RSP%20regulation%20

1
RSP regulation body armour or noose?
2
Some context

• The new environment, post GFC -
• The focus on mis-selling and investor protection
• Re-shaping the market (smoothing the playing
  field)
• Is there product regulation now?
• The new environment is the new normal

3
Some issues

• Product?
• Market?
• Infrastructure production and sales?
• After-sales service?
• How does that all fit with your global structure?

4
Some practicalities

• Product what is caught?
• Market Is your market truly retail?
  Identifying your real market - grannies or
  corporates/institutions - and keeping an eye on
  them

• Infrastructure
• Production - What do you tell the investor?
  KFS/PHS
• Sales - Distribution arrangements selecting
  them and pinning them down (contrast with PWM)
  the manufacturer/distributor divide
• Selling to a granny Fees, gifts, initial fact
  sheet, assessing knowledge
• What are investors being told about the product?
• After-sales service cooling off, market making

5
Alan Ewins

• Alan Ewins is Head of Allen Overy's  APAC
  Regulatory Group, based in Hong Kong. He is
  qualified in Hong Kong and England Wales. He
  established the Group in 1995. He played a
  significant part in the launch of the Hong Kong
  TraHK Fund, and, in addition to his work in Hong
  Kong, has worked in the London office of Allen
  Overy, on a wide range of regulatory and funds
  matters.
• His experience includes advising numerous
  financial institutions on a wide range of
  regulatory, risk management and compliance
  issues, on the regulatory aspects of sales and
  purchases of companies and businesses, on
  regulatory dispute resolution and on establishing
  and offering interests in collective investment
  schemes. He has advised on a wide range of
  exchange-related matters, including stock options
  trading. He has also advised on a broad range of
  matters relating to the regulatory aspects of
  derivatives and commodities trading in Hong Kong.
  He will be sitting on panels in Hong Kong, Tokyo
  and Sydney as part of ISDA's 2010 Asian regional
  conference, discussing on global regulatory
  reform.
• He is a member of the International Securities
  Regulation Committee of the International Law
  Association.