Managers of Wealth Asia Pacific

SFC Extends Compliance Deadline for New Rules on Complex Products

“The SFC considered feedback from the industry and agreed to extend the effective date for three months to 6 July 2019,” the regulator said in a circular.

Fugitive diamond magnate Nirav Modi arrested

Mr Modi is accused of a scam that led to India’s second largest bank, Punjab National Bank, being defrauded of $2 billion.

Banks bolstering money laundering countermeasures

As this date approaches, financial institutions are stepping up their countermeasures due to concerns that if the FATF decides Japan’s handling of this issue is insufficient, it could lead to difficulties such as delays in international remittances

British Virgin Islands – Economic Substance (Companies and Limited Partnerships) Act, 2018

We set out below a summary of the legal entities affected by this new legislation and steps that will be required for compliance.

Japan to Tackle Global Financial Regulation Disharmony at G-20

The issue of conflicting banking regulations has intensified since the global financial crisis led authorities around the world

S. Korea pension fund lacks independence: think tank

But the Seoul government appears to have a say in key decisions at the NPS as five out of 20 members of the NPS asset management committee are incumbent ministers or vice ministers and NPS chairman and CEO Kim Sung-ju, it said.

Poorly Performing Japanese Banks to Face Added FSA Pressure

According to a Nikkei report, the FSA plans to review its early intervention regime governing regional banks

Labuan Financial Services Authority and China Banking and Insurance Regulatory Commission commit to greater regulatory co-operation and collaboration

The MoU provides the platform for Labuan FSA and CBIRC to enhance the regulatory and supervisory oversight of cross border branches and subsidiaries of China and Labuan based banks and insurance entities.

Scrap foreign ownership caps on China-listed firms, investor group says

“If these limits are not removed, we are afraid that foreign institutional investors may not be able to invest in some of the listed companies, particularly the small cap companies,” ASIFMA said.

China Development Bank Leads Debt Fix in Another City

City’s short-term debt may be swapped for longer-term loans

Chinese economics with Japanese characteristics

Beijing needs a weaker yuan to ease deleveraging just when Trump is holding it hostage

J. Safra Sarasin Sued by Employee Who Miscarried

Coleman alleges both the bank and her immediate supervisor, long-term banker Feroze Sukh, are culpable under Hong Kong’s Sex Discrimination Ordinance and Disability Discrimination Ordinance.

Henley & Partners expands to Australia

This has been a period of strong growth in the region for the firm, which recorded 48% year-on-year growth in Southeast Asia.

Golden Gate Ventures & Hanwha Asset Management Announce Southeast Asia Partnership

According to Preqin's data, Southeast Asia startups are facing a Series B funding gap.

Govt believes $11bn stashed abroad by Pakistanis

The information about the offshore bank accounts of Pakistani nationals was shared with the government by the Organisation for Economic Cooperation and Development (OECD).

Mt. Gox founder acquitted of embezzlement but guilty of data tampering

It recognized the 33-year-old had altered data on the company's trading system to pad the amount in his accounts, as he sought to prevent his company from becoming cash-strapped.

Making the case for Guernsey trusts and foundations in Asia – Ogier team heading to STEP Hong Kong event

China generates more new HNWIs than most (if not all) western countries and those HNWIs increasingly understand the need for offshore structuring for their personal and business assets around the world.

Vietnamese banks see exodus of foreign partners

It said it was under pressure to cut costs after suffering losses in emerging markets.

Insurance industry wants IFRS 17 adoption deferred

IFRS norms like risk-based capital framework is necessary to assess the financial strength of a company.

RBI Issues Finalised Guidelines on Market Abuse

The RBI also said market participants, either acting independently or in collusion, shall not undertake any action with the intention of manipulating the calculation of a benchmark rate or a reference rate.

Legal, Regulation & Compliance