Managers of Wealth Asia Pacific

CBA hit with another financial planning class action

The Commonwealth Bank’s announcement to the Australian Securities Exchange (ASX) said CFPL and FWL were reviewing the claim and an update would be provided as required.

HK Bourse Finalises Changes to Professional Debt Regime

The changes are largely in line with the proposals in the earlier consultation, save for SEHK’s proposal to maintain the existing eligibility exemption available for state corporations.

China approves BlackRock, Temasek, CCB JV

Deal comes as Beijing government looks to open up the financial market to foreign companies

ASIC update on compensation for financial advice related misconduct

This is an additional $295.9m in compensation payments

ICICI Lombard to acquire Bharti AXA General Insurance

Shareholders of Bharti AXA will receive two shares of ICICI Lombard for every 115 shares

Growth Prospects and Challenges ahead for the U.S., U.K., Eurozone, China, and Japan

A resurgence of virus infections in several areas is threatening to choke the recovery and could flatten growth in the second half of 2020 and beyond.

ASIC takes action against RI Advice

The regulator also alleges RI Advice failed to implement adequate policies, systems and resources to manage cyber security risk.

Eximbank Issues South Korea’s First SOFR-linked Bonds

In May, BOK (Bank of Korea) wrote to the CEOs of private financial institutions urging them to take action to prepare for the discontinuation of LIBOR at the end of 2021.

Australian Catholic Super and NGS Super to merge into A$21 billion fund

Figures from the Association of Superannuation Funds of Australia show there were around 500 funds with A$2.7 trillion of total assets as of March 2020.

OCBC Issues First Green Loan in South Korea

«We hope that this will continue to spur developments in sustainable financing across industries and real estate asset classes in the region,» Elaine Lam, OCBC's head of global corporate banking, said about the landmark loan.

There will be no pension increase in September for the first time in 23 years.

This will be the first time since 1997 the pension hasn’t risen with indexation.

Baker McKenzie Advises Japan Finance Corporation on the Implementation of Cross-Border Loans

Baker McKenzie is one of the world's largest global law firms, with 77 offices in 46 countries.

BoJ Network Forbids Work-From-Home Traders

Nationwide, Japan’s business culture is oft-cited for a plethora of relatively outdated processes like the still widespread usage of fax or paper-heavy internal dealings.

Asian Central Banks Fear Return of USD Funding Stress

Trade frictions, a resurgence of Covid-19 infection rates, and rising corporate insolvency and credit rating downgrades could prompt renewed US dollar funding stress, says a new report.

Powerwrap signs wealth boutique

“We are very pleased that Craig and Tim have chosen Powerwrap and we are working closely with them to transition their clients onto the platform.”

MAS Becomes First Asian Government Entity to Issue RFR Debt

Singapore is seen to be leading Asia in its preparation for the cessation of LIBOR at the end-of 2021. Earlier this month, MAS announced new initiatives to catalyse SORA markets.

APAC Regulators Issue Nearly $4bn in Fines in H1 2020

Fraudulent activity brought on by Covid-19 related initiatives may result in enforcement actions later in the year and into 2021, says Fenergo’s Rachel Woolley.

Law firm demands Pahari documents from AMP

The firm also wants to see all communications between Burns and AMP and AMP's lawyers regarding Szlakowski's complaint and the investigation, a copy of the draft report and all documents relating to the disciplinary action taken against Pahari.

Cayman Grand Court departs from Hong Kong Court in dismissing Winding-Up Petition

The Cayman Court adjourned the hearing of the Cayman petition pending judgment of the Hong Kong Court, so as to avoid conflicting judgments (noting that comity and cooperation are particularly important in cross-border insolvency).

No pension increase in September

Each payment is reviewed every six months, in March and September, to reflect changes in living costs and wages.

Legal, Regulation & Compliance