Managers of Wealth Asia Pacific

Bermuda’s International Business Advantages Highlighted in Hong Kong Webinar

This webinar will be followed up with a BDA mission to Singapore this fall, as part of our broader Asia strategy.

Greensill Sued by Hundreds of Ex-Employees

Four days later, Grant Thornton said in another call that up to 460 employees were to be laid off with immediate effect.

ASIC suspends AFSL of wealth management firm

The firm’s licence has been suspended for six months.

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.

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.

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.

US asset manager Thornburg gets China QDLP licence

New Mexico-headquartered Thornburg had US$42 billion of assets under management as of June 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

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

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.

Asian Wealth Management Unit of RBC Fined HK$7.7M in Hong Kong

The company mishandled client assets on several occasions.

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.

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.

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.

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.

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"

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.

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

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.

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.

Legal, Regulation & Compliance