07/23/2019
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.
Legal, Regulation & Compliance
07/23/2019
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
07/23/2019
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.
07/23/2019
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.
07/23/2019
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.
07/23/2019
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
07/23/2019
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.
07/23/2019
Banker Bonuses Face Crackdown in Australia After Scandals
Financial targets to comprise just 50% of performance criteria
07/23/2019
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.
07/22/2019
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.
07/22/2019
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.
07/22/2019
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.
07/21/2019
China Opens Up Financial Sector to More Foreign Investment
China’s economy growing at the weakest pace since at least ’92
07/21/2019
The new world of virtual banks: profitability will define success
The new age of virtual banks and how it can be more future ready
07/19/2019
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
07/19/2019
US Senate ratifies protocols to tax treaties with Japan, Switzerland, Luxembourg
Like US-Spain protocol, all three tax treaty protocols easily cleared the two-thirds vote threshold for ratification.
07/19/2019
Ex-J.P. Morgan Banker Pleads Not Guilty for Sons And Daughters Hires
Prosecutor Proposed To Merge Cases
07/19/2019
Paul Hastings Continues to Lead the Way in Chinese City Commercial Bank Listings in Hong Kong
The Paul Hastings team was led by Raymond Li
07/19/2019
Philippine pension fund SSS to pay job loss benefits to members
The exceptions are for underground mine workers and racehorse jockeys, where the age limits are 50 and 55 years, respectively.
07/19/2019
Australia's regulator to ban cold calls from insurance companies
ASIC Commissioner Sean Hughes said the corporate regulator was determined to step in when consumer trust in "the system" was under threat.