09/08/2020
IOOF denies dealer groups can influence platform inclusions
“Financial advice dealer groups cannot influence the addition of managed investment schemes to platforms or recommended product lists.”
Legal, Regulation & Compliance
09/08/2020
CBIRC Fines Four Banks and Huarong for Violations
China Zheshang Bank was fined CNY 101.2 million for selling wealth management products to shift assets off balance sheet, and for interbank investment violations.
09/07/2020
Hong Kong’s MPF hits HK$1 trillion (US$129 billion) mark for first time, thanks to rally in investment markets, says head of pension regulator
The strong recovery after a sharp fall in the first quarter reflects “the resilience and stability of the MPF system”
09/07/2020
China to expand stock connect programme as it looks to speed up opening of its financial markets
The move comes against a backdrop of rising tension with the US over issues including trade and the crackdown on Hong Kong.
09/07/2020
HKMA Calls on Financial Sector to Support New Recruitment Scheme
“When the economy recovers, the demand for talent will resume. It is therefore desirable for the industry to maintain its momentum in building human capacity despite the negative impact of the pandemic situation.”
09/07/2020
Hong Kong residents seek overseas properties for exit plan
UK sees home demand surge after citizenship offer in response to security law
09/07/2020
BSP Targets September Issuance of Digital Banks Framework
The new regime is aimed at catalysing financial inclusion as part of the BSP’s digital payments transformation roadmap.
09/07/2020
AMP deed of release bars advisers joining class action
This clause has only come into effect since AMP Financial Planning advisers brought a class action against AMP in relation to changes made to Buyer of Last Resort agreements, Macdonald said.
09/07/2020
Thailand securities regulator inks low-carbon economic growth pact with the UK
The collaboration will be done through two Southeast Asian programmes funded by the UK’s Prosperity Fund, a £1.2 billion (US$1.6 billion) fund set up in 2015 to help support inclusive growth and reduce poverty in partner countries.
09/07/2020
Deloitte: The state of anti-money laundering in South Asia
While more than 80% believe themselves to be compliant with anti-money laundering (AML) standards, most banks and financial institutions in South Asia find the growing complexity of the compliance landscape to be somewhat overwhelming.
09/07/2020
Sanctions Drive Compliance Hiring in Hong Kong
Financial institutions in Hong Kong are reportedly upping their recruitment efforts for compliance talent following the enactment of sanctions from Washington against officials from the city and mainland China.
09/04/2020
Banks will have access to more Singdollar funds with new MAS facility
Ms Jacqueline Loh, the central bank's deputy managing director for markets and development, said that the measures will strengthen the banking sector in Singapore.
09/04/2020
China regulator awards fund custody licence to Citigroup
Foreign asset managers were previously only allowed to sell private funds to wealthy Chinese individuals, and to provide advisory services.
09/04/2020
The new Limited Partnership Fund Law in Hong Kong: what you need to know
Offshore jurisdictions such as the Cayman Islands have recently introduced legislation addressing some of the international pressure to address Base Erosion and Profit Shifting.
09/04/2020
Singapore’s omnibus insolvency legislation
This note highlights certain key changes effected by the IRDA that are relevant to loan market participants.
09/04/2020
AMLC, DOF boost links to foil money laundering
In a statement, the Anti-Money Laundering Council said it was improving linkages with the Department of Finance
09/04/2020
ASIC drags Evans Dixon to court
The action may mean a big bill for Evans Dixon shareholders
09/04/2020
China Issues Draft Rules Easing Foreign Access to Bond Market
Under the rules, foreign institutions no longer submit applications in the name of their products and will not need to enter the market for each product one by one.
09/04/2020
China Regulator Fines Midsize Banks, Asset Manager
China Guangfa Bank and Hua Xia Bank Co. were fined CNY92.8 million and CNY1.1 million, respectively, for violations of rules covering wealth management products, loan issuance and internal controls.
09/04/2020
OBOR reveals it has received a licence for fund management
The licence is one of several the SECC has begun issuing since mid-2018 that allow private individuals or entities to act as fund managers in collective investment schemes