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Legal, Regulation & Compliance

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

07/07/2022

ASIC issues civil penalty proceedings against wholesale licensee Lanterne Fund Services for risk and compliance failures

ASIC is concerned that for an extended period there was a real risk of investor harm due to shortcomings in Lanterne’s systems and processes

07/06/2022

MAS and IBF adjust training scheme funding parameters amidst stepped up skills development support for Finance Sector

These changes will better enable MAS to continue with increased funding support in growth and priority areas.

07/06/2022

ASIC releases guidance for superannuation calculators and retirement estimates

Superannuation calculators and retirement estimates are low-cost forecasting tools that are intended to be a helpful prompt for consumers to review their financial situation

07/05/2022

Magellan updates High Conviction Trust

The trust had also increased the number of companies it could hold from 12 to 20.

07/05/2022

Carey Olsen advises Morningstar in purchase of Praemium's UK and international business

The deal, first announced in December last year, has now completed after gaining the necessary regulatory approvals and sees Morningstar acquire 100% of Praemium's operations in the United Kingdom, Jersey, Hong Kong SAR and Dubai.

07/04/2022

Five reach partner level at Baker McKenzie

Two of the partners were named to their new positions while on parental leave

07/04/2022

APRA revokes Citigroup Pty Limited's banking licence following NAB acquisition

This determination follows the acquisition of CPL’s consumer banking business by National Australia Bank Limited (NAB) in June 2022

07/04/2022

Package of super changes for younger and older Australians set to take effect from 1 July

Super and retirement

07/01/2022

ASIC to communicate negative audit review findings to directors

ASIC Regulatory Guide 260 Communicating findings from audit files to directors, audit committees or senior managers (RG 260) has been updated to reflect these changes.

06/30/2022

Withers wins Law.com International Law Firm of the Year award at Asia Legal Awards

Law.com noted the firm’s continued expansion and development of new practice areas and for being a well-rounded law firm across multiple areas.

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