Managers of Wealth Asia Pacific

Philippine central bank says to continue supporting economy amid pandemic

The Philippine economy slumped a record 9.6 per cent in 2020

RBI Lifts Bank Dividend Ban, Subject to New Limit

The restriction was aimed and ensuring banks conserve capital to retain their capacity to support the economy and absorb losses amid the uncertain environment at the time.

Taiwan to set disclosure rules for ESG funds

Taiwan’s financial regulator may follow the disclosure rules set by Hong Kong’s Securities and Futures Commission.

ASEAN Blockchain Consortium Formed to Collaborate on Digital Assets and Enterprise Blockchain, Strengthening Cross-Border Relationship

Memorandum of Understanding inked at virtual event organised by Blockchain Association Singapore

Mirae Asset Sues Shinhan Over Lime Fund Losses

Shinhan has 20 days to decide whether to accept the recommendation.

Japan Registers First Foreign Firm Through Dedicated ‘Entry Office’

The new office was established in January to serve as a single point of contact for foreign financial firms looking to set up operations in Japan.

Japan Sets End Date for New JPY LIBOR Interest Rate Swaps

New quoting conventions for the JPY interest rate swaps market based on TONA

Man jailed 12 years for role in S$2.5 million scam that targeted high net-worth individuals

The court heard that in Singapore, Wei was a frequent patron of the casinos at Marina Bay Sands and Resort World Sentosa where he gambled away most of his share of criminal proceeds.

AAT dismisses challenge to ASIC’s banning of Rodney Charles Carter

In July 2017, ASIC disqualified Mr Carter from managing corporations for four years to 30 July 2021.

ASIC only allowed to ban advisers under new disciplinary regime

The minister of the day would determine the people eligible to be appointed to an FSCP.

Hong Kong proposes new rules enhancing deductibility of foreign tax

Under those circumstances, the taxpayer needed to rely either on the general provision for the deduction of expenditure or outgoings incurred in the production of assessable profits, as construed by decided authority on point.

ASIC secures 20-year ban for Mayfair 101 director James Mawhinney from fundraising and promoting investment products

Justice Anderson found Mr Mawhinney has been ‘involved in multiple contraventions’.

Former Aon Hewitt financial adviser banned for four years

The banning follows an ASIC surveillance, which found that between 2014 and 2017, Mr Hills allowed or authorised misleading and inaccurate letters about superannuation to be issued to some Aon Master Trust members.

Korea Set to Expand Securities Lending to Retail Investors

Korea’s short-selling ban, imposed for six months in March 2020 and later extended,

Progress in the handling of banking complaints by HKMA

As at end-March, the handling of 653 cases was in progress.

Hong Kong to introduce the long-awaited corporate rescue regime in 2021

The Bill addresses a number of shortfalls of the current regime highlighted in our previous client alert.

FSC proposes new advice model

The alternate model in line with the DDO will categorise advice into general information and personal advice.

CBIRC Calms Market Over Huarong Restructuring Fears

The CBIRC has now said Huarong is actively cooperating with its auditor and will complete its annual report as soon as possible.

Taiwan’s FSC to unveil disclosure rules for new ESG funds

The FSC will announce details of the new rules in July.

HKMA, SFC Consult on Annual Update to FSP List

The FSP list includes entities that belong to G-SIB or large dealer groups; and are members of the largest CCPs offering clearing for interest rate swaps in the US, Europe, Japan and Hong Kong.

Legal, Regulation & Compliance