12/07/2017
ASIC releases new example Statement of Advice for life insurance
The design is based on behavioural research into how consumers read and understand the information in SOAs.
Legal, Regulation & Compliance
12/07/2017
Companies to be banned from shifting profits offshore to avoid tax
Stopping multinationals avoiding tax was part of the coalition agreement between Labour and NZ First.
12/07/2017
Myanmar to approve five specialised banks for targeted lending
The CBM should also systematically monitor the specialised banks so that they don't give out additional financial assistance to those with connections to their financiers.
12/07/2017
Proposed Asset Management Rules Will Help Tame China’s Shadow Banking Problem
Under the proposed rules, banks can no longer offer wealth management products with a guaranteed rate of return.
12/07/2017
DFSA signs FinTech agreements with Hong Kong authorities
The DFSA signed bilateral agreements with Hong Kong’s Insurance Authority (IA) and the Hong Kong Monetary Authority (HKMA), in Hong Kong.
12/07/2017
Hong Kong IFA firm Convoy halts trading following raids
However no time or date was given as to when this will happen.
12/07/2017
Bank Indonesia declares bitcoin payment illegal
Cryptocurrency's volatility poses 'huge risk' to economy, central bank says
12/06/2017
Slater & Gordon's new hedge fund owner has blunt message
The company had warned it risked insolvency if the recapitalisation was not approved.
12/05/2017
Offshore law titan opens office in Shanghai
They are supported by a strong team of paralegals, business development managers and corporate secretaries
12/05/2017
Canada urgently needs more trade with China, but big hurdles lie in its path
Canadian Prime Minister Justin Trudeau is on tour in China to discuss trade, but experts say hurdles stand in the way of major progress
12/05/2017
Plans for more transparent Sibor seen benefiting borrowers
The one- and three-month ones are most widely used, and account for more than nine in 10 contracts that use the Sibor benchmark.
12/05/2017
Barclays Africa, China Development Bank sign agreement to cooperate on development projects in Africa
Barclays Africa will also extract synergies from the CDB’s focus on inclusive finance to provide capital to SME’s and low income communities.
12/05/2017
Hong Kong SFC issues Consultation Conclusions on the regulation of fund managers
An explanation of any such tools and exceptional measures should be disclosed in the fund offering documents or otherwise be made freely available to investors.
12/05/2017
Former Billionaire Steel Magnate Banned From Leaving China
Thirty-six-year old Li Zhaohui was once considered one of the country’s most promising entrepreneurs.
12/04/2017
MAS report finds Hong Kong, Korea and Singapore banks vulnerable to FinTech disruption due to reliance on payment fees
The report notes that FinTech presents opportunities for banks to improve their profitability from both the cost and revenue angles, whether exploited either internally within banks or through collaborative partnerships with FinTech companies.
12/04/2017
Hong Kong latest jurisdiction to vanish from HMRC ROPS list
In the past, HMRC has, without warning, removed all, or nearly all, of the schemes that had featured on its list only a few weeks before of such jurisdictions as Australia, Guernsey, the US, Canada, France and Italy.
12/01/2017
Korea’s Central Bank Raised Benchmark Interest Rate in 77 Months
The interest rate adjustment is based on a determination that the South Korean economy’s solid recovery is likely to continue for a while.
12/01/2017
China Minsheng Bank handed fine in fake wealth management products case
China Banking Regulatory Commission said the case exposed lax internal control and risk management at the Beijing-based lender
12/01/2017
Harneys officially launches Shanghai office after receiving China licence
The Shanghai team is led by Kristy Calvert, who has more than 15 years of experience working on cross-border transactions, ten of which were gained in the PRC.
11/30/2017
Australia Bows to Pressure With Inquiry Into Bank Misconduct
The Australian government has bowed to growing pressure by announcing a high-level inquiry into misconduct in Australia's financial sector.