10/23/2020
MAS Bans Former BSI Banker Over 1MDB ‘Secret Profits’
These POs were issued at the conclusion of an investigation conducted by the MAS and took effect on 22 October 2020.
Legal, Regulation & Compliance
10/22/2020
EBRD and Japan to strengthen economic cooperation
This is in line with the EBRD’s Green Economy Transition approach, which has taken the Bank’s green investments to more than 40 per cent of annual investment last year and is set to exceed 50 per cent by 2025.
10/22/2020
Pictet granted HongKong licence
After the granting of a banking licence to BPSA, the number of licensed banks in Hong Kong is 164.
10/22/2020
Ogier advises CPP Investments on sale of Phase One, Nova Victoria
Advising on the corporate and finance aspects of this transaction, partner Katrina Edge was assisted by managing associate Kate McCaffrey and associate James Whiteside.
10/22/2020
National security law: Hong Kong banks told by HKMA to report suspicious transactions
New advice tells banks to report suspected national security violations as they would report incidents of money laundering, terrorism financing
10/22/2020
Australian Federal Court Fines OTC Derivative Issuers A$75m
When imposing the pecuniary penalties, Justice Jonathan Beach noted as a result of the contravening conduct, clients of each of the three defendants lost approximately AUD 32 million, which translated into revenue earned by the defendants.
10/22/2020
FSC Korea Kicks Offs New Task Force to Address Illegal Trading
Specifically, Sohn highlighted the need to closely monitor illegal short sale activities, including naked short-selling, particularly given the higher volatility seen in recent months.
10/22/2020
Japan Lawmakers to Propose Streamlining FSA, BOJ Bank Inspections
A panel from the Liberal Democratic Party plans to propose that the two institutions create a committee to address such complaints, and share more information with each other.
10/22/2020
Updated regulatory guidance for share transfers using s444GA of the Corporations Act
Section 444GA allows shares of a company in administration to be transferred by an administrator as part of a deed of company arrangement.
10/22/2020
Asia Defies Dire Predictions of a Massive Spike in Bankruptcies
But while Covid-19 has devastated profits and forced some firms to lay off staff, funding provisions and other assistance from policy makers appear to have prevented many struggling companies from closing down for good.
10/22/2020
HKMA Asks FIs to Protect Customer Interests in LIBOR Switch
Banks are expected to develop robust education and outreach programmes to help customers make informed decisions when assessing the options available in the transition.
10/22/2020
Japan Lawmakers to Propose Streamlining FSA, BOJ Bank Inspections
Lawmakers reportedly plan to propose that the FSA and BOJ create a committee to address complaints from FIs concerning an overlap between the two agencies in bank inspections.
10/22/2020
Hong Kong fines Goldman Sachs record $350m over 1MDB
The 1MDB bond offerings were arranged and underwritten by Goldman Sachs International,
10/21/2020
Goldman Poised to Pay More Than $2 Billion in DOJ’s 1MDB Probe
Deal to push Goldman’s tally of penalties to around $5 billion
10/21/2020
FSB Publishes Cyber Resilience Toolkit for Financial Sector
It also more clearly delineates between the roles and responsibilities of the board and of senior management.
10/21/2020
AUSTRAC Launches AML Investigation into Crown Resorts
According to the Australian Financial Review, Crown Resorts is accused of failing to act on suspicious transactions that its Melbourne casino knew were linked to Chinese junket operators who brought wealthy gamblers to its casinos.
10/21/2020
Hong Kong Banks Asked to File STRs for Suspected NSL Breaches
The reporting obligations are triggered when a bank “knows or suspects that any property is offence-related property”
10/20/2020
Shenzhen Granted Autonomy to Enact Market-based Reforms
Under the plan, Shenzhen will be able to start a stock futures index, and list innovative companies on the city’s stock market with depositary receipts.
10/20/2020
Capital Buffer Rules May Need to Change, says BOE’s Jon Cunliffe
Regulators allow lenders to tap into their mandatory capital conservation buffer to issue credit without risking their operations or existence, but doing so limits payouts like employee bonuses, share buy-backs or dividends to investors.
10/20/2020
NAB has been fined $15 million after its controversial $24 billion referral program blew up
The good Justice is of course well aware of what went wrong, as everyone from bankers to accountants to real estate agents milled about to get their kickbacks.