Managers of Wealth Asia Pacific

Equifax to Pay Up to $700m to US Authorities for 2017 Data Breach

The cost to Equifax could rise by a further USD 125 million, depending on how many individuals make claims against the company.

Member interests delay recommended

The bill's current implementation deadline of October 1 proved a sore point for the wealth management sector, with several submissions to the committee's inquiry

Sam Henderson cops ASIC ban

Henderson has already been fined $50,000 by the Financial Planning Association of Australia which found him guilty of breaching its professional code of conduct nine times last year.

Australian regulator proposes tougher rules on bankers’ pay

The proposed reforms address recommendations 5.1 to 5.3 from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which were endorsed by the Government in February.

APRA enforces stable funding requirements on banks

APRA’s review found these banks were improperly reporting the stability of the funding they received from other entities within the group.

China officially ends foreign ownership limits

Restrictions on foreign ownership of domestic fund management companies have officially been lifted, according to a statement from China Securities Regulatory Commission.

Appleby Advises Vanke Property

Appleby acted as BVI, Cayman Islands and Jersey counsel for Vanke Property (Overseas) Limited (Vanke Property) in relation to a due diligence exercise on a total of five BVI, Cayman Islands and Jersey targets and their subsidiaries in a very substantial a

Abu Dhabi global market deepens financial collaborations and economic ties with key institutions in China

ADGM also entered a new agreement with OneConnect Financial Technology (a subsidiary of Ping An group) to foster greater cross-border FinTech opportunities in support of the Belt-and-Road initiative.

Hong Kong regulator delegates powers over banks’ insurance businesses

The delegation of powers was made to improve efficiency and to minimise possible regulatory overlap with regard to insurance-related businesses of AIs.

ASIC moves against SMSF auditor misconduct

Three New South Wales auditors were disqualified by ASIC, including Tram Tran for not being a fit and proper person, having already been deregistered from a statutory role by another regulator.

Ex-Convoy directors charged with fraud in Hong Kong

Two former senior executives of listed company charged with conspiracy to defraud over acquisition of investment firm

Japanese Bankers Feel Pain of Negative Rates in Their Paychecks

The figures are another indication that pressure on bank profits partly attributable to the BOJ’s negative interest rate policy is forcing financial institutions to keep a tight lid on costs.

Banker Bonuses Face Crackdown in Australia After Scandals

Financial targets to comprise just 50% of performance criteria

UAE, China ink several pacts to boost cooperation

The Abu Dhabi Global Development Market, ADGM, and the China National Nuclear Corporation, CNNC, signed a cooperation agreement to facilitate Belt and Road initiatives in the UAE and MENA region, and help grow CNNC's globalization plans.

ATO clarifies SMSF death benefit income streams

Therefore, if the pension ceases because the minimum amount hasn't been paid, the trustees may have contravened the Superannuation Industry (Supervision) Regulations 1994, the ATO warned.

HKMA Delegated Powers to Inspect Banks’ Insurance Business

The HKMA supervises AIs (authorised institutions) – i.e. licensed banks, restricted licence banks and deposit-taking companies – in accordance with the Banking Ordinance.

China Announces 11 Measures to Open Up Financial Sector

The policy measures were unveiled after a high-level meeting on Friday (19 July) chaired by Vice Premier Liu He.

China Opens Up Financial Sector to More Foreign Investment

China’s economy growing at the weakest pace since at least ’92

The new world of virtual banks: profitability will define success

The new age of virtual banks and how it can be more future ready

China Issues New Rules for Distressed Asset Fund Managers

Under the new rules, local AMCs are required to price bad assets in a “market oriented manner” whereby fair market pricing and valuation procedures should be used when disposing of NPAs, to ensure both assets and risks are transferred in a &am

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