acts as the oversight body, is overseen by an independent body. Such an auditor oversight body must operate in the public interest, and have an appropriate membership, an adequate charter of
DODD-FRANK ACT • Financial crisis revealed behemoth players in financial industry were not overseen by any regulatory authority • Dodd-Frank mandated additional SEC oversight on PE and HF firms JUNE 22
are being properly managed. As the level of public disclosure has increased in major markets, it is helpful if asset managers explain their thinking on public disclosure even when they have decided not
standards should be overseen by bodies independent of the pro- fession. Recommendations: Asian Roundtable economies should work towards convergence with high quality internationally recognised standards and
unitary board is overseen by an internal auditor’s body, the principles applicable to the board are also, mutatis mutandis, applicable. As the definition of the term “key executive” may vary among
has placed an emphasis on comprehensive risk management such as credit risk, market risk, liquidity risk, operational risk, cyber risk and strategic risk which are also covered and properly managed
operate and be managed in accordance with the relevant laws and regulations in Hong Kong and its constitutive documents; (d) the sale and distribution of units/shares of the Hong Kong Covered Fund in
insurance are combined, at least under a common holding company. There is little guidance on how such financial conglomerates should be overseen or regulated beyond general requirements to separate certain
supervised by a regulator located in a country whose supervisory measures on investment management are recognized by the SEC Office; For the purpose of intermediaries’ compliance with the aforesaid provision
as mentioned above. The details of the established subsidiary company are as follows: Subsidiary Company’s Name : Gofive Company Limited Type of Business : IT Consulting, software, and managed services