个人理财业务在新加坡和香港的发展【外文翻译】.doc

1、 外文翻译 the growth of the private wealth management industry in Singapore and Hong Kong Material Source: Shanghai Jiao Tong University on March 21, 2011 Author:Jek Long and Danny Tan 1. Introduction Much has been said in various quarters about how Switzerland may be losing its position as the traditio

2、nally dominant private banking and private wealth management hub of the world. In contrast, industry opinion suggests that private wealth management is experiencing a shift towards Asia, particularly in financial centres like Singapore and Hong Kong, where the rapid growth of the private banking ind

3、ustry. This article considers the extent to which legal and regulatory considerations may have played a part in this growth. Wealth management can be generally defined as a financial service provided by private banks and asset managers to private, corporate or institutional clients with a certain th

4、reshold of wealth, with varying degrees of customization and complexity involved depending on the volume of those assets. This article will confine itself to the private wealth management industry, where the clients are private individuals with a large economic or financial net worth. 2. Asias priva

5、te wealth management Against this backdrop of uncertainty affecting Switzerland, Asia seems to have become the new economic Zeitgeist and focal point for the global private wealth industry. There are a few reasons for this growth. First, the economic development of the Peoples Republic of China and

6、of India in recent years has been nothing short of remarkable, resulting in a tidal effect that has had an uplifting impact on Asia in general. This sentiment can be gleaned from the increase in investment opportunities in Asia, rising affluence within the Asian population and the desire of global i

7、nvestors to have a more balanced portfolio. This trend is forecasted to continue strongly as Asia, led by the Peoples Republic of China and India, is likely to be the powerhouse of HNWI growth in coming years, with its economic expansion and growth likely to keep outpacing more developed economies.

8、In addition, Asia was comparatively unscathed by the sub-prime crisis due to: (i) its healthier macroeconomic fundamentals compared with the prior decade; (ii) improved corporate balance sheets; (iii) reformed banking systems; (iv) strong external positions and (v) relatively modest property price a

9、ppreciation compared with the USA and Europe. The relative stability of the Asian economy against the US and European economies during the recent financial crisis has provided Asia with a window of opportunity to capitalize on. Within the private wealth management industry, portfolio allocations shi

10、fted towards Asia, private wealth managers sought to forge new relationships in Asia and private banks strengthened their presence in Asia to manage private wealth in an effort to tap the rising population of HNWIs. For many years, Singapore and Hong Kong have positioned themselves as being two of t

11、he regions leading financial centres and are two prime candidates to illustrate Asias burgeoning private wealth management industry. Given the recent developments, these two traditional rivals look to ride the Asian Wave to grow their reputations as centres for private banks and wealth managers to e

12、stablish operations, so as to take advantage of the huge inflows of capital that have been making their way into the region from around the world. This article shall proceed, from a largely legal and regulatory perspective, to first consider the Singapore growth story and examine the probable reason

13、s for such development before going on to look at Hong Kongs wealth management industry and the factors that have likely enabled its rise in fortunes. 3. Regulatory regime governing wealth management of Singapore Singapore has a sterling reputation as an investor- and business-friendly jurisdiction,

14、 as seen from the various accolades Singapore has earned itself: worlds easiest place to do business;10 ranked number two worldwide as the city with the best investment potential for 16 consecutive years; ranked first for having the most open economy for international trade and investment and cited

15、as having the best business environment in Asia Pacific and worldwide. While the growth and development of Asia has no doubt contributed largely to the rise of the private wealth management industry in Singapore, Singapores sound legal and regulatory framework coupled with a pro-business and tax-fri

16、endly environment for wealth managers, private banks and HNWIs have acted as a catalyst that allowed Singapore to take advantage of this window of opportunity. At the same time, Singapore is also cognizant of the need to maintain its status and reputation as a trusted and responsible business and fi

17、nancial hub committed to international efforts to combat cross-border tax evasion24 through the adherence to international standards and rules regarding the exchange of information. In Singapore, the wealth management industry is regulated by various laws and regulations depending on the type of arr

18、angement contemplated. The Singapore government and its de facto central bank, the Monetary Authority of Singapore (MAS), takes a proactive approach in weaving a facilitative regulatory framework to accommodate and promote the growth of private wealth management in Singapore. Three areas worth menti

19、oning are the regulatory regimes governing private banks, fund managers and private trusts, which are respectively governed by the Banking Act, Chapter 19 of Singapore (Banking Act), the Securities and Futures Act, Chapter 289 of Singapore (SFA) and the Trust Companies Act, Chapter 336 of Singapore

20、(Trust Companies Act). Singapores actions towards greater international co-operation for the exchange of information with other countries should further enhance its status globally as a well-governed and transparent financial centre, while still affording a high degree of confidentiality to investor

21、s. This balance has to be well-struck and maintained to attract private wealth investment and HNWIs to Singapore. In summary, Singapores private banking and wealth management market has grown into a considerable hub in Asia in no small part due to its efforts to promote the sector through favourable

22、 and attractive yet internationally compliant regulatory and tax regimes. In applying a balanced and circumspect approach, Singapore looks set to promote the continued prosperity of its wealth management industry. 4. Regulatory framework of Hong Kong In contrast with the proactive strategy adopted b

23、y Singapore, the development of the private wealth management industry in Hong Kong can be said to be largely market driven. The Hong Kong government has taken a relatively laissez-faire approach, leaving the growth of the industry to market forces and the efforts of market participants. Despite thi

24、s, the rise of the private wealth management industry in Hong Kong has been no less impressive. Despite the setbacks suffered as a result of the credit crisis, Hong Kong remains well positioned to serve as a wealth management hub for the region, particularly the mainland Chinese market. As one of th

25、e two special administrative regions of the Peoples Republic of China, it is one of the worlds leading international financial centres with a highly developed capitalist economy that has been ranked the freest in the world for 16 consecutive years by the Index of Economic Freedom published by the He

26、ritage Foundation. Its strengths include its competitive tax regime, respect for the rule of law supported by an efficient and independent judiciary, and the absence of exchange controls or restrictions on capital inflows and outflows. Also central to Hong Kongs success are its stable regulatory env

27、ironment, bank secrecy rules, extensive network of financial services groups and access to HNWIs. The liberalization of Renminbi (RMB) settlement regulations is also expected to attract more HNWIs from the mainland into Hong Kongs private wealth management industry. These factors will be discussed f

28、urther below. Hong Kongs legal and regulatory framework for the financial sector is transparent and efficient, and adheres to international standards of financial regulation. There are no specific barriers to entry by foreign firms. The principal regulators for the private banking industry are the H

29、ong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) and, to a lesser extent, the Insurance Authority, who are responsible for oversight of the banking industry, securities and futures and insurance industries, respectively. Private banks wishing to set up in Hong Kong

30、are required to obtain authorization from the HKMA if they wish to take deposits and/or carry on banking business. There are three categories of authorization: (1)Licensed banks may operate current and savings accounts, and accept deposits of any size and maturity from the public and pay or collect

31、cheques drawn by or paid in by customers. (2)Restricted licence banks may take deposits of any maturity of HK$500,000 and above. (3)Deposit-taking companies are restricted to taking deposits of HK$100,000 or above with an original term to maturity of at least 3 months. These companies generally enga

32、ge in a range of specialized activities, including consumer finance, trade finance and securities business. Apart from the above categories of authorized institutions that are permitted to take deposits in Hong Kong, overseas banks may also establish local representative offices. However, these offi

33、ces are not permitted to engage in banking business and their role is confined mainly to liaison work between the bank and its Hong Kong-based customers. Hong Kong has strict bank secrecy laws, but unlike Switzerland and Singapore, these are embedded in the common law rather than in statute. Neverth

34、eless, they are still strongly entrenched principles and, in practice, arguably no weaker than those in jurisdictions with a statutory right to secrecy (particularly given recent events in Switzerland). These common law principles are supplemented by data privacy legislation and non-mandatory codes

35、of conduct which together provide a framework in which customer information is afforded protection. 5. Conclusion This article has sought to describe, from a legal and regulatory perspective, how Singapore and Hong Kong, being beneficiaries of Asias remarkable growth in recent years, have developed

36、an accommodative environment to capitalize and take advantage of the opportunities arising from the Asian Wave. The authors acknowledge that an attempt to highlight merely the legal and regulatory factors that contributed to the growth of the private wealth management industry in Singapore and Hong

37、Kong would not suffice. Nonetheless, the authors hope that this article will be illustrative of the facilitative role regulators and governments can play in such development. 个人理财业务在新加坡和香港的发展 资料来源 :上海交通大学 作者： Jek Long and Danny Tan 1. 简介 已经说了很多关于瑞士可能会失去其具有传统优势的私人银行和个人理财业务的世界管理枢纽地位。与此相反，业界许多学者认为，个人理财

38、业务正在向亚洲转移，特别是在私人银行业快速增长的金融中心 ,如新加坡和香港。本文认为很大程度上法律及监管在个人理财业务的发展中起到了重要的作用。 财富管理一般可以界定为私人银行和资产管理公司向私人提 供金融服务，具有一定的财富的企业或机构客户，定制不同程度的服务的复杂性取决于这些资产的数量。本文将仅限于个人理财行业，其客户都拥有巨大的经济或金融资产净值。 2.亚洲的个人理财业务 在不确定的背景对瑞士的影响下，亚洲似乎已成为全球个人理财行业新的时代精神和联络点，造成这种增长有以下几点原因。 首先，近年来人民共和国的中国和印度经济发展迅速，导致了在亚洲鼓舞人心的潮汐作用。这种现象是由于亚洲投资机会

39、的增加，亚洲人口对富裕生活的欲望不断上升和全球投资者希望有一个更为均衡的投资组合。这种趋势预计将继续在亚洲，在共 产党领导下的人民共和国的中国和印度 ,很可能是在未来几年内的富裕人士增长的厂房，其经济扩张和增长可能继续超越比较发达的经济体。 亚洲经济相较美国和欧洲经济的相对稳定，这就为最近的金融危机提供了一个利用亚洲的机会。在个人理财业，投资组合的分配向亚洲转移，私人财富管理机构寻求在亚洲建立新的关系，私人银行加强了其在亚洲的业务管理，努力挖掘富裕人士增长的私人财富。 多年来，新加坡和香港定位为两个地区的主要金融中心，是亚洲新兴的个人理财业务的候选人。本文将着手从法律和监管的角度来看，首先考虑

40、到新加坡的成长故事，并检查香 港财富管理行业发展的原因，并使其继续发展。 3.新加坡的个人理财业务监管制度 亚洲的成长和发展在很大程度上促成了新加坡私人财富的崛起，新加坡健全的法律和监管架构，再加上亲商和友好的税务环境，私人银行和富裕人士也充当了催化剂，使新加坡的个人理财业务得到了机会优势。与此同时，新加坡作为一个值得信赖的商业及金融中心也认识到变革的必要性，通过坚持国际标准和规则致力于打击国际跨境逃税，以维持其地位和声誉。 在新加坡，财富管理业受各种法律和法规根据不同的类型安排。新加坡政府和它的中央银行，新加坡金融管理局 (MAS)，以一种积极的做法编织着一个便捷的规管框架，以适应和促进新加

41、坡个人理财业务的发展。值得一提的是三个区域治理的个人银行监管制度，基金经理和私人信托，分别是受银行法，新加坡 (银行业法案 )第 19 章，证券及期货法，新加坡信托业法 289 章及 336 章的监管。 为加强国际合作，新加坡作为全球金融中心，与其他国家的信息进一步交流其，同时还为投资者高度保密。这种平衡可以吸引新加坡富裕人士的私人财富投资。 总之，新加坡的个人银行和理财业务市场不断壮大并在亚洲占有很大的比重，是由于其通过良好和有吸引力的国际标准管理和税收制度努 力促进在该领域的发展。在应用平衡和周到的办法下，新加坡将促进其个人理财行业的持续繁荣。 4.香港的监管框架 与新加坡相比，香港的个人

42、理财业采取积极主动的策略，主要是市场推动的。香港政府已经采取了相对放任的态度，离开发展的行业市场力量和市场参与者的努力。尽管这样，个人理财业在香港的发展并不是那么令人印象深刻。 香港金融部门的法律和监管框架是透明和高效的，并遵守国际金融监管标准。没有外国公司进入的具体障碍。个人银行业的主要监管机构是香港金融管理局（金管局），证券及期货事务监察委员会 (证监会 )，以及在一个较小的程 度上，分别负责监督银行业、证券、期货、保险等行业。 如果在香港想办理存款业务或经营银行业务，希望注册成立私人银行，就必须取得金管局的授权。有三类授权类别： （ 1） 持牌银行可经营往来及储蓄账户，并接受公众任何数额

43、与期限的存款，支付或收取客户签发或存入的支票。 （ 2） 有限制牌照银行吸收存款在 50 万港币及以上。 （ 3） 接受存款公司被限制为存款为港币 10 万或以上 ,持有至到期日至少 3个月。这些公司一般从事的专业活动，包括消费金融，贸易融资和证券业务范围。 除了认可机构所允许采取上述类别在香港经营存款，外资银行也可以设 立本地代表办事处。然而，这些办事处不得从事银行业务，其主要职责只限于银行之间的联系以及以香港为基地的客户。 香港有严格的银行保密法律，但不像瑞士和新加坡，这些都是植根于普通法，而不是法规。然而，他们仍然是根深蒂固的原则，在实际应用过程中 ,可以说是不弱于那些在秘密司法管辖区的法定权利（特别是考虑到最近在瑞士发生的事件）。这些普通法原则补充资料私隐的立法和行为的非强制性规范它们一起提供一个使客户信息得到保护的框架。 5.总结 本文从法律和法规的角度试图描述 ,作为亚洲近几年个人理财业务迅速增长的受益者，新加坡和香 港已经有了一个宽松的环境，能够抓住机遇，并利用所产生的“亚洲浪潮”。作者承认，仅仅企图以突出的法律法规因素促进个人理财业务在香港和新加坡的发展已经不足够了。尽管如此，笔者希望通过本文可以对政府和监管机构起促进作用。