12/22/2020
SFC previews new electronic licensing services
The new online features introduced today include web-based licensing forms with auto-fill and skip logic features and pre-set validation rules to reduce errors.
Legal, Regulation & Compliance
12/22/2020
Three NSW directors disqualified from managing corporations
In making the decision to disqualify Mr Georges, Mr Youkhana and Mr Yalda, ASIC relied on supplementary reports lodged by Simon Cathro of Worrells Solvency and Forensic Accountants, as liquidator of Top Cleaning and Magic Fresh.
12/22/2020
After a two-year project with Tookitaki, UOB rolls out AML solution based on AI
The tests, carried out in a real banking environment using Tookitaki’s Anti-Money Laundering Suite on sample transactions, verified that the AI processes were effective and were applied responsibly and ethically.
12/22/2020
David Chin: UBS May Increase Stake in China Joint Venture
The business of the internet giants contains an element of risk that may become relevant for the system if the regulator doesn't provide clear guidelines.
12/22/2020
Group of Five Releases Climate-Related Financial Disclosure Prototype
The group of five reiterated support for the consultation proposed by the trustees of the International Financial Reporting Standards (IFRS) Foundation, which suggested the implementation of a global-focused Sustainability Standards Board (SASB).
12/22/2020
FSC Korea Unveils Additional Measures to Curb Illegal Short Selling
To improve transparency, the FSC will expand disclosure of market makers’ rules and their transaction activities by instrument type.
12/22/2020
Tax agent jailed after TPB Federal Court action
The TPB issued a statement that the sentence represented a welcome outcome after a protracted investigation and litigation, during which Mr Hacker continued to act illegally.
12/21/2020
Hong Kong Partner David Bulley Named as "Merger and Acquisitions Lawyer of the Year" at the Lawyer Monthly Legal Awards 2020
David Bulley transferred to Appleby’s Hong Kong office in June 2020
12/21/2020
BSP reforms lift PH in global financial inclusion rankings
The Philippines improved substantially and got a perfect score of 100 in the aspect of products and outlets
12/18/2020
Leading law firm for 6 areas in 3 jurisdictions in Chambers Asia Pacific 2021
This recognition is a testament to the continued support from our clients and contacts who have taken the time to give thoughtful feedback.
12/18/2020
Indonesia begins merger of 3 state-owned Islamic banks
Process to be completed by February, Bank Syariah Indonesia will be country’s largest Islamic bank
12/18/2020
Almost 3000 advisers gone in 2020
He explained that the practices terminated by AMP were typically single-planner businesses with turnover of less than $300,000.
12/18/2020
Taiwan Addresses Bank Misconduct With Higher Penalties: Fitch
Penalties totalling TWD 108 million have been imposed by the FSC since 2019, compared with TWD 18 million over 2016-2018 for similar misconduct.
12/18/2020
Euroclear Bank, Japan Launch New Asset Class: ‘Origami Bonds’
Since the launch, three issuances have already occurred through Euroclear Bank.
12/18/2020
Korea’s FIU Upgrades AML System to Boost Processing Capacity
The upgraded system utilises machine learning technology to assess and analyse money laundering activities.
12/18/2020
APRA targets underperformers with first full refresh of MySuper Product Heatmap
APRA has also released a paper outlining key insights from the updated heatmap and its impact in improving member outcomes.
12/18/2020
Queensland director disqualified from managing corporations for five years
Mr Humphries’ disqualification extends until 10 December 2025.
12/18/2020
Nicholas Tam takes home top prize in Chartered Institute of Arbitrators Essay Competition
The submission required consideration of how arbitral tribunals could adapt, using technology to conduct hearings remotely, and how such measures could be reconciled against arbitral rules and norms.
12/17/2020
Legal directory recognition for Carey Olsen's Singapore and Hong Kong offices
Carey Olsen's Singapore and Hong Kong offices are featured once again in the latest edition of Chambers Asia-Pacific.
12/17/2020
Taiwan FSC Cautions New Digital Banks Against Price Wars
The FSC hopes that the digital banks would offer innovative services or products instead of setting unreasonably low prices to attract customers to ensure solid and sustainable development.