Managers of Wealth Asia Pacific

Tokyo, Sydney move to woo HK financial firms, but S'pore is top draw

Regional rivals hope to benefit from concerns over Beijing-imposed security law in HK

Conyers Hong Kong Webinar Series – a great success!

The webinar series received an overwhelmingly positive response and attracted nearly 400 attendees, including CEOs, CFOs, company directors, general counsels, in-house counsels, investment managers, onshore lawyers, accountants and company secretaries etc

AIIB's membership in Africa grows

The bank has begun to finance projects on the African continent with AIIB's president and board of directors having approved up to 600 million U.S. dollars in financing for three projects in Egypt so far.

MAS revokes licence of Apical Asset Management due to serious breaches of law

MAS has also reprimanded AAMPL’s CEO and Director Yeh Yin Yee and Director Bernard Kan Cheok Yin for failing to discharge their duties and functions of ensuring that AAMPL complies with all laws and rules governing its operations.

IBF and MAS Launch Skills Map to Enhance Capabilities of Family Office Advisors

Training programmes accredited by IBF under the skills map will be able to benefit from the IBF-Standards Training Scheme grant

CBIRC releases Notice on Optimising the Supervision of Insurance Companies' Equity Asset Allocation

The main aim of this first article is to give companies more independent investment rights by setting a differentiated supervision ratio, and improve the accuracy and pertinence of supervision policies.

Hong Kong BN(O) visa – new route to British citizenship for Hong Kong British Nationals (Overseas)

After 12 months with ILR/settlement status in the UK, Hong Kong BN(O)s will be allowed to apply to naturalise as British citizens.

APRA intervention blindsided AFA, FPA taskforce

The taskforce also wanted to demonstrate that life insurance commissions have their place and can make advice more affordable.

Samsung Asset delays merger with hedge fund arm

The Financial Services Commission vowed earlier in July to inspect over 10,000 pooled funds created in Korea to prevent alleged frauds orchestrated by Lime Asset Management and Optimus Asset Management, among others.

Indian Banks' Bad Loans Could Rise To Highest In 20 Years: RBI Financial Stability Report

The report suggests that the COVID-19 crisis could push Indian banks’ gross bad loans to their highest in two decades.

HSBC denies reports that it 'fabricated evidence' on Huawei

"HSBC has not fabricated evidence or concealed facts, nor will it distort facts or harm any customers for our own benefit."

Macquarie accused of buying company to kill extortion allegations

Before the acquisition, Vantage alleged Macquarie pushed its owners Big Apple Energy and Clear Choice Energy into bankruptcy to take control of its business and to cover up the mistakes of a senior banker.

Dubai-China FinTech agreement brings new opportunities for DIFC

Dubai-Chengdu bridge to benefit FinTech firms in both jurisdictions

US unlikely to unpeg Hong Kong dollar, may end convertibility to punish China, analysts say

China’s new national security law has further deteriorated ties between the world’s largest and second largest economies, which were already frayed by their long-running trade war.

Singapore: New law allows transfer of tax incentive awards, enhances investment allowance scheme

The relevant incentive schemes are the Pioneer Industry Award, Pioneer Service Award, and Development and Expansion Award.

Credit Suisse Faces New Lawsuit in Singapore Over Rogue Trader

Credit Suisse has sought to limit to court battles over Patrice Lescaudron, the bank’s former star wealth manager, to Geneva where he was convicted in 2018.

‘Business As Usual’ for Hong Kong Banks, says HKMA Chief

“It is natural for financial institutions to assess operational risks,”

Covid Disrupts APAC LIBOR Transition, But Market Participants Unfazed

The poll was conducted among 170 corporate treasury, finance and legal executives in Asia Pacific via an virtual roundtable on 8 July

BREAKING: Goldman Sachs settles 1MDB scandal with Malaysia for $3.9bn

As reported, the case relates to bond sales that Goldman Sachs arranged and underwrote for 1MDB, from which the US Justice Department alleges $4.5bn was stolen to which the bank said the charges were "misdirected".

Hong Kong Monetary Authority announces LIBOR transition milestones and provides guidance on prudential issues

As advised by the HKMA, AIs should implement a detailed work plan (by product and by business line) to achieve the milestones. If they anticipate difficulties in achieving the milestones, they should reach out to the HKMA as soon as possible.

Legal, Regulation & Compliance