Managers of Wealth Asia Pacific

ASIC launches financial advice webpage

Today ASIC launches our new Financial Advice Hub.

APRA releases quarterly authorised deposit-taking institution statistics for September 2021

The Quarterly ADI Property Exposures publication contains data on commercial and residential property exposures, including detail on risk indicators, serviceability characteristics and non-performing loans.

«No Guarantee» Evergrande Will Complete Repayments

The People’s Bank of China also issued its own statements, blaming Evergrande’s problems on the developer’s «own mismanagement» and «breakneck expansion».

Three Key Changes to Note Under the New HKEX Listing Regime for Overseas Issuers

Company law and regulations in the Cayman Islands are also flexible and adaptable to the rules of stock exchanges all over the world, including accommodating the WVR structures and providing safeguards for shareholder rights.

SFC bans former BOS director for 10 years

The case was referred to the SFC by the HKMA.

ASIC consults on communicating audit review findings to directors

Submissions to CP 352 are invited by 11 February 2022.

Hall & Wilcox launches in Adelaide

The office has opened with a small team of insurance and commercial lawyers, led by Nick Ramsey.

ASIC releases guidance and examples on limited advice

The SOA example provided by ASIC is annotated to help advisers understand the relevant requirements under the Corporations Act 2001.

ASIC announces changes to members of the Markets Disciplinary Panel

The MDP is a peer-review panel that makes decisions about whether infringement notices should be given for alleged contraventions of the market integrity rules.

ASIC encourages home insurers to be consumer-centric in handling claims this summer

The ASIC review involved collecting and monitoring insurers’ claims handling data over a 15 month period across 12 insurers representing over 90% of the Australian home insurance market.

Australian bank pays out over charging dead people

It also estimated that at least 25,000 customers were charged more than $5m in fees that had not been disclosed adequately.

Citi, Commerzbank Named in Congo-China Corruption Scandal

The deal was meant to help rebuild critical infrastructure in the DRC, improving the lives of everyday citizens.

ASIC launches multiple legal actions against Westpac

The Australian Prudential Regulation Authority (APRA) has also been reviewing these matters and ASIC and APRA have taken a coordinated approach to their respective inquiries.

ASIC reports on audit inspection findings for 12 months to 30 June 2021

The inspections covered financial reports for years ended from 31 December 2019 to 31 December 2020.

Investment holdings data Included in SGFinDex

SGFinDex was designed with data protection and privacy controls in place for personal information.

HKEx Announces Rule Changes To Attract Overseas Issuers - Especially Greater China Issuers

These amendments are detailed in the 'Consultation Conclusions on Listing Regime for Overseas Issuers' (Conclusions) – and this Update explains some of the key changes.

La Trobe Financial Asset Management to pay $750,000 penalty for false and misleading marketing

The Court found that the statement that any capital invested in the Fund would be ‘stable’, in the sense of there being no risk of substantial loss of that capital, was a false or misleading representation.

APRA increases capital requirements for Heritage Bank

“We also expect Heritage to assign Accountable Persons under the Banking Executive Accountability Regime with responsibility for delivering the sustainable change needed at the bank,"

MAS assesses economic case for retail CBDC

MAS’ strategic approach towards a retail CBDC for Singapore acknowledges the dynamic nature of the payment landscape, evolving public preferences and the potential of nascent technology solutions.

ASIC sues ANZ over ‘introducer program’ home loan referrals

Introducer programs received considerable criticism in the Financial Services Royal Commission.

Legal, Regulation & Compliance