Your SlideShare is downloading. ×
Asset Management
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Asset Management

1,474

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,474
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
6
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. euromoney legal training A E UR OM ONEY INSTITU TIONAL INV ESTOR C OM PANY The 3rd Annual Asset Management – Legal, Regulatory and Compliance Issues Understand licensing Compare tax regimes for 23-24 requirements for fund management in Asia May investment advisers and 2006 Valuation and asset fund managers in Hong Hong Kong pricing issues with IFRS Kong, Singapore, China, India, and Taiwan Focus on the future challenges and Learn about the main Presented in association with: opportunities of asset issues in offering Allen & Gledhill management in Asia investments in offshore ComplianceAsia collective investment Desai & Diwanji Llinks Law Offices schemes in Hong Kong, PricewaterhouseCoopers Singapore, China, India, Russin & Vecchi and Taiwan Simmons & Simmons Specia Gain insight into ongoing l promo tional Endorsed by: compliance issues for rate fo r HKI investment advisers and FA memb fund managers ers PHONE FAX MAIL E-MAIL WEB SITE Hong Kong Hong Kong Euromoney Training enquiry@ www. (+852) 2520 1481 (+852) 2866 7340 17/F, Printing House euromoneyasia.com euromoneytraining.com/legal_asia (+852) 2842 7042 6 Duddell Street Central, Hong Kong
  • 2. Course Background Managed assets in Asia are growing at a rapid pace as DAY ONE more and more fund managers rush to enter a market ➔ Hong Kong offering regime with the best long-term growth prospects. Hong Kong Rolfe Hayden, Partner, Simmons & Simmons, Hong and Singapore are the destination of choice for most Kong fund managers but large markets in China, India, and Taiwan beckon. As the Asian market develops, ➔ Regulated funds – the code on unit trusts and mutual funds increasingly sophisticated structured asset management Eva Chan, Associate, Simmons & Simmons, Hong solutions are being offered in multiple jurisdictions to Kong provide higher and more stable returns. These in turn are creating a whole new set of issues that need to be ➔ Licensing issues and considerations for asset effectively managed. Euromoney Training in association management start ups with Allen & Gledhill, ComplianceAsia, Desai & Diwanji, Asa Jansson, Associate, Simmons & Simmons, Hong Kong Llinks Law Offices, PricewaterhouseCoopers, Russin & Vecchi, and Simmons & Simmons will guide you through ➔ Taxation of funds in Hong Kong the various legal, regulatory, and compliance issues of • The Bill to exempt offshore funds is expected to successfully setting up and operating asset management be enacted into law in early 2006. Do you know schemes in Asia. Attend this event to learn from experts the key features of the profits tax exemption regimes in Hong Kong for offshore funds before from around the region and you will gain valuable and and after the Bill’s enactment? practical insights into the following areas: 1. “Pre-Bill” exemption regime Understand licensing requirements for investment - Offshore funds authorised by SFC vs. non- advisers and fund managers in Hong Kong, Singapore, authorised funds China, India, and Taiwan 2. New exemption regime under the Bill Please register at 8:30am on - What are the exemption conditions? day one. The course begins Learn about the main issues in offering investments - What does “Non-Resident” mean for at 9:00am and concludes at in offshore collective investment schemes in Hong individuals and corporations? 5:00pm daily. Kong, Singapore, China, India, and Taiwan - What are “Specified Transactions”? (Examples Gain insight into ongoing compliance issues for will be discussed) investment advisers and fund managers - What are specifically excluded from the Continuing Compare tax regimes for fund management in Asia meaning of “Securities” and who are “Specified Persons”? Professional Valuation and asset pricing issues with IFRS Focus on the future challenges and opportunities of Development asset management in Asia You may use your attendance Panel of speakers at courses held by Who should attend: PHILIPPA ALLEN, ComplianceAsia Consulting Euromoney Training to Philippa Allen is the founder of ComplianceAsia and has worked in Asia since January 1991. She is a barrister and solicitor who commenced practice at qualify for CPD points with Freehill Hollingdale and Page in Western Australia in 1987. After moving to The Law Society of Hong Compliance and risk managers in banks, corporate Hong Kong, Philippa worked as Head of Legal and Compliance for Asia with GT Asset Management, later LGT Asset Management, until its acquisition by Kong. and financial institutions Invesco. In 1998, she joined the Dresdner Bank Group as Head of Compliance, For further information on Asia Pacific. After the merger of Dresdner Bank with Allianz AG, she joined Prime brokers and other service providers Allianz Dresdner Asset Management as Head of Legal and Compliance, Asia CPD accreditation please Pacific. contact Elgent Kung on (852) Fund managers and distributors During her time in Asia, Philippa has gained extensive experience of business and regulation in Japan, Korea, Taiwan, the PRC, Hong Kong, Singapore and 2111 6635 or email Hedge fund managers South East Asia, the Indian sub-continent and Australia and has particular expertise in developing compliance solutions for foreign and new entrant elgent.kung@euromoney Investment managers financial institutions in these markets as well as in managing regulatory issues asia.com arising from mergers and acquisitions. Philippa was also one of the drafters of In-house legal counsel and advisers the Fund Manager Code of Conduct in Hong Kong and has been involved in a number of submissions to regulators and lobbying efforts with financial Lawyers in private practice industry bodies. Insurance companies EVA CHAN, Simmons & Simmons Ms Chan is qualified in Hong Kong and in England. She has experience in the The Euromoney Pension fund trustees establishment and authorisation of a variety of investment funds, including guaranteed funds, UCITS III funds and exchange traded funds, and in advising Capital market managers financial institutions on licensing, regulatory and securities issues connected Certificate with asset management in Hong Kong. Ms Chan has also been involved in the Delegates who successfully Regulators on-going compliance issues in relation to SFC authorised offshore mutual funds. Prior to joining Simmons & Simmons in December 2005, Miss Chan had worked complete this course will in the financial services group of a major law firm in Hong Kong. receive the prestigious Although the Hong Kong Securities and Futures commission has advised TORAL DESAI, Desai & Diwanji that formal endorsement will not be given for this training programme, Toral Desai is a Partner and a member of the Corporate and Commercial practice Euromoney Legal Training it does not mean that the course does not fulfill the CPT requirements. group of Desai & Diwanji. She joined Desai & Diwanji in 1996. Toral has advised Certificate; a statement of Delegates can directly check with their employers, as the corporate licensees on takeovers, acquisitions, securities offering, corporate restructurings, joint of delegates’ SFC registrations, who are responsible for determining ventures and foreign investment. Toral graduated from the University of Bombay excellence recognised with an economics degree, followed by a bachelor’s degree in law. Toral was whether any training course satisfies CPT requirements. Euromoney Training worldwide. cannot warrant that the attendance of our courses would automatically admitted to practice as an advocate of the High Court of Mumbai in 1997 and be recognised by SFC, but it is highly likely that our courses can fulfill CPT was admitted as a solicitor in 1998. requirements as to maintain and enhance delegates’ technical knowledge ROLFE HAYDEN, Simmons & Simmons © Euromoney Training (Asia and professional expertise. Rolfe Hayden is a partner in the financial services group in Hong Kong. Having Pacific) 2006 Euromoney Training qualified in England in 1993 and Hong Kong in 1996, Mr. Hayden has practiced reserves the right to alter any part of the in Hong Kong since 1995, specialising in financial services generally and published programme or faculty. In the event of course cancellation by Euromoney Participants may be eligible for Financial Sector Development Fund (FSDF) investment funds in particular. His experience includes both SFC authorized and Training due to unforeseen circumstances, support on a case by case basis. Interested applicants should submit their unauthorized collective investment schemes and he has worked on all types of Euromoney Training limits its liabilities to applications to the FSDF Secretariat directly. More details on the FSDF can be funds, including hedge funds, guaranteed funds, exchange traded funds, listed refunding the tuition fee of the course. investment companies, real estate investment trusts, private equity funds, found at http://www.mas.gov.sg. property funds and MPF schemes as well as licensing, regulatory and securities
  • 3. - Preferential treatment on incidental income agenda ➔ Regulatory framework for offering foreign domiciled funds - Anti-avoidance provision – Deeming provisions in Taiwan - Effective dates of the exemption and how it may impact • Overview of regulatory environment service providers such as Directors of Funds, Fund Managers, • Fund registration regime and related distribution issues Administrators and Legal Advisors • Private placement regime Florence Yip, Tax Leader-Asia Pacific Investment Management • Alternative distribution schemes (investment limited insurance, Group, PricewaterhouseCoopers, Hong Kong fund of funds and structured notes) • The domestic alternative (establishing and managing T aiwan ➔ Building a sound fund operation: domiciled funds) • Valuation of securities • Recent significant developments • Safeguarding of assets Thomas H. McGowan, Partner, Russin & Vecchi, Taiwan • Common accounting issues ➔ Regulatory framework for fund managers and funds in India • Transparency and disclosure to investors • Licensing for funds investing in India • Monitoring of service providers • Overview of the regulatory and compliance requirements for Marie-Anne Kong, Partner, PricewaterhouseCoopers, Hong Kong funds and investment managers • Basic taxation for funds in India ➔ Brief introduction to the regulatory framework of funds in Toral Desai, Partner, Desai & Diwanji, India PRC • Regulatory framework of securities investment funds ➔ Hot topics for asset management: our predictions for 2006 • Distribution of securities investment funds • Culture of compliance – progress to date Charles Qin, Partner, Llinks Law Offices, China • Commissions revisited – soft, directed and unbundled • Independent research houses – where are they going in Asia? DAY TWO • Gifts and entertainment – new US proposals • Monitoring – proving it to the regulators ➔ Regulatory and taxation framework for fund managers and • Automation and compliance systems – are they affordable in funds in Singapore Asia? • Regulatory framework • Record keeping – what are the standards • Licensing requirements and licensing exemptions • Distribution – product suitability and mis-selling to the retail • Offering of authorised and recognised funds market • Offering of restricted funds • Insider dealing – are Asian regulators finally going to get serious? • Tax regime for funds and fund managers in Singapore • Regulatory convergence and problems of dual regulation Emily Low, Partner, Allen & Gledhill, Singapore Philippa Allen, Managing Director, ComplianceAsia Consulting, Yeoh Lian Chuan, Partner, Allen & Gledhill, Singapore Singapore issues connected with asset management in the UK, Hong Kong and other jurisdictions in Asia. He He is a graduate of the University of Notre Dame (B.B.A., 1972) and Georgetown University Law also has experience in bank mergers, licensing and regulation and advises on corporate securities Center (J.D., 1975), and is the author of “Marketing Unit Trusts and Mutual Funds in Taiwan” Capital regulatory issues generally in Hong Kong. Mr. Hayden has contributed to a number of fund industry Guide to Marketing Unit Trusts and Mutual Funds in Asia (2005) and the Taiwan chapter of the related publications including Asia Law (Regulation of Mutual Funds in Asia), China Finance Manual, “Capital Report on Asian-Pacific Fund Markets to 2010”. Over the years, Tom has been a speaker World Securities Law Report, the Barclays Capital Guide to Private Equity in Asia, CapitalA$ia and at various mutual fund conferences held in Bermuda, Singapore, Hong Kong and Taipei. ISI’s Marketing Unit Trusts and Mutual Funds in Asia and he regularly speaks at conferences and seminars on regulatory and asset management related topics. Mr. Hayden has an MA from Cambridge CHARLES QIN, Llinks Law Offices University. Mr. Qin earned his LLB from Fudan University in 1990 and his MS in Finance from East China Normal University in 1997. From June 1997 to June 1998, he undertook a Practical Training Scheme sponsored ASA JANSSON, Simmons & Simmons by the British Government, and was trained at Linklaters with its London and Hong Kong offices. In Asa Jansson qualified in Hong Kong in 2004 having completed her training with Simmons & Simmons. 1993 CSRC and the Ministry of Justice licensed Mr. Qin to practice PRC securities law. In 1998, Charles She joined the Financial Markets Group as an associate in May 2005 after an eight-month long Qin co-founded Llinks Law Offices. Mr. Qin has 16 years of experience in capital markets, mutual secondment to Goldman Sachs Asset Management. Her experience includes, in particular, SFC licencing fund, corporate, M&A, and banking and finance. Since 1992, he has advised on the flotation of a issues connected with the establishment of asset management operations in Hong Kong but she also number of domestic companies on the securities markets both at home and abroad. Mr. Qin is also advises on other regulatory matters such as market misconduct and insider dealing and on offshore active in the mutual fund market. Since 2001, Mr. Qin has advised on the offering of nearly 20 mutual investment funds. Although Swedish, Asa has lived in Asia (Hong Kong and Beijing) for more than funds, including the first open-end fund, the first index fund and the first money market fund in 10 years. Her law degree is from the School of Oriental and African Studies in London. China and on the establishment of seven joint venture fund management companies. Mr. Qin was recommended by the 2000/2001 edition of Chambers Global, The World’s Leading Lawyers as a MARIE-ANNE KONG, PricewaterhouseCoopers leading PRC lawyer in Corporate/Commercial/M&A for his “work of a high quality”. In 2003, Mr. Qin Marie-Anne Kong is a partner with PricewaterhouseCoopers Hong Kong and specialises in the was awarded as one of the “Top 10 Young Attorneys in Shanghai” by Shanghai Bar Association. investment management industry sector. In addition to providing audit services to clients in the investment management industry, Marie-Anne also has extensive experience on advising clients in FLORENCE YIP, PricewaterhouseCoopers Florence is the Asia Pacific Tax Leader of Investment Management Industry Group. She has assisted the investment management industry on financial and operational due diligence, internal controls, clients to devise, plan and implement tax efficient holding and operational structures including transfer funds start-ups, regulatory and compliance matters. Marie-Anne’s clients base include clients which pricing structures. She works closely with the IM industry to lobby the Hong Kong Government to manage active and passive investment funds, venture capital and private equity funds, distressed clarify the profits tax exemption for “offshore funds”. debts, hedge funds and property funds. Florence is a member of the Institute of Chartered Accountants in England and Wales, the Institute Marie-Anne is a regular contributor to articles relating to key developments in the investment of Taxation (U.K.), the Hong Kong Institute of Certified Public Accountants, the Taxation Institute of management industry. She is the Chairperson of both the Hong Kong and the Global Investment Hong Kong, and a registered accountant in Macau. She is a member of the Global Taxation Committee Management Industry IFRS Technical Committee at PricewaterhouseCoopers. of the Alternative Investments Management Association ("AIMA"), the Executive Committee of AIMA – Hong Kong Chapter and the chairman of the tax-subcommittee of AIMA-HK. She is a frequent EMILY LOW, Allen & Gledhill speaker at seminars. Emily Low is a Partner in Financial Services. She joined Allen & Gledhill in December 2003, after having Florence graduated from Imperial College of Science Technology and Medicine of the University of been in practice for six years in Singapore. Emily has a broad range of experience in the establishment London with a degree in Computer Science. and structuring of various types of investment funds, advising fund managers and fund trustees on compliance issues and the drafting of investment management agreements, custody agreements, YEOH LIAN CHUAN, Allen & Gledhill distribution agreements, service level agreements and administration agreements. Prior to joining Yeoh Lian Chuan joined Allen & Gledhill as a Partner in 2001. He graduated from King's College, Allen & Gledhill, Emily headed the funds practice at a local law firm. She has also been involved in London with an LLB (Hons) in 1992, and qualified as a Barrister-at-Law at Lincoln's Inn in 1993 and the recognition of several offshore collective investment schemes for retail and restricted offers in was called to the Singapore Bar in 1994. From 1993 to 1998, he was in private practice in the fields Singapore. Emily graduated from the National University of Singapore with an LLB (Hons) degree and of corporate finance, commercial law and tax, lastly in the tax department of an international law was called to the Singapore Bar in 1998. firm. Immediately prior to joining Allen & Gledhill, Lian Chuan was with the Monetary Authority of Singapore THOMAS H. McGOWAN, Russin & Vecchi as a Deputy Director in Financial Centre Development Department from 1998 to 2001. There, he was Tom McGowan is a US licensed attorney with 29 years of Asia based experience. He worked in Korea involved in formulating and implementing a variety of policies relating to the development of for five years (1977 - 1982) before joining Russin & Vecchi, Taipei, as a foreign legal consultant in Singapore's financial sector. As Head of the Tax Unit, he was also responsible for advising on tax 1982. Tom’s practice focus is the financial services sector representing major multinational commercial policies and rulings relating to the financial sector (including the tax treatment of new financial and investment banks, asset managers and private equity investors. Tom and his firm have an active products), development and administration of tax incentive schemes, monitoring of international practice in all aspects of the mutual fund business in Taiwan and offer in in-depth knowledge of both developments, and assisting and advising financial institutions establishing operations in Singapore. the history and current status of the Taiwan legal and regulatory environment for fund managers Lian Chuan's current areas of practice focus primarily on Singapore taxation and financial services and distributors. advisory work.
  • 4. The 3rd Annual Asset Management YES! PLEASE FAX ME EUROMONEY’S 2006 – Legal, Regulatory and Compliance Issues TRAINING CALENDAR REGISTRATION FORM (Please do not remove label) What past delegates said about this course… “You have assembled a stellar line-up of credible experts in asset management legal and compliance fields.” Legal & Compliance Manager, GMO Australia Limited, Australia Yes! Please register the following delegate(s) for: The 3rd Annual Asset Management – Legal, Regulatory and Compliance Issues “I would come again. I thought the topics were ❑ 23-24 May 2006, Hong Kong (HI3465) – US$2,800 ❑ Yes, I need CPD Points from the Law Society of Hong Kong very well-suited for asset management in Asia. PLEASE USE BLOCK PRINT Good work.” Senior Legal Counsel, Associate Director, 1st Delegate: (Mr./Mrs./Ms)........................................................................................................ Fidelity, Hong Kong Position: ...................................................................................................................................... Tel: ................................................................Fax: ................................................................... E-mail: ...................................................................................................................................... “The training programme was well-planned. The ❑ HKIFA member (please tick for the discount) faculties invited were experts in their respectable 2nd Delegate: (Mr./Mrs./Ms)..................................................................................................... areas.” Position: ..................................................................................................................................... Head of Compliance, Prudential Asset Management Tel: ................................................................Fax: .................................................................. (Singapore) Limited, Singapore E-mail: ..................................................................................................................................... ❑ HKIFA member (please tick for the discount) (please underline family name) “Good Introduction to regulatory structures & Approving Manager....................................................................................................................... issues in Asia. Concise guidance is provided.” Position........................................................................................................................................ VP, PIMCO (Europe) Limited, United Kingdom Secretary for Enquiry................................................................... Extn. ........................................ Organisation................................................................................................................................ In-House Counsel......................................................................................................................... 4 EASY WAYS TO REGISTER Address.......................................................................................................................................... (+852) 2866 7340 / City.................................................................Postcode................................................................. (+852) 2842 7042 (+852) 2520 1481 FAX PHONE Phone......................................Fax...............................................E-mail......................................... Euromoney Training 17/F, Printing House How did you hear about the course?................................................................................................... enquiry@euromoneyasia.com MAIL 6 Duddell Street E-MAIL Code: HI3465 W Central, Hong Kong Registration Fee: must be made in writing (letter or fax) with Euromoney’s acknowledgement. Written cancellations US$2,800 per person for the 2-day course. Fee includes tuition, lunch, refreshments, teaching must reach this office 30 days before the programme commences. A full refund less an administration materials and textbook. Hotel accommodation is not included in the course fee, but special rates charge of US$150 will be given. For any written cancellation requests that reach us less than 30 have been arranged for delegates. (See below) days before the event, no refunds will be given. However, if you wish to attend another Euromoney Training course in the Asia-Pacific region, a 75% discount voucher which values not more than Team Discount: 75% of the initial payment will be issued. Please note that the subsequent course must take place When three or more colleagues from one institution attend the same course date, there is a within 1 year of the initial registration. Discount vouchers are transferable within the same 5% discount available on the second and additional bookings. organisation, but not to be used in conjunction with any other discount schemes. Discount Membership Discount: vouchers will not be issued for no-shows without cancellation. Euromoney reserves the right to HKIFA members save 15%. the final decision if any dispute arises. Payment: Incorrect Mailing Address/Addressee? Crossed cheque payable to: Euromoney Training. Please send your cheque payment to Euromoney Please accept our apologies for mail that is incorrectly addressed. Please email, fax or send us Training, 17/F Printing House, 6 Duddell Street, Central, Hong Kong. a copy of the label and we will update our records accordingly. For faster corrections, please Seat is confirmed only upon receipt of payment. email or fax us a copy. As our mailing jobs are sent 16 weeks in advance, please allow for 2-3 mailings before corrections take effect. Please accept our apologies for this inconvenience. Course Venue and Accommodation Information: To be confirmed. Details will be provided upon receipt of your registration. Data Privacy Special corporate rates have been negotiated for course delegates. Please make your accommodation The information you provide will be safeguarded by the Euromoney Institutional Investor PLC bookings direct with the hotel. To take advantage of the special rates for delegates, please indicate group whose subsidiaries may use it to keep you informed of relevant products and services. We that you are attending Euromoney’s The 3rd Annual Asset Management – Legal, Regulatory & occasionally allow reputable companies outside the Euromoney Institutional Investor PLC group Compliance Issues course. to contact you with details of products that may be of interest to you. As an international group we may transfer your data on a global basis for the purposes indicated above. If you object to Cancellation Policy: contact by telephone fax email, please tick the relevant box. If you do not want us to If any registered delegate cannot attend our course, a replacement is always welcome. Cancellations share your information with other reputable companies, please tick this box.

×