Managers of Wealth Asia Pacific

MAS Enhances FinTech Regulatory Sandbox with Sandbox Plus

The Regulatory Sandbox, which is fully bespoke, was enhanced with Sandbox Express in 2019 to provide firms with a faster option for market testing in pre-defined environments.

‘Stop bullying me’: Insider says hit squad sought to silence him over $10b budget hole

It’s humiliating for Treasury because they’ve got it so wrong.

Financial Regulation update

For the full update on each jurisdiction, please click on the name of the jurisdiction. Below we provide a brief overview of what is covered in each update.

Hong Kong SFC disciplines first manager-in-charge

The SFC imposed a fine of HK$3.3 million on Fulbright Securities Limited

Financial regulators sign accord to promote ease of bank mergers, consolidations, acquisitions

The agreement embodies the responsibilities and commitments of each of the regulators on the simplified requirements and streamlined procedures and timelines in processing of MCA applications.

EMEAP Central Banks to Promote Green Bond Investment through Asian Bond Fund

The new rules will take effect from the index rebalance date of 31 March 2022, on which date all new bonds will be added and the new thresholds for sub-sovereign green bonds become effective.

Chinese Regulators Tell City Commercial Banks to Cap WMPs

Financial institutions that aren’t in position to do so for the time being are supposed to establish special wealth management departments.

ASIC releases guidance and examples on records of advice

ASIC undertook targeted consultation on INFO 266 and the example ROAs and received helpful and timely feedback from industry.

ASIC and ATO engage with directors as part of ASIC’s Phoenix Surveillance Campaign

Illegal phoenix activity has economy-wide implications.

Malaysia's 1MDB gets go-ahead to pursue Abu Dhabi wealth fund in UK court

1Malaysia Development Berhad was an investment fund originally intended to develop the South-east Asian nation's economy.

Our Thought Leadership

Philippines: SEC extends the deadline to submit contact details

Bank Indonesia and Monetary Authority of Singapore Further Extend Bilateral Financial Arrangement

This arrangement has been endorsed by Indonesian President Joko Widodo and Singapore Prime Minister Lee Hsien Loong

E&P Financial Group hit with class action

Former chief executive Dixon stepped down in mid-2019 amid the controversy surrounding URF, which saw its performance tank and at one point returned -76.1% in the year to March 2020.

ASIC obtains Federal Court orders against unlicensed investment scheme A One Multi Services

The orders were made pending a final hearing into the conduct of Mr Hala, Ms Walters and A One Multi.

ASIC bans QLD-based adviser

The banning of Mr McDermott is part of ASIC’s ongoing efforts to improve standards across the financial services industry.

EBRD expects Central Asian economies to grow by 4.9 per cent in 2021

The report notes that in 2021 growth was driven by the normalisation of domestic activities following a gradual relaxation of Covid-19 restrictions.

Australia Introduces Payment Times Reporting Scheme Requirements

The deadline to submit reports is 30th September 2021 provided that the first reporting period ends on 30th June.

Brunei Darussalam: Requirement for Registerable Controllers Information

Companies incorporated on or after 31st October should submit the particulars of their registrable controllers within 30 days of incorporation, whereas companies incorporated before the 31st October 2020 should have filed this information by the 31st Dece

MAS Proposes Changes to Classification of Investment Products for Retail Investors

"With these proposals, we strive to maintain the balance between providing retail investors convenient access to a range of investment products, while ensuring that sufficient safeguards are in place to enable them to make informed investment decisio

FASEA releases consultation – Financial Planners & Advisers Code of Ethics 2019 – Standard 3

Pursuant to section 921U(1)(b) FASEA is required to review instruments regularly.

Legal, Regulation & Compliance