10/12/2018
Hong Kong to drop MPF’s offsetting mechanism, subsidise employers
The government will shoulder 50% of the cost for the first three years, after which will the sum will be reduced by 5% a year up to the twelfth year.
Legal, Regulation & Compliance
10/12/2018
Four Asean nations to lift barriers to cross-border investment advisory
At the ACMF, the regulators also introduced the Asean Social Bonds Standards and the Asean Sustainability Bonds Standards.
10/12/2018
IMF and World Bank unveil Fintech Agenda
Fintech could transform the financial markets through which monetary policy actions are transmitted
10/12/2018
China finance: why ‘accidental banks’ face a crackdown
Asset managers were big lenders to Chinese buyers of overseas assets but capital is drying up
10/12/2018
FPA finds Sam Henderson guilty
The Panel now provides the parties with an opportunity to make submissions as to imposition of any Sanction, in a manner and within the times that are to be advised
10/12/2018
Basel AML Index reveals slow progress in combating money laundering
The findings tie into recent high-profile probes involving countries generally considered low-risk.
10/12/2018
Global Financial Markets Regulatory Review
Reported items include proposed legislation, rule changes, disciplinary actions, litigation, and other news.
10/12/2018
Australia investigates claims that bank probe strained lawyers
Legal workers said to have slept in offices to meet demands of royal commission
10/12/2018
Asia needs region-wide approach to harness fintech's full potential, says ADB
Disintermediation of fintech services or concentration of services among a few providers could also pose a risk to financial stability.
10/11/2018
ADB, OECD sign agreement to deepen partnership for Asia-Pacific
ADB said it has also played a key role in the United Nations Development Program (UNDP)-OECD Global Partnership for Effective Development Cooperation.
10/11/2018
Banks take steps to end fraudulent mischarging, bad practices
To end ‘fees for no service,’ banks are determined to change the way they manage ongoing financial advice.
10/11/2018
SFC fines up 200% this year
“The multiplier approach was adopted in that case to ensure that the penalty was proportionate to the misconduct, in order to achieve the intended deterrent effect,” Atkinson said.
10/11/2018
China issues rules for online financial bodies to battle money laundering
Earlier on Wednesday, the People's Bank of China said it would improve its supervision mechanism for fighting money laundering and for countering terrorism financing.
10/11/2018
Islamic Development Bank plans $1b infra funds focused on Asia, Africa
“This is a new policy of the IDB in terms of putting a focus on thematic areas, whether its infrastructure, science and technology or other areas.”
10/10/2018
Malaysia says it will honour 1MDB interest payment to Abu Dhabi fund
The interest charge is owed to an Abu Dhabi fund as part of a resettlement package related to troubled state fund 1Malaysia Development Berhad, The Malaysian Insight news site said on Tuesday (Oct 9).
10/10/2018
CBA to refund ‘unauthorised fees’ charged to deceased customers
Charging unauthorised advice fees to deceased estates is unacceptable.
10/10/2018
Financial watchdog SFC vows to stamp out ‘fake’ stockbroker trading accounts
Deputy chief executive warns it will not hesitate in taking stiff enforcement action against perpetrators as well as the firms and individuals who participate in such arrangements
10/10/2018
Banks to stop charging dead, support grandfathering ban
The practice of charging dead customers and the scale of the fees-for-no-service rort was revealed during the royal commission's April hearings on financial advice.
10/10/2018
Rothschild Trust Poised for MBO?
The move wouldn't entirely surprise, given that wealth managers have increasingly separated themselves from trust arms for governance reasons in recent years.
10/10/2018
ASIC bans Spectrum Wealth adviser
Mehra didn't compare the features and costs of any existing insurance recommended to clients and base his judgements on the clients' relevant circumstances, ASIC said.