Consultancy ComplianceAsia sets up Shanghai office

Regulatory_reportingComplianceAsia, which offers advice on regulatory compliance in the finance sector, has established a wholly foreign-owned entity (WFOE) in Shanghai. The company says the office, its third in the Asia-Pacific region, will help clients that are based in or trying to expand in mainland China. “We have seen a significant increase in demand for compliance advice from both mainland Chinese financial institutions and asset managers, as well as foreign institutions,” said Philippa Allen, chief executive. China has seen a proliferation of small and mid-sized asset managers recently, she added. Many have registered with the Asset Management Association of China (AMAC), a self-regulatory body for fund managers in the country. “However, the rules and regulations applicable to AMAC members are relatively new and guidance on related compliance issues are highly sought after,” she said. Alex Duperouzel, managing director, will head the Shanghai office. He said, “After 15 years of operating in Hong Kong and Singapore, we believe that entering mainland China is the right move.” ©2018 funds global asia

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