01/11/2021
AUSTRAC reviewing data on Vatican money transfers
The data raised eyebrows in Australia and the Holy See, given the number of transfers and amounts that appeared to be greatly out of line with the Vatican’s financial reality.
Legal, Regulation & Compliance
01/11/2021
Ogier advises Singapore sovereign wealth fund on urban logistics joint venture
The joint venture will be seeded with a US$220m portfolio of 18 UK assets in prime locations owned by Kennedy Wilson.
01/11/2021
Amendments to Requirements for Labuan Business Activity Gazetted
Labuan and the minimum number of full time employees in Labuan that have to be fulfilled by a Labuan entity
01/11/2021
China Issues New Rules to Protect from Foreign Sanctions
The Chinese government can also prohibit domestic companies and individuals from complying with punitive measures mandated by foreign governments.
01/11/2021
Wall Street banks to delist derivative products linked to China Telecom, China Mobile and China Unicom in Hong Kong to comply with US sanctions
The delisted derivatives represent about 4 per cent of over 12,000 derivative products in Hong Kong
01/10/2021
Maybank sees faster inflation, steady interest rates this year
The BSP slashed interest rates by 200 basis points last year, including the surprise 25 basis points cut last Nov. 19, to boost market confidence and encourage consumers and companies to borrow more from banks.
01/08/2021
Singapore introduces tougher regulation for virtual payment service providers
The new regulatory control will apply regardless of whether the providers possess the money or cryptocurrencies involved.
01/08/2021
Key Regulatory Developments in Hong Kong and Singapore: December 2020
The SFC views the proposed investor identification regime as being consistent with developments in major jurisdictions, including the United States, Europe, Australia, Singapore, and China.
01/08/2021
China Development Bank former chairman jailed for life
Hu Huaibang becomes 2nd high-profile financial executive sentenced in a week
01/08/2021
China Revises Upper Limit on Overseas Lending, Borrowing
China made the same change to overseas borrowing limits for domestic financial institutions in December.
01/08/2021
Baillie Gifford obtains QDLP license
Just after it set up its private fund management business last year.
01/08/2021
ASIFMA, Ashurst Issue Report on APAC Readiness for IBOR Transition
Harmonisation is needed on recommended ARRs, spread adjustment methodology and timing for transition, including in relation to Islamic and non-linear products, the report says.
01/08/2021
ASIC approves variations to the Banking Code
ASIC previously approved the Code, as a whole, in December 2019. That Code commenced on 1 March 2020. On 1 January 2021, as part of the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020, which received Royal Assent on 17 December 2020, a
01/07/2021
Death penalty handed to former asset manager in China
He was convicted of graft, corruption and bigamy
01/07/2021
Deutsche Bank facilitates margin trade for offshore investor in China
New QFII, RQFII measures expand investment scope for foreigners, increase diversification
01/07/2021
Law Society of Hong Kong Honors Morrison & Foerster with Pro Bono and Community Work Recognitions
The award honors local and foreign law firms who have demonstrated outstanding commitment to volunteer pro bono and community work.
01/07/2021
APRA Announced Further Reduction in Committed Liquidity Facility
If outstanding government securities continue to increase beyond 2021, the CLF may no longer be required in the foreseeable future.
01/07/2021
China and EU conclude investment agreement
The agreement will provide a fair market climate for EU investors with clear rules on Chinese State-owned enterprises (SOEs), transparency in subsidies, prohibition of forced technology transfer and other distortions.
01/06/2021
China says US sanctions have no ‘legal effect’ in Hong Kong or China
Last month, the US also sanctioned 14 members of the National People’s Congress, the Chinese legislature, for their role in drafting the new national security law for the city.
01/06/2021
SEC issues regulations on the issuance and offer for sale of insurance capital bond
The new regulations allow insurance companies to issue and offer for sale of insurance capital bonds.