Managers of Wealth Asia Pacific

Taiwan: Bill passed on repatriation of overseas funds

Under the bill, companies and individuals that repatriate their earnings in the first year the law is in effect would be entitled to a tax rate of 8% of the repatriated amount

Hong Kong cracks whip on back-door listings, introduces new rules

The consultation is part of a series of measures undertaken by the Exchange to strengthen and enhance the long-term health, quality and sustainability of the Hong Kong market.

UAE partners with 3 Chinese financial institutions

ECI will collaborate with each of these organisations in the exploration and enhancement of trade and economic cooperation between the UAE and China.

Asian fintech startup, Cheers Paytech, chooses Mambu as core banking system

The Cheers Wallet Engine, powered with Mambu, will further enable the strong adoption by those currently suffering from financial exclusion to not only access mobile payments, but to become an active part of the wider global digital economy.”

Government announces subscription and allocation results of Silver Bond

Allocation is made in accordance with the mechanism set out in the Issue Circular dated July 4, 2019.

CFSGAM sale clears regulatory hurdles

"The final sales proceeds are currently expected to be $4.2 billion, subject to completion adjustments," CBA said.

Four at Mourant are 'names to know' in Global Restructuring Review

GRR states that in this region, having restructuring advisers and lawyers who understand the local market is invaluable and cites two cases to support the Mourant lawyers' listings in the guide.

JP Morgan helped Amrapali divert funds overseas, Supreme Court says & orders probe

A forensic audit found that JPMorgan violated foreign investment rules including paying dividend without generating profits, setting up fake companies and overvaluing shares.

China's regulator to continue preferential treatment for Hong Kong reinsurers

Previously, Hong Kong reinsurers were grouped with other offshore reinsurers and assigned baseline risk charge factors for credit risk exposure that were considerably higher than those for onshore reinsurers.

Liechtenstein grants e-money license to TenX

TenX now intends to strengthen Liechtenstein's blockchain ecosystem.

20 Bankers Have Been Placed Under Corruption Investigation This Year

China has been aggressively tackling corruption in government agencies and related institutions in a years-long clampdown that began in late 2012.

Australia to Re-Introduce Open Banking Legislation This Week

New criminal and civil offences for non-compliance will be introduced, including a AUD 500,000 (USD 351,000) fine and/or five years imprisonment for misleading consumers.

Equifax to Pay Up to $700m to US Authorities for 2017 Data Breach

The cost to Equifax could rise by a further USD 125 million, depending on how many individuals make claims against the company.

Member interests delay recommended

The bill's current implementation deadline of October 1 proved a sore point for the wealth management sector, with several submissions to the committee's inquiry

Sam Henderson cops ASIC ban

Henderson has already been fined $50,000 by the Financial Planning Association of Australia which found him guilty of breaching its professional code of conduct nine times last year.

Australian regulator proposes tougher rules on bankers’ pay

The proposed reforms address recommendations 5.1 to 5.3 from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which were endorsed by the Government in February.

APRA enforces stable funding requirements on banks

APRA’s review found these banks were improperly reporting the stability of the funding they received from other entities within the group.

China officially ends foreign ownership limits

Restrictions on foreign ownership of domestic fund management companies have officially been lifted, according to a statement from China Securities Regulatory Commission.

Appleby Advises Vanke Property

Appleby acted as BVI, Cayman Islands and Jersey counsel for Vanke Property (Overseas) Limited (Vanke Property) in relation to a due diligence exercise on a total of five BVI, Cayman Islands and Jersey targets and their subsidiaries in a very substantial a

Abu Dhabi global market deepens financial collaborations and economic ties with key institutions in China

ADGM also entered a new agreement with OneConnect Financial Technology (a subsidiary of Ping An group) to foster greater cross-border FinTech opportunities in support of the Belt-and-Road initiative.

Legal, Regulation & Compliance