Managers of Wealth Asia Pacific

China’s evolving data laws: PIPL likely to be passed soon

The PIPL will be China’s primary privacy and data protection law, despite the common misconception that the DSL is China’s privacy law.

SBP hits eight banks with penalties

Charges them for violating regulations including AML, CFT and foreign exchange rules

Deloitte Consulting embarks on recruitment drive in Adelaide

“We are strongly focused on encouraging our local employees to remain in Adelaide to build their careers here, and for those who might have left the state, to return, bringing their professional experiences and insights with them,”

KPMG grows during Covid and breaks through $2 billion barrier

Over the past weeks, three of the Big Four have released their results in the Covid-19-hit 2020/21 financial year.

Monetary Authority Announces Countercyclical Capital Buffer Ratio for Hong Kong

“While there have been some signs of economic recovery in Hong Kong, uncertainties about the global pandemic situation have remained,”

ASIC reviews the first round of super fund annual members’ meetings

The funds reviewed were chosen to ensure a mix of industry, retail, corporate and public sector funds and collectively hold approximately $1trillion in funds under management (FUM).

ASIC update: Compensation for financial advice related misconduct as at 30 June 2021

This includes $620.9 million paid or offered by the institutions between 1 January to 30 June 2021

Japan gets tough on greenwashing

Regulators plan to introduce a new verification framework.

Using provisional liquidation offshore to preserve bondholder claims under keepwell deeds (Japanese) An example of preserving the rights of corporate creditors based on keepwell deeds using offshore provisional liquidation

An important element of Keepwell Deed is that the Chinese parent company undertakes obligations to its subsidiaries.

SEC requires Chinese companies seeking U.S. listing to make additional disclosures

China-based companies must make VIE structure clear to investors, disclose whether China has granted permission to list in U.S., delisting risks under U.S. law

SFC fines UBS for regulatory breaches

The SFC’s investigation found that between May 2004 and May 2018

China's central bank vows to maintain tight cryptocurrency regulation

The bank claimed that its monetary policy would be flexible, targeted, reasonable and appropriate.

ASIC sues AMP companies for fees for no service charged on corporate superannuation accounts

ASIC alleges AMP received over $600,000 in advice fees from affected customer accounts.

Carey Olsen Hong Kong secures legal directory recognition and ALB shortlisting

Winners of the ALB Hong Kong Law Awards 2021 will be announced during a virtual ceremony on Friday 10 September.

China's crackdown: a credit perspective

We believe that it is important to acknowledge that China’s version of capitalism and opening up of capital markets will look very different to the models in the West.

Foreign funds invest in Indonesia’s new sovereign wealth fund

Indonesian companies including BPJS Employment and Taspen have already shown interest in investing in the fund.

Australasia Wealth’s former director charged

Knowingly providing false or misleading information to ASIC was an offence under section 1308(2) of the Corporations Act.

Court finds RI Advice liable for failing to supervise financial adviser following ASIC investigation

The Court had previously made declarations that Mr Doyle had breached his best interests obligations by giving inappropriate advice and failing to put his clients’ interests first. At the time, Mr Doyle was an authorised representative of RI Advice.

ASIC sues General Commercial and Eden Capital for failure to cooperate with AFCA

ASIC also alleges General Commercial and Eden Capital’s conduct amounted to a breach of their obligations as credit licensees to act, efficiently, honestly and fairly.

ASIC finds gaps remain despite progress to repair the TPD ‘safety net’

REP 696 also sets out residual gaps and areas where improvements are still needed, particularly in the ability of insurers and trustees to use data to improve both product design and claims handling.

Legal, Regulation & Compliance