03/25/2022
NSW court says minister has no duty of care to protect against climate change
The implications of this decision have been far-reaching and will likely have repercussions in other common law jurisdictions, such as the UK.
Legal, Regulation & Compliance
03/24/2022
Joint Response to "Explain delays in issuing insurance fair practice guidelines" - The Straits Times, 9 March 2022
MAS and MSF have consulted relevant medical professionals to ascertain that the underwriting standards of the insurance industry are grounded in science.
03/23/2022
ASIC scrutinises marketing of managed fund performance and risks
'ASIC is committed to protecting consumers where misleading marketing practices run counter to their interests.'
03/23/2022
APRA publishes IOPS announcement
APRA Deputy Chair Helen Rowell is the President of IOPS.
03/22/2022
Ashurst launches superannuation offering with new partner
With almost three decades' experience in financial services, Scott advises some of the largest industry and public sector superannuation funds in the country.
03/22/2022
Harneys acted for Arrail Group
Harneys’ associated corporate and fiduciary services arm, Harneys Fiduciary, provided the registered office and principal share registrar services to the client.
03/22/2022
NSW labour hire director disqualified from managing corporations for five years
The five companies were involved in labour hire in the construction industry.
03/22/2022
Securities regulators worldwide to consult on concerns over rapidly evolving retail trading markets
The consultation is open until 23 May 2022.
03/21/2022
MAS bans DBS wealth manager for fraud
Loh Thim Mun Marcus was found to have transferred clients’ money to his personal account.
03/21/2022
Trio banned by Hong Kong regulator
After they used false certificates to prove they had minimum requirements to apply to be insurance agents.
03/21/2022
ASIC issues information for social media influencers and licensees
‘ASIC monitors select online financial discussion by influencers who feature or promote financial products for misleading or deceptive representations or unlicensed advice or dealing. If we see harm occurring, we will take action to enforce the law,
03/20/2022
Former DBS manager given prohibition orders after deceiving clients into transferring S$490,000 to personal bank account
he orders took effect on Wednesday (Mar 16) after Loh was convicted of cheating and forgery offences, and using the benefits of his criminal conduct.
03/18/2022
Malaysia government caves to pressure, allows fourth EPF withdrawal
Members have pulled out a whopping 101 billion ringgit in the first three withdrawals, the pension fund says in a statement on March 16.
03/18/2022
Ex-BSI Banker Dismissed Due Diligence Questions
"He basically said, ‘due diligence is not Goldman’s responsibility – it’s BSI’s responsibility to conduct its own due diligence"
03/17/2022
Auditor’s registration suspended due to involvement in Big Un Limited audit
ECJ were engaged to manage the day-to-day audit activities despite one of the partners of ECJ being the company secretary of Big Un.
03/17/2022
ASIC permanently bans former authorised representative
ASIC also found that Mr Halligan engaged in conduct designed to cause his clients to believe that they still had the shares he had transferred without authorisation.
03/17/2022
SFC Fines Emperor Securities, Emperor Futures for AML Breaches
The SFC is of the view that Emperor’s conduct was in breach of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, the Guideline on Anti-Money Laundering and Counter-Terrorist Financing and the Code of Conduct (Notes 3 & 4).
03/16/2022
Asia: Rising energy prices will hasten policy tightening in the region
Asian economies that didn’t endorse sanctions, China and India being the largest ones, will still need to comply with sanctions, or they may risk jeopardising their own access to the USD denominated international financial system.
03/16/2022
Blowing the whistle
ASIC Regulatory Guide 270, Whistleblower policies contains guidance and good practice tips on establishing and implementing a whistleblower policy and program.
03/15/2022
APRA releases quarterly authorised deposit-taking institution statistics for December 2021
Residential mortgage lending remained strong, with both the stock of outstanding loans and new loans funded increasing over the December 2021 quarter.