07/28/2022
ASIC enforcement and regulatory update April to June 2022
In an Australian first, ASIC successfully took action in the Federal Court against an entity for failing to adequately manage cyber risk.
Legal, Regulation & Compliance
07/26/2022
APRA increases transparency with new super publications
The first of the new publications will be issued in September and will cover aggregate quarterly data on the industry’s structure and profile, member demographics and investments.
07/26/2022
Volt Bank return of deposits successfully completed
Volt has now completed the process by voluntarily transferring the remaining 441 accounts, with a total deposit value of $113,073, to the National Australia Bank.
07/25/2022
US asset manager Thornburg gets China QDLP licence
New Mexico-headquartered Thornburg had US$42 billion of assets under management as of June 2022.
07/21/2022
The HKMA Welcomes the Additional Payment Arrangement for Residential Mortgage Refinancing by the HKAB
Under the newly added payment arrangement for property transactions (PAPT), bank customers may choose to adopt direct transfer via the interbank payment system for a mortgage refinancing transaction
07/21/2022
SFC reprimands and fines RBC Investment Services (Asia) Limited $7.7 million for mishandling client assets
The SFC also found that between 3 December 2012 and 26 March 2020, RBC had breached the Securities and Futures (Client Securities) Rules
07/20/2022
The World’s Most Powerful Passports have the Least Travel Freedom
This figure is far behind the global trend where markets in Europe and North America have recovered to around 60% of pre-crisis travel mobility levels.
07/20/2022
Asian Wealth Management Unit of RBC Fined HK$7.7M in Hong Kong
The company mishandled client assets on several occasions.
07/19/2022
Banque de France Governor inaugurates Asia-Pacific Representative Office in Singapore
Banque de France’s office in Singapore is its second overseas office, following the opening of a Representative Office in New York office in 2010.
07/19/2022
Update on Progress of Developing the Equitable Loss Sharing Framework for Scams
S is keenly aware of the importance of this framework and will publish the consultation paper as soon as possible.
07/18/2022
OTC derivatives provider Sirius Financial Markets surrenders licence, former executives handed eight-year bans
Sirius Financial will surrender its licence and wind down retail and wholesale operations and will cease providing financial services on 29 July 2022.
07/18/2022
Australia's first Islamic bank wins restricted banking licence
Islamic banks are growing rapidly all over the world and offer fundamentally different banking products without interest - such as home finance with co-ownership, and savings accounts that pay profit-share.
07/18/2022
Philippines c.bank governor says "may or may not" raise rates in August
When asked if the central bank was still looking at further raising rates at its meeting on Aug. 18, Bangko Sentral ng Pilipinas Governor Felipe Medalla said in a phone message "may or may not"
07/18/2022
Baker McKenzie acts on six award winning deals
The Asia Legal Awards honor the best work in the region and identify the most important transactions and cases with the most complex and outstanding legal work in Asia.
07/15/2022
APRA removes Allianz’s additional capital requirement
Satisfied that Allianz has now completed the transformation programs in accordance with the commitments and timeframes set out in the CEU
07/15/2022
Monetary Authority of Singapore and People’s Bank of China Further Renew Bilateral Currency Swap Arrangement
The BCSA renewal was signed by MAS Managing Director Ravi Menon and PBC Governor Yi Gang and was effective from 13 July 2022.
07/14/2022
Philippine central bank makes surprise 75 bps hike in interest rates
The central bank, which had been due to review its monetary policy in August, has now raised rates by 125 basis points since May.
07/13/2022
Singapore's policy quirk lures bank funding rush
"Naturally, you'll attract a lot of issuers."
07/11/2022
HKMA joins the International Financial Consumer Protection Organisation
"With Hong Kong being an international financial centre, the HKMA has been actively participating in international discussions in respect of financial regulation so as to ensure that our regulatory standards are up to date."
07/11/2022
ASIC acts against eight SMSF auditors
These actions are in addition to the 10 SMSF auditors that ASIC acted against because of their failure to lodge annual statements