Managers of Wealth Asia Pacific

Philippine central bank opens the door to digital banks with nod for licensing rules

The central bank didn’t set a limit on the number of licences it will issue but says there may be a cap depending on the number of applications.

China’s Growth Recovers Amid Signs of Caution

Moreover, China’s domestic growth is uneven and has been fueled by rising levels of debt.

Ogier advises Geely Automobile on listing on Shanghai stock exchange

The Ogier corporate team was led by partner Nathan Powell

Arrangements relating to SFC’s public services

This may affect, for example, some licensing applications, some product applications, and our public complaints and enquiry service.

Finance broker convicted of making false statements to ASIC

The Commonwealth Director of Public Prosecutions prosecuted the matter after a referral from ASIC.

AAT upholds ASIC decision to refuse Allegra a licence

Allegra failed to disclose this in its application and Mr Schonfelder provided misleading information to ASIC regarding the reasons that he ceased employment with the licensee.

HKMA Consults on Revised SPM on Group-wide Bank Supervision

The previous guideline largely covered banks’ downstream operations, whereas the new group-wide approach also covers banking groups’ immediate and intermediate holding companies and affiliates.

FATF Consults on AML/CTF Frictions in Cross-border Payments

The FATF highlights high costs, limited access, low speed and insufficient transparency as some of the challenges with cross-border payment services that the G20 Cross-Border Payments Roadmap seeks to address.

Mourant wins second Offshore Law Firm of the Year award

The award comes hot on the heels of the leading firm winning Offshore Law Firm of the Year 2020

MAS Revises Anti-commingling Framework For Banks

“Where a bank proposes to acquire a major stake in an entity, the full amount of its investment would also have to be taken into account,” MAS says.

SFC Directs Senior Managers to Correct AML/CFT Deficiencies

To facilitate compliance by licensed corporations and their associated entities, the SFC has provided expected regulatory standards and examples of good practices.

ASIC issues information sheet on managing conduct risk during LIBOR transition

The guidance published today sets out regulatory expectations and clarifications on key transition issues.

ASIC commences proceedings against CBA for overcharged interest – Royal Commission case study

The manual fixes were unsuccessful, and customers continued to be overcharged.

APRA Penalises Westpac For Breaches of Liquidity Standards

APRA will now require comprehensive reviews by independent third parties of Westpac’s compliance with APRA’s liquidity reporting requirements and the remediation of its control framework for liquidity risk management.

Singapore Banks Get New Best Practice Code for Commodity Financing

The initiative was first announced in July, in the aftermath of the high-profile collapse of oil trader Hin Leong Trading, whose founder admitted to hiding USD 800 million in losses generated from oil futures over several years.

Lack of Electronic Solutions Hindering Capital Market Access: ASIFMA

The processes that could benefit from electronic solutions include regulatory correspondence, customer onboarding, corporate meetings, listing and IPO processes, tax and stamp duty processes, and post-trade processes.

PBoC Calls for More Market Opening

According to Liu, further opening of the industry will contribute to China’s «dual circulation» strategy of economic development where domestic activities act as the main driver, supplemented by international activities.

China will make monetary policy more flexible, targeted: PBOC

China will keep the macro-leverage ratio basically stable, and improve the bond default risk prevention, People's Bank of China said

The HKMA to chair the EMEAP Study Group on Resolution

The chair of the SGR will be Mr Stefan Gannon, Commissioner, Resolution Office and the secretariat function will be performed by the HKMA Resolution Office.

Australia's foreign investment regime

FIRB approval will generally be granted unless the foreign investment is considered a threat to Australia's national interests.

Legal, Regulation & Compliance