue determination) in nature. We expect firms to remediate these issues in the first six months of Business Optimisation 4 The true impact on business revenues is not expected to be apparent for at least another 3-6 months until market participants familiarise themselves with the new rules. Front office staff nevertheless should monitor the impact of new transparency requirements on business revenues and liquidity, and to start exploring alternative booking models to protect current revenue levels and identify new business opportunities. 2 Outstanding critical requirements Due to limited resources, firms may have had to de-prioritize a number of areas. In addition, there are still areas where regulators are expected to provide further guidance (e.g. the double volume cap on dark pool trading and disclosure of cost and charges). These should be taken into consideration as well. Regulatory review preparedness Regulators expect firms to be able to demonstrate how they have achieved compliance, e.g. accurate research pricing and distribution, timely pre- and post-trade transparency, accurate cost and charge disclosures, and complete and accurate transaction reporting. As such, internal audit and compliance functions should be mobilised to conduct an internal assessment and develop remediation plans. PwC 5

6 Global General Data Protection Regulation ( GDPR ) The GDPR is a new law in the European Union ( EU ) providing for uniform data protection regulation. When it comes into effect on 25 May 2018, it will represent one of the highest standards of data protection in the world, creating a consistent, global, and unified legal basis for data protection and enforcement across the EU Member States. The legislation extends much further than the current rules in terms of data subject rights and requires companies processing personal data to comply with a range of new rules. Most importantly, GDPR applies to any organization that holds or processes personal data on EU residents, regardless of where it is based or headquartered. Companies across the world will be required to invest significantly in overhauling their IT and control environments to ensure compliance with the new legislation if they wish to continue to do business in the EU and not become exposed to the fines. In the most severe cases, these can reach up to 20 million or 4% of global turnover, whichever is higher. Multinationals doing business in Europe are seeing five GDPR requirements in particular as causing the biggest impact on their future business plans: Mandatory data inventorying and record keeping of all internal and third-party processing of European personal data; Mandatory data breach notification within 72 hours to regulators and individuals whose information is compromised following information security failures; Comprehensive individual rights over their data, including rights to access, correct, port, erase, and object to the processing of their data; Routine data protection impact assessments for technology and business change; and Mandatory appointment of data protection officers and an overall rethinking of privacy strategy, governance, and risk management. 6 Regulatory Updates Newsletter March 2018

7 Technology Cybersecurity In recent months, we have seen a large number of high profile cyber-attacks targeting a wide range of organisations in different industries, including the Hong Kong banking and securities industry. In response, the primary regulators of the industry, the HKMA and SFC, have continued tightening requirements and increased their scrutiny of cybersecurity. Institutions regulated by the HKMA and the SFC should take note of the following new regulatory requirements: HKMA The HKMA released the implementation details of the Cybersecurity Fortification Initiative in December 2016, which is based on a two-phased approach: 1 The first phase required 30 selected AIs (i.e., all large and medium size local banks and a small number of foreign nonretail banks) to complete a gap assessment in accordance with the HKMA Cybersecurity Resilience Assessment Framework ( C-RAF ) by October 2017 and intelligence-led Cyber-Attack Simulation Testing ( icast ) by mid SFC After a 6 month consultation period, the SFC has recently released the Guidelines for Reducing and Mitigating Hacking risks Associated with Internet Trading, which set out twenty baseline cybersecurity requirements. The SFC has set two effective dates for these guidelines and licensed corporations should target to implement the requirements on or before these dates: 1 The requirement for two-factor authentication for customers to login to their internet trading accounts comes into effect on 27 April The second phase will require all remaining AIs to complete the C-RAF gap assessment required by the HKMA before the end of AIs for which the inherent risk assessment results indicate a medium or high inherent risk must also complete the icast. All other requirements are effective from 27 July 2018 onwards, and cover infrastructure security management, cybersecurity management and supervision, and protection of clients internet trading accounts. PwC 7

8 Technology Virtual Banks To prepare Hong Kong for a move into a new era of Smart Banking, the HKMA unveiled a number of initiatives in September 2017, one of which is the promotion of virtual banking in Hong Kong. This announcement has triggered numerous enquiries on virtual bank license applications, including potential applicants from technology companies, financial institutions, banks and money lenders from Hong Kong, China and overseas. A virtual bank is defined as a company which delivers banking services primarily, if not entirely, through the Internet or other electronic delivery channels. It does not refer to a licensed bank that makes use of the internet or other electronic means as an alternative channel to deliver its products or services to customers. In determining whether to authorise virtual banks applying to conduct banking business in Hong Kong, the HKMA would take into account the principles set out in the Guideline on Authorisation of Virtual Banks. The HKMA is planning to issue further guidance in Q to set out further details on the regulatory expectations and licensing requirements. Norman Chan, the Chief Executive of the HKMA, has also indicated that the HKMA would start issuing virtual banking licences in Stored Value Facilities The Payment Systems and Stored Value Facilities Ordinance was enacted in November 2015, and aims to enhance the supervision of stored value facilities ( SVFs ) and retail payment systems. The Ordinance empowers the HKMA to designate, oversee, supervise and investigate multi-purpose SVFs, both device- and non-device based. As part of the SVF licensing process, applicants are required to submit more than 20 application documents, including an independent assessment report issued by a reputable consultancy firm. To date, there has been a total of 16 successful applications for SVF licenses from both banking and non-banking institutions. While there have been no approvals since November 2016, there remains a lot of interest in SVF licence applications, which can be a complex area for institutions, in particular non-banking institutions, to navigate. 8 Regulatory Updates Newsletter March 2018

9 Tax Reporting FATCA certification and reporting Since the implementation of the Foreign Account Tax Compliance Act ( FATCA ) in 2014, most financial institutions in Hong Kong have been focusing their efforts on addressing the core compliance requirements around account due diligence, withholding and reporting. However, the Internal Revenue Service ( IRS ) also requires financial institutions to demonstrate an effective internal controls framework on FATCA compliance, with the first certification to be submitted to the IRS by 30 June Key certification requirements include: Confirmation of the completion of pre-existing accounts due diligence Confirmation of the absence of any formal or informal practices or procedures to assist account holders in FATCA avoidance Confirmation of the internal controls effectiveness to comply with FATCA The IRS largely leaves the satisfaction of compliance obligations to the discretion of an appointed Responsible Officer ( RO ), who is personally liable for FATCA compliance. The RO has to certify to the IRS that key FATCA compliance milestones have been achieved and a robust FATCA compliance program is in place. However, firms may be at different stages of completion with regards to the FATCA certification, and firms at the earlier stages of compliance, such as developing FATCA policies, procedures and reporting tools or implementing the required controls, may find it challenging to meet the IRS deadline for the first certification. Common Reporting Standard As part of tackling tax evasion, a number of governments have implemented the automatic exchange of financial account information ( AEOI ) on a reciprocal basis. Hong Kong is no exception, with the government introducing the Inland Revenue (Amendment) (No. 3) Ordinance 2016 to implement AEOI, which commenced operation on 30 June One component of the AEOI is the Common Reporting Standard ( CRS ), whereby financial institutions are required to report on identified financial accounts held by tax residents of reportable jurisdictions or held by passive non-financial entities whose controlling persons are tax residents of reportable jurisdictions, in accordance with due diligence procedures. The report submission for CRS in Hong Kong will need to be made to the Inland Revenue Department by May Financial institutions will need to ensure that their systems are capable of reporting based on the Financial Account Information Return XML Schema v2.0 issued by the IRD. PwC 9

10 Contact us Matthew Phillips China and Hong Kong Financial Services Leader This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors PricewaterhouseCoopers Limited. All rights reserved. PwC refers to the Hong Kong member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see for further details. HK C1

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