Managers of Wealth Asia Pacific

StanChart Permitted to Establish Digital Bank in Singapore

StanChart Singapore was in August named the country’s first SRFB, with MAS looking to further boost the SRFB framework to possibly offer an additional full bank licence.

Hong Kong Audit Regulator Gains Access to Chinese Audit Papers

The lack of access to these audits in the US have been a continued source of tension after Luckin Coffee fraud was exposed.

S&P DJI Announces Removal of Chinese Companies from Indices

S&P Dow Jones Indices said the securities named in its announcement will be deemed ineligible for S&P DJI equity indices, effective prior to the market open on 21 December 2020.

MAS Expands Mandate of Industry Steering Committee to Drive SIBOR Transition

The Committee will be renamed as the Steering Committee for SOR & SIBOR Transition to SORA (SC-STS).

Australia: AML Bill Passes Senate, DNFBP Amendment Rejected

The AML bill has passed the Senate without the amendment to include DNFBPs.

Appleby Hong Kong partner Fiona Chan named as lawyer of the year for Offshore at the women in business law awards 2020

Leading offshore law firm Appleby is delighted to announce that Hong Kong based Corporate Partner, Fiona Chan, has been recognised as “Lawyer of the Year for Offshore” at the Women in Business Law Awards 2020 ceremony which was hosted on 10 De

Monetary Authority of Singapore's World Tour

Singapore has been especially active in bolstering relationships with China beginning with Chongqing where an agreement was made last month for iSTOX to build a digital exchange alongside other initiatives.

ASIC report explores how to measure ‘value for money’ in default insurance in superannuation

In producing REP 675, ASIC considered publicly available data on default insurance offered by 20 large MySuper products, which at 30 June 2020, covered 82% of MySuper member accounts.

Malaysia’s RHB Bank officially exits Hong Kong

This includes the bank's asset and wealth management businesses.

Philippine SEC Proposes Stronger Rules on Beneficial Ownership

One of the measures proposed by the SEC is to ban the issuance, sale or public offering of bearer shares and bearer share warrants in the country.

Singapore Fund Services: The rise of the VCC

Clients don’t have to worry about hiring additional staff within a short period of time to fill a knowledge gap in a fast-changing regulatory environment.’ says Kelvin in conclusion.

Indonesia regulator sees jobs law spur regional municipal bond issuance, report says

The legislation amends 79 existing laws and covers a wide range of areas, including making it easier to do business, protection for cooperatives and small businesses, and improving the investment climate.

FATF Releases New Report on Trade-based Money Laundering

The report takes stock of current TBML risks and uses case studies from the FATF’s Global Network to explain the ways in which criminals exploit trade transactions to move money, rather than goods.

SFC provides additional guidance on external electronic data storage

The SFC today also made consequential changes to its FAQs on premises for business and record keeping.

ASIC releases updated regulatory guide on time-sharing schemes

The updated RG 160 will provide industry with the certainty it requested of ASIC, especially leading up to year end.

ASIC releases regulatory guide on product design and distribution obligations

RG 274 addresses demand from industry for ASIC guidance as they prepare for the obligations to take effect on 5 October 2021.

ASIC takes action against Union Standard International Group and its former corporate authorised representatives

ASIC alleges Union Standard provided financial services including trading in margin FX products to clients in China in circumstances where it was illegal for Chinese residents to deal or trade in those foreign exchange contracts.

Big Banks Were Progressing on Basel III Agenda Prior to Covid

The report says that from June 2019 to December 2019, the average CET1 capital ratio under the initial Basel III framework increased from 12.8% to 13.0% for Group 1 banks and from 14.8% to 15.2% for Group 2 banks.

ICMA Announces Launch of Climate Transition Finance Handbook

The recommended disclosures are based on the work of the Climate Transition Finance Working Group, which is made up of representatives from more than 80 entities participating in the capital markets.

SFC Provides Alternative for Compliance With Data Storage Rules

On a case-by-case basis, the SFC may consent to just one MIC or one responsible officer (RO) ordinarily resident in Hong Kong to be named for the purposes of the October circular.

Legal, Regulation & Compliance