02/09/2021
HK Banks Told to Stop Accepting BNO Passports as Valid ID
HKMA (Hong Kong Monetary Authority) deputy chief Arthur Yuen later confirmed in a press conference that the guidance meant the passports could no longer be used for accounts.
Legal, Regulation & Compliance
02/09/2021
Extension of the Banking Talent Programme
For those existing graduates under 2020 Programme whose employment will be extended by the participating institutions, the HKMA will continue to reimburse up to 50% of the monthly salary of Programme participants during the extended period.
02/08/2021
Hong Kong and Macau Watchdogs Ink GBA Agreement
The latter includes the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange.
02/08/2021
Hong Kong Court Rules that Buyer’s Stamp Duty is Constitutional
This case was an application for leave to apply for judicial review of the Collector of Stamp Revenue’s assessment in respect of a provisional agreement for sale and purchase dated 18 January 2013 (Agreement) for a residential property.
02/07/2021
British investors should keep a wary eye on Chinese delisting in the Caymans
This moved us much closer to China in ways that raised concerns among policy experts at the time
02/07/2021
Taiwan Penalizes Deutsche Bank, 3 Others for Currency Trades
The banks were notified of the punishments on Friday. Trades made before the notice won’t be affected, the central bank said.
02/05/2021
Chinese Regulators Agree on Ant Group Restructuring Plan
The restructuring plan marks just the first step in what is expected to be a lengthy overhaul process.
02/05/2021
Hong Kong Watchdog Flags Reddit Rally
Margin level requirements for brokers could also be quickly revised and investors could be asked to make immediate margin calls.
02/05/2021
Differences in rights do not necessarily fracture a class
The scheme provided creditors with four options, each provided a better return than in the event of the Company’s liquidation.
02/05/2021
Practical issues in FIE registration and reporting under the new FIL regime
Under the new regime, FIEs will only need to report certain information to the PRC Ministry of Commerce via an online reporting system. MOFCOM approval is no longer required for foreign investment.
02/05/2021
Singapore Launches Simplified Insolvency, Restructuring Programme
Two SIP programmes are provided: a Simplified Debt Restructuring Programme for debt restructuring and business rehabilitation; and a Simplified Winding Up Programme for the orderly winding up of non-viable businesses.
02/05/2021
LINE Bank Taiwan Granted Digital Bank Operating Licence
LINE – which has 21 million monthly active users in Taiwan – has also launched a banking service in Thailand in the last year. In 2021, it also plans to expand its banking services into other countries including Japan and Indonesia.
02/05/2021
ASIC cancels financial services and credit licences of Mortgage & General Financial Services Pty Ltd
Under the provisions of the Corporations Act 2001 and National Consumer Credit Protection Act 2009 respectively, ASIC may suspend or cancel an AFSL or an ACL if the licensee fails to meet their obligations.
02/05/2021
APRA releases 2020 Year in Review
The 2020 Year in Review is available on the APRA website at: APRA 2020 Year in Review.
02/05/2021
A Key Player in Malaysia's Biggest-Ever Corruption Scandal Found Sanctuary in Cyprus With Help From a Major London Firm
To solve these problems, Low turned to the sunny eastern Mediterranean island of Cyprus
02/05/2021
Agreement reached for Greater Bay Area wealth management system pilot phase
This plan intends to reduce cross-boundary restrictions for nearly 70 million residents in the Bay Area cities to access wealth products
02/05/2021
Memorandum of Understanding on supervisory cooperation under the Cross-boundary Wealth Management Connect
By signing the Memorandum of Understanding, authorities in the three places aim to establish sound supervisory cooperation arrangements and liaison mechanism.
02/05/2021
Harneys wins three 2020 Deal of the Year Awards from China Business Law Journal
The China Business Law Journal’s awards are presented annually and are based on hundreds of nominations from in-house counsel and other qualified observers, and research conducted by the China Business Law Journal’s editorial team.
02/05/2021
ICICI Bank signs MoU with MUFG Bank, Japan
Japan and India have strong bilateral relations and there are several synergies between two leading banks in Japan and India
02/04/2021
National Australia Bank’s $220 Million Acquisition of neobank 86 400
The KWM team was led by M&A Partner Diana Nicholson , supported by a multidisciplinary team including Partners Caroline Coops and Anne-Marie Neagle and Katherine Forrest , Senior Associate Rebecca Williams and Special Counsel Sean Field.