04/12/2019
MAS Bans Former HSBC, UOB Employees for ‘Egregious’ Misconduct
The three court cases are not related. The ban against the three individuals took effect from 5 April 2019.
Legal, Regulation & Compliance
04/12/2019
Australian wealth manager hit with class-action lawsuit
The suit was filed in the New South Wales Supreme Court in Sydney by law firm Quinn Emmanuel.
04/11/2019
Goldman Sachs affiliate again faces fine for naked short selling
Naked short selling refers to the sale of borrowed shares in order to profit by buying them back at a lower price, but without actually borrowing the stocks first.
04/11/2019
World Bank Group and GPIF Deepen Partnership on Building Sustainable Capital Markets
Initial investments have surpassed the equivalent of US$500 million in Australian dollar, euro, and pound sterling-denominated bonds issued by IBRD and IFC.
04/11/2019
Corporate regulator laments bank pushback
The Australian Securities and Investments Commission has been disheartened by some anonymous comments purportedly made by senior bankers to media.
04/11/2019
Speech at the ISDA 34th Annual General Meeting in Hong Kong
Asia has seen remarkable economic growth over the past several decades
04/11/2019
UniCredit China Employee Embezzled $15mn of Client Money
The employee allegedly used a group supervisor’s password to access the funds, which were used to buy apartment units in the US, Greece and Japan.
04/10/2019
India pension scheme gains popularity among NRIs
The government’s national pension system is extended to overseas citizens
04/10/2019
India requests bank details of those named in SwissLeaks
SwissLeaks put him in sixth place among Indiansexternal link stashing money with HSBC Geneva ahead of India’s richest man Mukesh Ambani ($26 million) and his brother Anil Ambani ($26 million).
04/10/2019
China's first village bank for investment management gets nod from regulators
At present, the Changshu-based rural lender has invested in 30 village banks in provinces such as Hubei, Jiangsu, Henan and Yunnan.
04/10/2019
Wells Fargo unloads retirement-plan unit for $1.2 billion
The decision to exit the retirement-plan business also comes as Wells Fargo deals with reputational problems, legal costs and unprecedented sanctions.
04/10/2019
Most Asian units inch up, but global growth worries remain
Data from China on March inflation, trade and lending is due later this week, and minutes of the last U.S. Federal Reserve meeting are expected on Wednesday.
04/10/2019
Government bans superannuation funds treating employers
Discounts, allowances, rebates or credits in providing goods or services to the employer or their associates are also banned.
04/10/2019
CBA, ASIC move to resolve AFSL conditions
The compliance breaches identified were failures by CBA to meet strict deadlines
04/09/2019
Inquiry recommends against franking credit removal
The inquiry into Labor’s policy to remove refundable franking credits has recommended against its removal.
04/09/2019
Banks should come out of their silos and deploy new tech
It is a fact that fighting financial crime is costly and difficult.
04/09/2019
Chinese Investors Look to Greece for Controversial ‘Golden Visas’: Report
Nearly 60 percent of the visas granted since January 2018 have gone to Chinese investors, while visas granted to Turkish investors have also risen sharply over that period, the New Zealand-based media outlet reported.
04/09/2019
FSA and ASIC agree to strengthen cooperation post-Brexit
The FCA and ASIC also support the continuity of existing equivalence decisions to provide certainty to businesses post-Brexit.
04/09/2019
The impact of China’s new Foreign Investment Law
This bulletin analyses some of the open questions.
04/09/2019
Duterte has ill-gotten wealth? File charges, Panelo says
Panelo, who is also Duterte’s chief legal counsel, stressed that the law only required public officials to “file” and not to “explain” increases in their income.