Overview
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
(B) AML
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
Instructor / Speaker
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.