10/10/2022
CIFAA appeals to members with PI reduction
This was compounded by the fact that overseas insurers could be reluctant to insure Australian advisers as they were deterred by actions prior to the Hayne Royal Commission.
Legal, Regulation & Compliance
10/06/2022
Optus data breach: update for APRA-regulated entities following Federal Government announcement
Any data shared can only be used for the purposes of implementing enhanced monitoring and safeguards for customers affected by the data breach.
10/05/2022
Hong Kong regulator revises leniency policy for cartel conduct
The revised policy is intended to offer clearer guidance and enhanced incentives for individuals to cease their involvement in cartel conduct and report it to the Commission
10/04/2022
India and Maldives exchange USD 100 million agreement for key infrastructure projects
The Indian and Maldivian governments exchanged agreements for USD 100 million Line of Credit on Sunday for key infrastructure projects.
10/03/2022
ASIC remakes business introduction services relief for managed investment schemes
The extended relief clarifies that the design and distribution obligations apply to persons who, but for the relief, would otherwise need to comply with the DDO.
10/03/2022
Harneys advises MTT Group Holdings Limited on its Hong Kong IPO
Its shares were listed and commenced trading on the Main Board of the Hong Kong Stock Exchange on 26 September 2022.
10/03/2022
Tentative issuance schedule for HKSAR Government Bonds under the Institutional Bond Issuance Programme
The tentative issuance schedule is normally published by the HKMA on a half-yearly basis
09/30/2022
ASIC signs Consultation Agreement with Financial Markets Standards Board
The Agreement will facilitate the FMSB’s consultation with ASIC in the development of draft guidance and other publications, and provide ASIC with periodic updates on the FMSB’s strategy.
09/30/2022
SEC Fines Deloitte's China Affiliate Over Auditing Malpractice
"A fundamental goal of the PCAOB’s inspection regime is to identify weaknesses in the firms’ quality control processes — the very weaknesses at issue in this case."
09/29/2022
ASIC’s conflicted remuneration proceedings against Commonwealth Bank and Colonial First State dismissed
CBA staff signed up over 390,000 individuals to the Essential Super product between July 2013 and June 2019.
09/28/2022
ASIC publishes updated and expanded remediation guidance
‘To date ASIC has needed to oversee large scale remediations to ensure affected consumers were treated fairly and received the compensation they were entitled to,’
09/28/2022
APRA finalises new capital framework for private health insurers
The framework takes effect from 1 July 2023.
09/23/2022
Bank of Japan keeps ultra-low rates, dovish policy bias
BOJ Governor Haruhiko Kuroda is expected to hold a news conference at 3.30 pm (0630 GMT) to explain the policy decision.
09/22/2022
Singapore central bank chief says global inflation likely to stay higher for longer
He pointed to the war in Ukraine as one of the reasons for global supply disruptions which are among the factors driving prices higher.
09/21/2022
Court ruling on ASIC civil proceedings
AMP took action to rectify the issue, self-reported it to ASIC, apologised to customers and subsequently completed the remediation of affected members.
09/20/2022
Thailand regulator seeks to ban digital asset exchanges from taking deposits
Cayman Island-based Binance, the world’s largest crypto exchange operator, offers a service called Binance Earn which pays investors up to 3.6% annually on digital asset deposits.
09/19/2022
A Surprise Turn of Events in Credit Suisse's Singapore Case
At the end of the second week of the trial between Credit Suisse and former Georgia Prime Minister Bidzina Ivanishvili, there is a surprising turn of events.
09/15/2022
APRA outlines plans to modernise the prudential architecture
“Our end-goal is a digital framework that will be easier for industry to understand and comply with, and for APRA to supervise and maintain – and ultimately to better protect Australians’ financial interests,”
09/15/2022
Fosun Denies Regulator Call for Bank Review
Fosun said it had sought confirmation from regulators through multiple channels and that many banks had not received such notice from the CBIRC.
09/15/2022
Bank of East Asia Executive Detained in Beijing
In response, a BEA statement said that the matter pertains solely to the personal actions of an individual employee, adding that the bank has stringent internal control mechanisms and protocols in place.