Financial firms favour tighter rules on product selling

There appears to be strong momentum for an overhaul of financial laws in Asia, according to a survey published last week by law firm Allen & Overy and information provider Complinet. Compliance executives at financial services firms in Asia, polled for the Asian Regulation Survey 2009, largely support moves to tighten regulation on investment products. They also want to see more mandatory disclosure of derivatives exposures and clearer differentiation between retail and wholesale…