Managers of Wealth Asia Pacific

Progress in the handling of banking complaints by HKMA

A table summarising the progress made in the handling of banking complaints by the HKMA is attached.

Ponzi schemer succeeds at appeal

The court of appeal found that evidence from two witnesses should not have been admitted at his trial.

Over 40 Firms Parties to Apply for Digital Bank Licence: BNM

At least five banks – CIMB, Affin Bank, Hong Leong Bank, AMMB Holdings and Standard Chartered – have also signalled their interest in pursuing a licence.

ASIC permanently bans former Sydney financial adviser

ASIC determined that a permanent ban from the provision of financial services was appropriate given the Court’s findings.

The RBA could increase its QE program at any time

There is nothing stopping Martin Place tweaking the size of the program at any time, just as it did with the Term Funding Facility in September 2020.

Taiwan’s BLF bans firms from mandates after corruption charge, to end contracts

The BLF says it has sacked Yu and is demanding compensation from the three firms.

Bank worker pleads guilty to $3.75m theft a decade after CBA failed to report crime

The bank made the decision in 2010 not to report the $3.75 million theft despite Mr Vrettakos making full admissions at the time and offering to provide information implicating other members of staff.

SEC seeks public comments on the proposed regulation for defining suspicious circumstances that the auditor must report to the Audit Committee

SEC therefore proposes the principle and the draft regulation which would require the auditor to report to the Audit Committee of securities company

BOJ Surpasses GPIF as Largest Holder of Japanese Equities

The BOJ also earned JPY 675.9 billion yen in dividends during the first half of fiscal 2020, outstripping the JPY 552.4 billion in interest it earned from Japanese government bonds for the first time.

Bursa Malaysia, Alliance Bank Establish Data Partnership to Help SMEs

The partnership forms part of Bursa Malaysia’s strategy to expand its data business to suit a wider group of stakeholders beyond traditional capital market products.

SFC consults on conduct requirements for bookbuilding and placing activities

The proposals were formulated based on recent reports issued by the International Organization of Securities Commissions

CBIRC Issues Rules on Evaluating Performance of Bank Directors

The rules set out the basic duties and specific obligations of directors and supervisors

Philippine SEC Tightens Rules on Beneficial Ownership of Shares

Under the SEC’s new guidelines, corporations, aside from publicly listed companies

ASIC imposes additional licence conditions on Poynter Hargraves Financial Consultants Pty Ltd

Poynter Hargraves will also be required to remove its sole responsible manager and appoint one or more responsible managers with the necessary skills and experience.

Hong Kong lags behind on the percentage of female directors on the boards of listed companies

HKICS issues a 'Call to Action' for regulatory imposition of a 30% target to be achieved over a six-year period for Hong Kong

Finding Harmony – ASEAN Model Contractual Clauses and Data Management Framework Launched

The DMF and MCCs were developed to help harmonise the standards on cross-border data flows and data governance practices across the region.

Alibaba navigates anti-trust probe with sustainability bond

The four-tranche deal offers longer maturities of up to 40 years

Singapore: Enhanced Personal Data Protection Act Takes Effect

The enhanced PDPA introduces mandatory data breach notification, requiring organisations to notify the PDPC and affected individuals if a data breach is likely to result in significant harm, or if 500 or more individuals are affected.

HK Banks Told to Stop Accepting BNO Passports as Valid ID

HKMA (Hong Kong Monetary Authority) deputy chief Arthur Yuen later confirmed in a press conference that the guidance meant the passports could no longer be used for accounts.

Extension of the Banking Talent Programme

For those existing graduates under 2020 Programme whose employment will be extended by the participating institutions, the HKMA will continue to reimburse up to 50% of the monthly salary of Programme participants during the extended period.

Legal, Regulation & Compliance