Managers of Wealth Asia Pacific

Reserve Bank of New Zealand describes file sharing breach as "significant"

A detailed forensic cyber investigation is underway and the Bank is working directly with affected stakeholders whose information may have been breached.

APRA progresses consultation on prudential standard governing insurance in superannuation

APRA has also released for consultation an updated version of Prudential Practice Guide SPG 250 Insurance in Superannuation (SPG 250), which contains further guidance on the new proposed requirements.

Lessons Learned From APAC’s Landmark Year of AML Fines

The material failures of Goldman Sachs and Westpac highlighted the need for financial institutions to go back to basics in understanding the underlying reasons for AML laws and why financial crime controls and oversight are so important.

South Korea: BoK expected to remain on hold in 2021 – UOB

The government is likely to continue to rely on macro prudential measures to address its concerns for the housing market while interest rate normalization is likely premature given the uncertainties.

Former Hong Kong lawmaker rejects HSBC's explanation over frozen accounts

In his Facebook post, Hui asked HSBC to explain why members of his family were also “collectively punished”.

China’s bank regulator gives a vote of confidence to Hong Kong’s ‘vital and indispensable’ role as Asia’s financial hub

The GBA is a cluster of 11 cities in southern China’s Guangdong province – including Hong Kong and Macau – that forms the nucleus of one of the world’s fastest-growing economic regions.

China prohibits proxy sale of bank deposit products

Internet deposit products have initially been launched by commercial banks with the help of online platforms that count a large userbase.

ASIC bans former Sydney adviser for three years

The banning of Mr Pavlidis will be recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.

Philippine Senate Approves Amendments to AML Law

The House of Representatives approved its own version of the AML Act amendments last December.

ISDA Urges Adherence to IBOR Fallbacks Protocol

The protocol was launched in October 2020, intended as a safety net to mitigate the systemic impact of an IBOR cessation in the worst-case scenario.

Asian central banks set for holding pattern in 2021 with rates at record lows

"We expect Asia-Pacific central banks to remain on hold through 2021 for the most part," Shaun Roache, chief economist for Asia-Pacific at S&P Global Ratings, told Market Intelligence by email.

Asia Has an Opportunity to Demonstrate Global RegTech Leadership

Singapore is one Asian market where such changes are already taking place.

China issues $9bn worth of QDII quotas

Most of the recipients were fund management companies.

NTT Docomo, MUFG Bank plan to forge a business tie-up to offer financial services

SoftBank Corp and Mizuho Financial Group Inc announced in June they would partner up on financial services via smartphones

Tokyo Bourse Sets 1 Feb Launch Date for CONNEQTOR Platform

“We are pleased to announce that development has been successfully completed and CONNEQTOR will go live on 1 February 2021.”

Victorian director disqualified from managing corporations for four years

ASIC is a member of the Phoenix Taskforce, which comprises federal, state and territory government agencies who collaborate to combat illegal phoenix activity.

Seven licensees add new adviser roles

HFS’s director Colin Williams noted that those figures should be looked at very carefully as some of them might be backdated into 2020 since the licensees had 30 days to report their adviser movement.

Leading law firm for 12 areas in 3 jurisdictions in Legal 500 Asia Pacific 2021

The firm exhibits keen knowledge and fast turnaround times in banking transactions including real estate related financing matters.

Saudi Ministry of Finance inks $3b export financing pact with South Korean entities

Credit Agricole structured the landmark deal, which is Ministry's second since July 2020

China limits foreign laws' application to Chinese companies

Under the Rules, a Chinese person must tell the ministry within 30 days if a third state or region has prohibited or restricted their activity by law or other measures.

Legal, Regulation & Compliance