Buy-side Perspectives Issue 4 - Page 22

NEWS ROUNDUP With new regulations, products, technologies, trading platforms and market players appearing all the time, the world of buy-side trading is an ever-changing landscape. Here’s a quick roundup of some of the news stories you may have missed over the last few weeks. Hong Kong and US reach deal on mutual supervision and oversight A landmark deal has been reached between Hong Kong’s Securities and Futures Commission and US regulator the Financial Industry Regulatory Authority, recognising mutual supervision and oversight of the two markets. Under the deal, which encompasses the regulation of cross-border entities such as asset management firms and investment banks, the two authorities agreed to engage in formal and informal cooperation and exchange non-public information on “issues of common interest”. The two regulators will also collaborate 22 on “material changes in the ownership, operating environment, operations, financial resources, management, or systems and control” of cross-border financial institutions. “The Authorities express their willingness to cooperate with each other in the interest of fulfilling their respective regulatory mandates, particularly in the areas of investor protection; promoting the competence and integrity of crossborder regulated entities; fostering market and financial integrity; reducing systemic risk and maintaining financial stability,” the two authorities said in an official joint statement. June 2016