Question

Question 2 (20 marks) Assuming you are appointed as the advisor of the regulatory department of...


Question 2
Assuming you are appointed as the advisor of the regulatory department of the central bank in Hong Kong. What the rise of fintech products and services, the department is considering adjusting current regulations to meet the changing world. Write a report providing your view, analysis and advice to the department including the following points:
A.Regulations in relation to the rise of financial technology (fintech);
B.possible considerations when setting regulations? (Apply the concepts you have learnt in the class by illustrate your points using the experience of 2008 financial crisis)

Homework Answers

Answer #1

Fintech firms must be backed by regulatory requirements like foreign corruption practice Act, Anti Trust regulations, Sarbanes Oxley Act and risk management frameworks. Moreover an ethical auditing practices alongside cybersecurity norms for data protection and data leakages prevention is bare minimum.

Possible considerations for regulatory requirements must ensure highest compliance standards, top quality corporate governance, audit rotation roles, stronger accounting practices, higher credit ratings, better forensic auditing practices to global standards, public declaration, open and transparency in announcing balance sheet details, ethical and legal requirements by teams. Are foremost important to avoid 2008 type financial crisis.

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