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The big players can afford cutting edge technology, hire the best people to have a real robust go at anti-money laundering and know-your-customer rules, but for the small players the question will be: does it make economic sense to put in place the level of compliance and scrutiny requested or is it not worth it?
There is a clear distinction between investment outflows that will ultimately lead to foreign direct investment in China, and hot money that's gone forever, the ChemChina deal is a very astute transaction and we will continue to see a fairly high level of such transactions, and this is not contrary to the outflow control objective.
There are a number of capital rules that are domicile-specific, especially the use of capital models for things like credit risk and market risk, these have to be approved by the home regulator, and the Hong Kong Monetary Authority hasn't been as generous in approving those internal models in the past as the UK regulator.
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