03/15/2019
Australia's CBA suspends $4b wealth management spin-off
CBA is spending A$1.46bn on refunding customers and remediating issues linked to misconduct, with A$1.2bn of this related to its wealth businesses.
Legal, Regulation & Compliance
03/15/2019
Hong Kong's SFC fines UBS and suspends its licence for 12 months
The SFC has also taken action against other joint sponsors involved in the listing applications of China Forestry and Tianhe.
03/15/2019
SFC reprimands and fines Standard Chartered Securities $59.7 million for sponsor failures
The SFC also found that the records of the interviews were seriously inadequate.
03/15/2019
SFC reprimands and fines Morgan Stanley Asia Limited $224 million for sponsor failures
Morgan Stanley did not have direct contact with Tianhe’s customers for the purpose of setting up due diligence interviews or confirming the mode and place of the interviews.
03/15/2019
Swiss regulator probes UBS Australia's $1.2b PNG loan
NG lost at least three times that amount as Oil Search shares fell sharply and the government was forced to sell out.
03/14/2019
Australia to publish pension fund ratings, pressure underperformers
The sector is under pressure to lift standards and improve accountability following a public inquiry last year which exposed widespread misconduct in the financial industry.
03/14/2019
Dubai and Hong Kong to forge strong investment, trade ties
Dubai FDI and HKTDC also agreed to cooperate on trade and economic information sharing; provide support by facilitating network platforms for companies keen to expand business in both markets; and extend support and assistance to visiting delegations seek
03/14/2019
Rejuvenated APRA asserts authority
The pending passage of a key Bill to strengthen APRA's enforcement powers however is hampering its new initiatives.
03/13/2019
Who's Who Legal: Aviation 2019 names Mourant Partners as 'leaders in their fields'
The firm continuously works on many of the most high profile and complex aviation transactions in the market
03/13/2019
Banks, ASIC still at war over fees-for-no-service
ASIC said it strongly disagreed with the approach of those licensees, citing how CBA used customer responses to questionnaires as evidence of service delivery in some cases.
03/13/2019
Macau | City stays off EU tax haven list
Macau has managed to stay off a tax haven list established by the European Union by complying with OECD standards
03/13/2019
RBNZ bank capital proposals appear quite sensible given the unique New Zealand banking market structure, Deutsche Bank analysts say
The Deutsche analysts also note changes by the Australian Prudential Regulation Authority (APRA) to its related parties framework, prudential standard APS222.
03/13/2019
Analysis: A balancing act
StanChart shuttered its cash equities business in 2015, but for UBS, formerly a top sponsor of IPOs in Hong Kong, the settlement – details of which haven’t been disclosed – must be a relief.
03/13/2019
US Federal Reserve bans Goldman Sachs bankers over 1MDB scandal
Last November, Tim Leissner, who once headed Goldman Sachs’ Southeast Asian unit, pleaded guilty to violating US anti-bribery and money-laundering laws
03/13/2019
How Regulators in Asia Can Enhance Their Competitiveness
International standards are not the only battlefield.
03/12/2019
CBDT allows offshore fund managers to operate from India
Bunch of fund managers recently got pre-approval from CBDT
03/12/2019
Australian regulator chides banks over delays in repaying wrongly charged fees
The commission had questioned the retail banks and AMP over charging such fees.
03/12/2019
Compensation scheme is treating symptoms not causes
In a discussion paper to be published in Money Management, Steinhardt said the culprits which had caused the problems were not the banks, financial institutions or the larger, well-resourced licensees and dealer groups.
03/12/2019
Aussie banks told off for delays in fixing systemic failures
But the regulator said the firms had taken too long to identify systemic failures.
03/12/2019
China Business Law Awards 2019
The editorial team of China Business Law Journal presents the law firms whose performances stood out in the past year