Managers of Wealth Asia Pacific

One quarter of bank branches in Hong Kong close

Fund sales will likely be impacted due to the negative investor sentiment resulting from the coronavirus, according to the HKIFA.

Singapore’s Payment Services Act Comes Into Force

“The new PS Act will enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments,” MAS said in its Tuesday statement.

Appleby named Law Firm of the Year at Citywealth IFC Awards

Appleby awarded “Law Firm of the Year – Litigation” and named as a runner up for “Law Firm of the Year – Hong Kong & Singapore”

Phishing email related to Bank of Taiwan Hong Kong Branch

Hyperlink to the press release is available on the HKMA website for ease of reference by members of the public.

Singapore introduces new AML rules for crypto

The activity-based and risk-focused regulatory structure allows rules to be applied proportionately and to be robust to changing business models.

Index Compiler Urges Inclusion of Chinese Big Tech

If these largest technology giants are the most traded stocks here, but then they are excluded from the Hang Seng Index, it will reduce the role of the Hang Seng Index as a benchmark of the market.

Philippine regulator releases corporate governance code

Although the code isn’t mandatory, the SEC says companies have to state reasons for non-compliance.

Conyers Celebrates 35 Years in Asia

Conyers’ Hong Kong office was opened in Exchange Square in June 1985

Allianz: Politics is Top Risk for Businesses in Hong Kong

Nearly $80 Million in Insurance Claims Linked to Hong Kong Protests

Bank of China Settles Money Laundering Case for $4 Million

The lender will pay a 3 million-euro fine and 900,000 euros in damages to French tax authorities to put the criminal allegations behind it

Mazars and Nexia International announce 2019 financial year results

Two of the world’s largest accounting and consultancy networks – Nexia International and Mazars – have announced their 2019 results.

Singapore’s new payments law welcomes crypto firms

In particular, solution providers will only need one license to conduct specific payment services.

Japan Banks to Hold More Capital Against Partner Relationships – Report

Under the new rules, those same shares are considered JPY 25 billion worth of risk assets, requiring JPY 2 billion in reserves.

Japanese lawmakers make u-turn on CBDC plans

A formal proposal for the digital yen will arrive as early as next month, led by former economy minister Akira Amari.

Continued Legal 500 recognition for Mourant in Asia

Legal 500 notes that the team provides a "commercial and responsive" service across a broad spectrum of matters and service areas.

Antecedent Transactions Onshore and Offshore Updates

The seminar was chaired by a member of the HKICPA's Restructuring and Insolvency Faculty Executive Committee

India and UAE take landmark step to stop expats fleeing debt

Officially making the UAE a reciprocating territory will ease process for a court verdict in India

Asia sees VC deals decline in fourth quarter, 2019, finds KPMG analysis

China's overall VC investment relatively steady quarter-over-quarter

Hundreds of Australians caught up in global sting by tax agencies

The J5 is looking at clients, some of whom are based in Australia, who are thought to have used the bank to conceal and transfer wealth secretly to avoid tax and hide the proceeds of organised crime.

Consultation on rules on contractual stays on termination rights in financial contracts for authorized institutions under Financial Institutions (Resolution) Ordinance launched

Subject to the outcome of the public consultation, the intention is to introduce the rules as subsidiary legislation under the Ordinance into the Legislative Council for negative vetting in the 2020/2021 legislative session.

Legal, Regulation & Compliance