Managers of Wealth Asia Pacific

ASIC consults on consumer remediation guidance

ASIC is currently monitoring over 100 remediations that could see the return of at least another $3.55 billion in total to over 3.6 million consumers upon finalisation.

HKMA Unveils New FPS Feature Allowing Link to HKID

FPS turnover has also grown steadily. In October 2020, the average daily turnover reached 452,000 real-time transactions (worth HKD 4.4 billion and CNY 44 million), an increase of nearly twofold from December 2019.

Singapore Launches Initiative to Groom Future Private Bankers

Trainees will complete a traineeship period which will make up at least 30 percent of the university programme duration.

ESG Indices Offer Ethical Investment Without Sacrificing Returns: HKEX

The HKEx study noted that ESG investment strategies had become increasingly popular with investors, driven by multilateral initiatives such as the Paris Agreement and the United Nations Sustainable Development Goals, “as well as the growing market d

Trustees to improve occupational classification practices in insurance in superannuation

Trustees often have limited data about members’ occupations.

Further rate cuts extraordinarily unlikely

“The unemployment rate currently stands at 7% and we are expecting it to be still above 6% in two years time.”

Philippine central bank opens the door to digital banks with nod for licensing rules

The central bank didn’t set a limit on the number of licences it will issue but says there may be a cap depending on the number of applications.

China’s Growth Recovers Amid Signs of Caution

Moreover, China’s domestic growth is uneven and has been fueled by rising levels of debt.

Ogier advises Geely Automobile on listing on Shanghai stock exchange

The Ogier corporate team was led by partner Nathan Powell

Arrangements relating to SFC’s public services

This may affect, for example, some licensing applications, some product applications, and our public complaints and enquiry service.

Finance broker convicted of making false statements to ASIC

The Commonwealth Director of Public Prosecutions prosecuted the matter after a referral from ASIC.

AAT upholds ASIC decision to refuse Allegra a licence

Allegra failed to disclose this in its application and Mr Schonfelder provided misleading information to ASIC regarding the reasons that he ceased employment with the licensee.

HKMA Consults on Revised SPM on Group-wide Bank Supervision

The previous guideline largely covered banks’ downstream operations, whereas the new group-wide approach also covers banking groups’ immediate and intermediate holding companies and affiliates.

FATF Consults on AML/CTF Frictions in Cross-border Payments

The FATF highlights high costs, limited access, low speed and insufficient transparency as some of the challenges with cross-border payment services that the G20 Cross-Border Payments Roadmap seeks to address.

Mourant wins second Offshore Law Firm of the Year award

The award comes hot on the heels of the leading firm winning Offshore Law Firm of the Year 2020

MAS Revises Anti-commingling Framework For Banks

“Where a bank proposes to acquire a major stake in an entity, the full amount of its investment would also have to be taken into account,” MAS says.

SFC Directs Senior Managers to Correct AML/CFT Deficiencies

To facilitate compliance by licensed corporations and their associated entities, the SFC has provided expected regulatory standards and examples of good practices.

ASIC issues information sheet on managing conduct risk during LIBOR transition

The guidance published today sets out regulatory expectations and clarifications on key transition issues.

ASIC commences proceedings against CBA for overcharged interest – Royal Commission case study

The manual fixes were unsuccessful, and customers continued to be overcharged.

APRA Penalises Westpac For Breaches of Liquidity Standards

APRA will now require comprehensive reviews by independent third parties of Westpac’s compliance with APRA’s liquidity reporting requirements and the remediation of its control framework for liquidity risk management.

Legal, Regulation & Compliance