04/12/2022
Western Australia to target renewables with new land tenure legislation
WA has competitive advantages in the renewable hydrogen market, including wind and solar resources and vast areas of land with low population density.
Legal, Regulation & Compliance
04/12/2022
Section 13O/U fund management tax incentive criteria tightened in Singapore
In view of the very short time frame before implementation, potential applicants for a Section 13O/U incentive should consider whether it is feasible for them to make ‘preliminary submissions’ this week.
04/12/2022
Enforcing an arbitral award in Hong Kong
The pro-arbitration approach of the Hong Kong SAR courts has underpinned Hong Kong SAR’s position as a popular destination for dispute resolution and will give companies comfort that arbitral awards in their favour can be enforced in Hong Kong SAR.
04/08/2022
HSBC Goes for Broke in China
China has been progressively relaxing financial sector foreign ownership restrictions in recent years.
04/08/2022
Westpac to pay $1.5 million penalty for mis-selling consumer credit insurance
From April to July 2015, Westpac issued consumer credit insurance policies to 141 customers who did not request the product.
04/08/2022
Searches Conducted On Wealthy Indians Named In Pandora Papers
The Multi-Agency Group has started cracking down on wealthy Indians named in the investigative report
04/08/2022
ASIC: Westpac Subsidiary BT Funds Management Penalised $20 Million for Incorrectly Charging Commissions for Insurance in Superannuation
The Court found BT Funds contravened both the Corporations Act and the ASIC Act. Westpac had made admissions on the matter and the parties had agreed on a statement of facts.
04/08/2022
ASIC: Cryptocurrency Lender Charged for False Australian Credit License Claims
The maximum penalty that can be imposed on a body corporate for a criminal contravention of section 30 is 10 times the maximum individual fine.
04/07/2022
Carrie Lam's Successor Won't Be Doing Expats Any Favours
According to the South China Morning Post, Lee is the sole candidate endorsed by the mainland government and that this message has been relayed to key politicians in Hong Kong.
04/07/2022
China issues draft financial stability law to prevent systemic risks
China's economy is slowing amid a resurgence in COVID-19 cases, a sluggish property market, and the fallout from the Ukraine crisis, straining the finances of already heavily-indebted local governments.
04/07/2022
Australia’s crypto chances require the right rules
Blockchains and crypto technology could make finance and banking more competitive. But that depends on Australia’s regulatory system adopting more workable rules.
04/05/2022
Regulators conclude consultation on new calculation periods and consult on annual update
Interested parties are invited to submit comments on the proposed revision to the FSP List to the HKMA or SFC by 14 May 2022.
04/05/2022
Ex-Goldman banker did 1MDB for 'glory and greed', jury told
"Jho Low is not going to fill a room and say, 'Hey, I want you to know who I am going to bribe,'"
04/05/2022
ASIC takes action against Macquarie Bank for alleged failures to properly monitor third party withdrawals from customer accounts
ASIC claims these failures by Macquarie breached its obligations as a financial services provider to ensure its financial services were provided efficiently, honestly and fairly.
04/05/2022
APRA to deepen superannuation data collection across the industry
The Superannuation Data Transformation is a significant initiative launched in 2019 to drive better industry practices and improve outcomes for superannuation fund members through heightened transparency.
04/04/2022
China’s Fresh Audit Changes May Appease U.S.
The U.S. Public Company Accounting Oversight Board (PCAOB) did not immediately return finews.asia’s emailed request for comment, which was sent outside of U.S. office hours.
04/04/2022
ASIC acts against 19 SMSF auditors
They had not performed any significant SMSF audit work during a continuous period of more than five years.
04/01/2022
APRA lays out five-year data collection roadmap
The paper sets out a roadmap for each industry that has been tailored to reflect the work already underway on new data collections, the expected regulatory policy agenda, and the industry’s capacity to accommodate change.
03/31/2022
ASIC extends relief for retirement estimates
The existing relief has been extended for a period of nine months. This will allow superannuation trustees to continue to use the relief when sending annual statements to members for the 2021-22 financial year.
03/30/2022
ASIC extends relief for business introduction services
ASIC considers that the relief for scheme interests continues to be useful for managed investment schemes as these entities recover from the impact of the COVID-19 pandemic.