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Nicholas Chang Amy Han The asset management industry has been facing tighter regulation globally. Singapore's much-anticipated enhanced regulatory framework for fund management companies (FMCs) was finally implemented by the Monetary Authority of Singapore (MAS) in August. This move will help to align Singapore's fund management regulatory framework more closely with those adopted in other international financial hubs. Broadly speaking, the revised licensing and regulatory requirements vary depending largely on the categories that the FMC falls into. There are three categories of FMCs, namely Retail Licensed FMCs (Retail LFMCs), Accredited Investor Licenced FMCs (A/L LMFMCs), and Registered FMCs (RFMCs). The RFMCs will replace the Exempt Fund Managers (EFMs) under the old regulatory framework. As a result, the existing EFMs that manage funds for not more than 30 qualified investors will have to either apply for a licence to conduct fund management, or register with the MAS under the RFMCs regime. RFMCs are allowed to serve up to 30 qualified investors and manage up to S$250 million ($203 million) in assets under management. If any of these thresholds are exceeded, the FMC must apply for a licence either as Retail LFMCs or A/I LFMCs. A transition period of six months is given to affected FMCs.

Capital raising reforms are set to open the bond market for unlisted Italian corporates. Here’s what is now possible

Construction risk in Peruvian PPPs is being minimised through a unique financing structure. Here’s how it works

German support for an EU banking union increased after the European Commissioner Michel Barnier clarified that national regulators will continue to have a role. But non-eurozone member states remain unconvinced

As European borrowers continue to tap US banks, it’s crucial to know the differences between New York and English-law facilities

Phung Thi Thanh Thao As part of the Vietnamese government's efforts to stabilise the country's economy and bolster its anticorruption campaign, a new Law on the Prevention and Combating of Money Laundering No 07/2012/QH1 was passed in the June 2012 session of the National Assembly. Coming into force on January 1 2013, this law builds on Decree 74/2005/ND-CP, and significantly expands the definition of money laundering, as well as the monitoring and reporting obligations of financial institutions and other organisations nationwide. Some of the most significant changes are set out below.

Commentators have been quick to dismiss plans for a UK business bank. Too quick, in fact. Business secretary Vince Cable's vision of a government-backed lender would offer a reprieve to the country's banking sector, and is worth pursing. Its objective might be to improve funding options for small and medium-sized enterprises (SMEs). But it could also increase the market share of the so-called challenger banks, and create some much-needed distance between the big four and SMEs – in June the banks admitted to having mis-sold interest rate swaps to the corporates in question.

It's not every day that regulators, industry groups and consumer advocates agree on a financial industry reform. Yet the Securities and Exchange Commission (SEC) plans to keep a uniform fiduciary standard for investment advisers and broker-dealers on the backburner.

Be it London, Hong Kong or New York that emerges as the financial hub of the future, it should closely watch the rise of these second-tier money centres

BBVA Continental's direct offering last month of $500 billion senior unsecured eurobonds signals a new trend in Peruvian bond issuances.