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.
Legal, Regulation & Compliance
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.
04/09/2019
Responsibility boundary among asset management players
At the heart of the investor suitability obligation is the prohibition on asset management firms against recommending high-risk products to investors of low risk-bearing capacity, where there is a mismatch between the risks and their capacity.
04/09/2019
Gam moves to limit bond fallout in Asia
Asia head Rossen Djounov explains Asia-Pac damage control, lessons learned and the firm’s regional plans.
04/05/2019
Tech giants face fines of up to $1m for failing to remove fake news under new Singapore law
It will also force tech platforms to disable fake accounts operated by bots and block advertisements on fake news sites, thereby cutting off their revenue streams.
04/05/2019
Malaysian ex-PM pleads not guilty in graft trial
It is just a fraction of the hundreds of millions of dollars that he allegedly stole.
04/05/2019
Philippines news site chief pleads not guilty to tax evasion charges
The Department of Justice in October indicted Ressa, and online news platform Rappler (www.rappler.com), for attempting to evade taxes by not reporting gains of almost $3 million in the company’s 2015 tax returns.
04/05/2019
Outlook for 2019: cross-border M&A and post-merger integration
Unfeasible expectations can dampen or even derail the transaction.
04/05/2019
AMP slapped with extra conditions by Australian regulator
Licensees were given a two-year transition to obtain a licence variation for authorisation
04/05/2019
RBI moves to push growth
Repo rate cut will boost property sector, investment
04/05/2019
S. Korean May Allow Fintechs to Enter Brokerage Business
The return on equity at South Korean brokerage firms in the last five years average
04/05/2019
SFC Finalises Guidelines on Securities Margin Lending
The SFC’s had proposed for brokers to put in place prudent controls to prevent excessive leverage and over concentration both in terms of securities collateral and individual margin clients.