Andrew Malcolm, head of capital markets at Linklaters in Hong Kong, analyses the different approaches to structured finance reform in Hong Kong and Singapore
Following the release of Singapore’s reforms to structured finance at the end of January (and a new consultation paper on further changes) we can now see how Singapore’s approach compares to that taken by Hong Kong so far.
What’s clear, and what we hope is encouraging from Hong Kong’s perspective, is that the Monetary Authority of Singapore (MAS) seems to be listening to the feedback and responses it’s received. It’s even changing its position in response to some of the comments.
For example, MAS has dropped its definition of “complex investment products”. This sounded similar to the structured products definition that the Securities and Futures Commission (SFC) came up with in Hong Kong but...