10/19/2020
Crown Resorts Faces Money-Laundering Probe in Australia
The probe has led to revelations of numerous risk management failures and calls for changes in the board.
Legal, Regulation & Compliance
10/19/2020
Ant Group gets China nod for Hong Kong leg of US$35 billion dual-listing: Source
The China Securities Regulatory Commission is also expected to approve Ant's Shanghai Star Market IPO this week.
10/19/2020
Budget misses the mark
Klassen stressed that the insolvencies have not happened yet while another wave of infections was continuing to hit Europe and the US and demand has not recovered, even in largely virus-free countries.
10/19/2020
PBOC Issues Draft Rules ‘Fully Revising’ Commercial Bank Law
The revisions will also strengthen financial consumer protections, enhance fair market competition, impose obligations on shareholders, and emphasise the core role of the board of directors.
10/19/2020
SoW/SoF Checks: What Does Good Look Like?
The guidance offers examples of the good practices MAS observed, as well as instances where corroboration was inadequate.
10/16/2020
Speech at the Hong Kong Management Association 2020 Quality Award Presentation Ceremony
We will continue to work with the banking industry to apply technology to enhancing finance for customers in Hong Kong.
10/16/2020
Countdown Begins for Bank Sanctions over Hong Kong Autonomy
Financial institutions seen as violators risk secondary sanctions which include restrictions on U.S. loans, foreign exchange, property transactions, exports and transfers alongside measures targeting their executives.
10/16/2020
Singapore’s central bank keeps policy unchanged
The decision was a “well-telegraphed hold” and the MAS is likely to keep its neutral policy stance through the end of 2021, said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd in Singapore.
10/16/2020
India’s banking sector: a liability for monetary policy effectiveness?
Before the pandemic, the ratio of gross NPAs to total assets was 8.3 per cent for the overall banking system and close to 10 per cent for government-owned public sector banks.
10/16/2020
Chinese scrutiny increases investment risk of ‘beast’ Ant
Regulators are becoming increasingly worried about banks’ inadequate risk controls on the consumer loans business
10/16/2020
Advisers' businesses unsustainable if only looking for cheap licensees
Also on the panel, IOOF chief advice officer, Darren Whereat, said that “discounting to growth in the long term doesn’t work”.
10/16/2020
The Bank of Africa signs a new “Chinese” agreement
Operating in China since 2000 through its representative office, the Bank of Africa is one of the first African banks to obtain approval to open a branch in Shanghai.
10/15/2020
FSB Issues Update on Work to Address Market Fragmentation
The FSB is also exploring other approaches that could be undertaken to address fragmentation, including in relation to potential ways to facilitate convergence in reporting of data to authorities.
10/15/2020
FX Intervention in Hong Kong Tops Crisis Levels
The local currency is pegged against the greenback in a tight trading range of $1 to 7.75-7.85 Hong Kong dollars.
10/15/2020
Chinese Regulators Add More Hiccups for Ant IPO
According to the report, the probe is not expected to derail the IPO though it has delayed plans for its Shanghai listing already as Ant had hoped to obtain CSRC approval last month.
10/15/2020
HKIFA Warns Against Changing UCITS Delegation Model – Report
The changes will be under consideration in the upcoming review of the EU’s asset management rule book.
10/15/2020
ASIC succeeds in obtaining orders against Debt Wipeout
Debt Wipeout advertises on billboards, shop-a-dockets, websites, social media and in person, claiming it can ‘extinguish’ a consumer’s debt for an up-front payment of 15 to 25 per cent of the outstanding balance.
10/15/2020
KPMG launches legal department transformation offering
Global Legal Operations Transformation Services supports GCs to adapt to a new reality.
10/15/2020
Walkers Hong Kong Advises on numerous ECM Deals
Hong Kong partner Jo Lit has led the Walkers team in the following transactions.
10/15/2020
Maples Advises on US$8.7 Billion Take-Private of 58.com
A multi-disciplinary team based in the Group's law firm in Hong Kong acted as Cayman Islands counsel to the buyer consortium.