11/30/2020
A long way from home: The Hong Kong Court highlights the difficulties of winding up foreign companies
The Hong Kong Court noted that, absent good reason for the foreign company to be wound up in Hong Kong
Legal, Regulation & Compliance
11/30/2020
HSBC mulls exit from US retail banking
The bank is planning a coronavirus-induced overhaul of its business model, seeking to shift its main source of income from interest rate to fee-based businesses.
11/30/2020
Hong Kong Chief Executive: No Access to Banking Services
Lam was named in August on a sanction list of 11 Hong Kong and mainland China officials over the imposition of the national security law.
11/30/2020
HKEX Proposes to Raise Profit Requirement for New IPOs
HKEX is accordingly concerned that some small cap issuers may have simply reverse engineered their valuations to meet the market cap requirement, in order to manufacture potential shell companies for sale, market manipulation or insider dealing post listi
11/30/2020
SFC Finalises Changes to Grant Greater Flexibility to REIT Managers
The SFC said the proposals received broad support, and will be implemented with some modifications to clarify specific requirements such as those which apply to minority-owned properties.
11/30/2020
Hong Kong’s leader has ‘piles of cash’ at home after US sanctions
Carrie Lam says she has been left with no access to banking services
11/27/2020
Singapore Oil Tycoon Who Founded Hin Leong Denies HSBC's Forgery Claim
HSBC’s suit, filed in late October, came two months after the trader’s court-appointed managers PricewaterhouseCoopers took legal action against Lim and his family for a total of $3.5 billion in outstanding debt.
11/27/2020
ORX Expands Operational Risk Taxonomy for Financial Services
The 2020 iteration has been extended to include causes (processes, people, systems or from external events like a natural disaster or terrorism) and impacts (financial, conduct, reputation or legal).
11/27/2020
IOSCO Outlines Priority Areas of Work for Year Ahead
The Board also discussed the Sustainable Finance Task Force’s other work on sustainability-related disclosures, greenwashing and the increasing activity of ESG data providers and credit rating agencies regarding ESG ratings.
11/27/2020
Hong Kong regulator bans former StanChart banker
The SFC’s disciplinary action follows a referral by the HKMA.
11/27/2020
Indonesia’s big banks resist pressure to lower lending rates
Banks’ reluctance to cut borrowing costs poses a hurdle for President Joko Widodo’s plan to lift Southeast Asia’s largest economy out of its first recession in more than two decades.
11/27/2020
ASIC releases draft information sheet for insurance claims handling
ASIC expects to start taking applications for AFS licences, and variations to existing licences, from 1 January 2021
11/27/2020
FASEA releases October Exam Results
The overall pass rate of 76% may be attributed to several factors.
11/27/2020
MAS On Track to Award Digital Bank Licences by Year-End
Menon also spoke of new developments in digital currencies, highlighting that CBDCs in particular can mostly help to solve problems associated with cross-border transactions.
11/27/2020
FTSE Russell, MSCI Consult on Impact of China Sanctions
Under FTSE Russell’s normal policy, sanctioned securities would have to be deleted from its indexes.
11/27/2020
Advisers and lawyers impacted by new claims handling licensing
The ASIC information sheet has been developed following the introduction of the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 into Parliament earlier this month.
11/27/2020
We're coming home: Grand Court Confirms the Primacy of Insolvency Proceedings in a Cayman Company's Home Jurisdiction
The Company’s restructuring proposal contemplated that proceeds from a “white knight” investor were to be used, amongst other things, to fund a creditors’ settlement and to invest in new business lines to enable the Company
11/26/2020
MAS Announces 20 Finalists for the 2020 Global FinTech Hackcelerator
The Global FinTech Hackcelerator identifies innovative market-ready solutions to address real industry needs.
11/26/2020
Korean Banks Move to Lower Lending Limits for Overdraft Accounts
Woori is said to have lowered the limit for its two key overdraft account products from the initial KRW 200 million and KRW 300 million to KRW 100 million in both cases.
11/26/2020
Consortium of Japanese Firms to Test Digital Currency in April
The project aims to address a lack of interoperability between cashless payment applications, which remains a hurdle both for consumers and retailers.