The results suggest banks and asset managers are concerned about this year's sweeping regulatory changes associated with President Xi Jinping's "" policy, though rules for financial institutions have largely remained unchanged.
The survey published Wednesday by the Asia Securities Industry and Financial Markets Association , which represents large global financial firms, showed 46% of their members expected the regulatory and operating environment in Hong Kong would become more challenging in the next three years and 37% said the same about mainland China.These were the only Asian markets where more respondents expected things to get worse than remain the same or improve.
Authorities are strengthening rules governing how companies must handle customer data, including restrictions on transferring information overseas, a challenge for financial firms wanting to integrate their Chinese and global businesses.Asifma has also pointed to Hong Kong and China's strict quarantine and visa restrictions under their zero-COVID policies as additional challenges..
Austen said financial firms in Hong Kong also feared legislation that would penalise financial institutions for enforcingThere was also uncertainty about how a National Security Law imposed on Hong Kong last year by Beijing would affect financial services.Reporting by Alun John; Editing by Stephen CoatesSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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