Thomson Reuters to Host the Fourth Pan-Asian Regulatory Summit in Singapore
(Thomson Reuters ONE) -
According to Survey, 97 percent of Compliance Practitioners Believe Regulatory
Pressure Will Persist
SINGAPORE, 2 September 2013 - Financial institutions in Asia Pacific are
increasingly concerned with the rising expectations and costs associated with
cross-border and domestic regulatory change, according to a new survey by
Thomson Reuters. Survey findings will be elaborated at Thomson Reuters fourth
Pan-Asian Regulatory Summit to be held in Singapore on 25 and 26 September. The
event will provide a platform for regulators and financial professionals in the
region to discuss the regional and global regulatory landscape as it relates to
Asia and Ravi Menon, Managing Director of the Monetary Authority of Singapore,
will deliver the keynote speech as part of the welcome address.
From February to June of this year, Thomson Reuters Governance, Risk &
Compliance division surveyed more than 400 compliance practitioners, including
heads of compliance and chief executives of financial services firms, including
banks, brokers, insurers and asset managers around Asia to solicit their views
of the main regulatory challenges they expected to face during the year ahead.
The survey's key findings are as follows. The full report can be viewed here:
http://info.accelus.thomsonreuters.com/AsiaRegSurvey
* 97 percent of respondents believed regulatory pressure would persist and
become higher in the coming years. Some 40 percent expected the regulatory
pressure to be "significantly higher" over the next year.
* 92 percent of respondents noted their institutions' costs of compliance had
risen in the past two years, with nearly 39 percent saying the increase had
been significant.
* 50 percent of respondents said that their compliance function relied on
technology for more than half of their daily tasks, while 37 percent said
technology was used in 25 - 50 percent of the compliance functions.
* 43 percent of respondents said they expected FATCA compliance to be one of
the biggest challenges facing their institutions in 2013 while 38 percent of
respondents were concerned about anti-money laundering (AML) regulations.
* 20 percent of respondents ranked preparations for dealing with cross-border
impact as one of the most important developments affecting their financial
institutions this year.
* More than 52 percent of respondents found their industry sector
overregulated, while 41 percent said the level of regulations was "just
right."
* More than 60 percent thought Asian regulators could do more to coordinate
the regulatory response to the financial crisis with US and EU counterparts.
"The results of the survey highlight the complex nature of the challenges faced
by financial institutions looking to keep up with the ongoing changes in
regulatory issues," said Leas Bachatene, managing director, Governance, Risk &
Compliance, Asia Pacific, Thomson Reuters. "The Pan-Asian Regulatory Summit
continues to provide a platform for a meaningful dialogue among the regulators
and leading experts in the industry."
The Summit will deliver a comprehensive programme that comprises a series of
presentations, panel discussions and debates, providing a platform for
regulators and industry experts to examine the outlook on key issues facing
Asian markets and whether the region has a unified voice in addressing global
regulatory matters. The summit also offers an opportunity for participants to
discuss the market view on regulatory reform and whether the pace of change is
increasing and overloading institutions; the impact of regulation, compliance
and risk on business operations from an enterprise-wide perspective including
cost management issues; culture, conduct and behaviour; global private banking
trends and industry behaviour; risk and technology; enforcement and supervision
trends; ASEAN risk & opportunity; the G20 reform process including Basel III and
the OTC derivatives clearing process; AML issues and extra-territorial
regulation including FATCA and cross border co-operation.
Over 500 senior executives are expected to attend the Summit from key financial
regulatory bodies, exchanges, associations and authorities, including the
Monetary Authority of Singapore, the Hong Kong Securities and Futures
Commission, the Hong Kong Monetary Authority, China Banking Regulatory
Commission, the People's Bank of China, International Monetary Fund and
Transparency International.
The Summit will adopt a holistic approach to examine the impact of regulation,
governance, risk and compliance from an enterprise-wide perspective and how the
market can address the key business challenges of driving down costs while
maximising performance and effectively managing risk. This year supporting
partners include Allen & Overy, Moody's Investors Service, Barclay Simpson, CFA
Institute, State Street, the Institute of Banking & Finance Singapore,
Association of Banks Singapore and ASIFMA.
"Internationally, the financial regulatory environment continues to change;
similarly there are new local regulatory requirements that are being introduced.
How these international trends and local developments knit into the day-to-day
operations of an institution remains a key challenge," said Alan Ewins, head of
APAC Regulatory Group, Allen & Overy. "As we anticipate the likely effects of
the evolving regulatory landscape, Allen & Overy is delighted to be partnering
with Thomson Reuters for the fourth year, to share our views concerning the
various evolving regulatory and enforcement concepts across international
boundaries."
For more information, please visit the summit's website at:
http://accelus.thomsonreuters.com/pan-asian-summit-2013
Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for
businesses and professionals. We combine industry expertise with innovative
technology to deliver critical information to leading decision makers in the
financial and risk, legal, tax and accounting, intellectual property and science
and media markets, powered by the world's most trusted news organisation. With
headquarters in New York and major operations in London and Eagan, Minnesota,
Thomson Reuters employs approximately 60,000 people and operates in over 100
countries. For more information, go to www.thomsonreuters.com
CONTACTS
Eunice Lam
Public Relations Manager, Asia Pacific
Thomson Reuters
Phone: +852-2843 6939
Email: Eunice.Lam(at)thomsonreuters.com
Alan Duerden
Public Relations Director, GRC and Marketplaces
Thomson Reuters
Phone: +44 (0) 207 542 0561
Email: alan.duerden(at)thomsonreuters.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE
[HUG#1726218]
Unternehmensinformation / Kurzprofil:
Datum: 02.09.2013 - 04:01 Uhr
Sprache: Deutsch
News-ID 292657
Anzahl Zeichen: 7917
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 241 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Thomson Reuters to Host the Fourth Pan-Asian Regulatory Summit in Singapore"
steht unter der journalistisch-redaktionellen Verantwortung von
Thomson Reuters Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
