07/30/2019
Final nail in the coffin for grandfathered commissions
When commissions were banned under the Future of Financial Advice reforms in 2013, the legislation provided a carve out for trail commissions paid on existing investments.
Legal, Regulation & Compliance
07/29/2019
Dubai and India to enhance financial collaboration
The meetings were set up to discuss DIFC’s strategic plans and the Centre’s roadmap for growth, while exploring mutually beneficial partnerships with Indian firms and financial institutions.
07/29/2019
Ban unsolicited life insurance sales: Poll
It has taken action against a number of firms that have missold direct life insurance and CCI.
07/28/2019
ASIC Takes ANZ Bank to Court for Unlawful Fees
In these proceedings, ASIC will allege ANZ was not entitled to charge certain periodic payment fees under the Bank’s contracts with its customers.
07/28/2019
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
07/28/2019
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.
07/26/2019
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.
07/26/2019
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.”
07/26/2019
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.
07/26/2019
CFSGAM sale clears regulatory hurdles
"The final sales proceeds are currently expected to be $4.2 billion, subject to completion adjustments," CBA said.
07/26/2019
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.
07/25/2019
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.
07/25/2019
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.
07/25/2019
Liechtenstein grants e-money license to TenX
TenX now intends to strengthen Liechtenstein's blockchain ecosystem.
07/25/2019
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.
07/24/2019
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.
07/24/2019
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.
07/24/2019
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
07/24/2019
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.
07/24/2019
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.