Regulators for the asset management industry are looking to encourage growth whilst calling on firms to take greater care of their customers, according to KPMG.
Its latest “Evolving asset management regulation report” considers the industry’s role in supporting the recovery in challenging economic and operational times as the world grapples with the Covid-19 pandemic.
The report notes that while the asset management industry and investment funds have proved to be operationally resilient, regulators will look at the lessons that have been learnt and want firms to demonstrate the lessons.
“In mainland China and Hong Kong, regulations are driving asset managers to focus on clients’ best interests and new priorities such as cybersecurity and ESG, while a new fund regime has been introduced and barriers to foreign asset managers have been removed, presenting new opportunities,” KPMG said in a statement.
Bonn Liu, head of asset management for ASPAC at KPMG China, said: “As the pandemic has accelerated the move towards a digital society, regulators are keen to enable technology that makes investing simpler and cheaper for investors, but they also wish to protect the investment ecosystem from technology that facilitates crime or can lead to poor investor choices.”
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