Managers of Wealth Asia Pacific

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.

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

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.

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.

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

Legal, Regulation & Compliance