Managers of Wealth Asia Pacific

Life Code Committee to get increased sanctions power

The FSC agrees with the LCCC that the Code should not unnecessarily repeat obligations or clauses of the Charter.

FMA Finalises Standard Conditions for Full Financial Advice Licence

The seven standard conditions for a full licence include: record keeping, internal complaints process, regulatory returns, outsourcing, business continuity and technology systems, ongoing requirements, and notification of material changes.

Financial Institutions Need to Review Security Controls Amidst COVID-19: MAS’ Cyber Security Advisory Panel

At its fourth annual meeting with MAS management on 5 November 2020, the Panel shared its insights on cyber risks in the new operating environment and made several recommendations.

Key Risks to Financial System Have Been Contained: PBOC

In light of the current environment, the government has focused its efforts on maintaining liquidity, guiding market interest rates lower, increasing re-lending and rediscount limits, and introducing credit loan support for SMEs.

Qatar businessmen keen on Islamic finance in PH

“There is also a potential, and inward focus into the Philippines from Qatar, around the area of Islamic finance or Islamic banking,” he said.

China issues another round of QDII quotas

Seven firms received the quotas for the first time.

International Finance Corporation and the Hong Kong Monetary Authority Launch New Alliance to Address Climate Change

IFC research estimates that cities in emerging markets alone have the potential to attract more than $29 trillion in climate-related investments by 2030.

Joe Biden is the next president of the United States — what does it mean for sustainability in Asia Pacific?

A president who has laid siege to environmental causes over his four years in office has been replaced by another septuagenarian who wants the world's biggest economy back in the Paris Agreement.

HSBC Sues Hin Leong Owners

Some 23 banks reportedly lent a total of $3.85 billion to the troubled oil trader, with HSBC reportedly believed to have the largest exposure.

Philippines probes money flows linked to Wirecard, says ex-official

The central bank has also banned former bank employees from the industry for allegedly falsifying documents for Wirecard.

SEBI Doubles Overseas Investment Limit for Mutual Funds

Mutual funds can invest in overseas ETFs up to USD 200 million, subject to an overall industry limit of USD 1 billion.

Singapore and Indonesia Central Banks Extend Swap Arrangement

It comprises a local currency bilateral swap agreement that allows for the exchange of local currencies between the two central banks of up to S$9.5 billion or IDR 100 trillion

Former Macquarie financial adviser charged with dishonesty offences

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.

Finance broker pleads guilty to making false statements to ASIC

Mr Wang admits that on each occasion he falsely certified that he, as the sole fit and proper person of his credit licence, had not had his accreditation cancelled or suspended by a lender for reasons other than volume.

APRA Announces A$35b Reduction in Committed Liquidity Facility

Banks are required to make every reasonable effort to manage their liquidity risk through their own balance sheet management before applying for a CLF.

Personal Data Protection (Amendment) Act 2020 in Singapore: Effects on Your Business

The amendments to the PDPA are timely in the fast-changing landscape of the digital economy, and bring Singapore’s personal data protection laws up to date and aligned with international standards, such as the GDPR.

Ant IPO Suspension Needed to Protect Investor Rights: CSRC

The changes to the regulatory environment for fintech businesses cited by regulators are expected to impact the company’s business structure and profit model, which constitutes material issues at pre-listing stage

Former advisers face huge fines

Acworth is currently on bail, with the matter scheduled to be heard again on 29 January 2021.

BNP Paribas launches securities lending services in Hong Kong

Mr. McDonald will be responsible for trading activities and developing services for institutional lenders and borrowers in the Asian region.

Apple must face shareholder lawsuit over CEO Cook's China sales comments

The lowered revenue forecast was the first by Cupertino, California-based Apple since the iPhone’s launch in 2007.

Legal, Regulation & Compliance