Managers of Wealth Asia Pacific

Analytical Accounts of the Exchange Fund

Foreign assets, representing the external assets of the Exchange Fund, increased during the month by HK$9.5 billion to HK$3,596.2 billion.

Reserve Bank of Australia plans wholesale CBDC trials on public and private DLTs

The securities regulator ASIC has provided some regulatory exemptions during the six month span of the project.

APRA consults on amendments to phase out AT1 Capital

The Australian Prudential Regulation Authority (APRA) has begun consulting on proposed changes to its bank prudential and reporting frameworks to phase out Additional Tier 1 (AT1) capital instruments.

ASIC appeals Federal Court findings relating to alleged unfair term used in insurance contracts by HCF Life

On 28 October 2024, the Federal Court found that while the pre-existing condition term was liable to mislead the public, it was not unfair.

ASIC permanently bans financial adviser Barry King

ASIC found that Mr King’s conduct was dishonest

SFC convenes second Digital Asset Consultative Panel meeting

The SFC will continue to proactively collaborate with the VATPs via the DACP as part of the initiative in Pillar Re (Relationships) of the SFC’s ASPIRe roadmap.

MAS Takes Regulatory Actions against 9 Financial Institutions for Anti-Money Laundering Related Breaches

The present suite of actions marks the conclusion of MAS’ enforcement actions against FIs with material nexus to the major ML case.

Korea launches investigation into pre-installed smartphone apps Featured

Devices examined in the investigation included Samsung Electronics’ Galaxy and Apple’s iPhone, which identified possible violations by Samsung’s “Studio” app, which provides video editing features.

MAS Proposes to Enhance Product Highlights Sheets and Streamline Framework for Complex Products

MAS’ objective is to strengthen the effectiveness of a disclosure-based regime for investors to make informed choices on their own, while requiring an appropriate level of intervention for consumers who need more assistance.

Former wealth manager sentenced to 12 months imprisonment for breaching Court orders

In addition, Mr Fuoco will never be allowed to be involved in financial services or credit activities, following an undertaking he gave to the Court.

ASIC issues updated guidance for managed investment schemes

The changes are focused on reflecting consequential changes to the law and legislative relief granted by ASIC since these RGs were last updated.

ASIC cancels Australian financial services licence of Ballast Financial Management Pty Ltd

The AFS licence was cancelled after ASIC became aware that Ballast had ceased to carry on a financial services business.

AVPN launches new platform to streamline philanthropy in Asia

It offers a curated pool of over 400 verified impact organisations.

MAS and ABS Announce the Incorporation of New Payments Entity – Singapore Payments Network (SPaN) – to Position National Payment Schemes for Next Stage of Growth

SPaN aims to provide strong governance over national and cross border payment schemes, promote continuous payments innovation and encourage active collaboration among key industry players.

Legal, Regulation & Compliance