05/23/2023
AFCA outlines systemic issues in wealth management
In the superannuation sector, one identified issue concerned the provision of insurance attached to super funds.
Legal, Regulation & Compliance
05/22/2023
APRA finalises reforms aimed at strengthening recovery and resolution planning
The reforms are the culmination of several years of policy development to ensure the financial system is better prepared to manage periods of stress.
05/22/2023
7th MAS-CSRC Roundtable Deepens Cooperation in Capital Markets Supervision and Connectivity
The roundtable was co-chaired by MAS’ Deputy Managing Director (Financial Supervision) Ms Ho Hern Shin and CSRC’s Vice Chairman Mr Fang Xinghai.
05/19/2023
Double industry recognition for Carey Olsen's Amelia Tan
Amelia is also one of the few professionals globally who has been accepted into III's Class XII NextGen Leadership Program.
05/19/2023
Hong Kong Launches CBDC Pilot
The second rail focuses on research and pilots while the third rail focuses on the actual launch of the e-HKD.
05/19/2023
New York Fed and Monetary Authority of Singapore Publish Results of Joint Wholesale Cross-Border Payments Research Study
The experiment was conducted in a test environment and the hypothetical payments were settled using simulated wholesale central bank digital currencies.
05/19/2023
Harneys wins Offshore Law Firm of the Year at Asian Legal Business China Law Awards
The results were announced on 18 May at a ceremony attended by Partners Vicky Lord, Maggie Kwok, Wenhao Han, Calamus Huang and Raymond Ng.
05/18/2023
Angola Tycoon Fails to Access Seized Funds at BoS
He claimed that he had no other source of funds and needed the money to pay for his legal expenses in Singapore, Switzerland and Angola as well as for legal representations to various international organizations.
05/18/2023
Malaysia to Relax Rules for Second Home Scheme
Previously, the country approved 49,000 applicants of MM2H since its inception from 2002 to 2019.
05/16/2023
Withers Joins AT1 Legal Wave in Singapore
The lawsuit involves more than S$100 million ($75 million) with investors including high net worth individuals, accredited investors and corporate investment companies based across Asia.
05/15/2023
ACCC deposit inquiry to target bank errors reporting interest rates
It lets customers get access to bank data and compare rates at alternative providers, making it easier to shop around or demand a better rate from their existing bank.
05/12/2023
Carey Olsen advises on the successful launch of the Marunouchi Climate Tech Growth Fund L.P.
The Fund structure comprises multiple Cayman entities for Japanese and overseas investors.
05/11/2023
Japan Likely to Join the Credit Suisse AT1 Legal Melee
Potential claimants will soon file a request for arbitration
05/11/2023
US Treasury's Yellen Goes to Japan to Not Talk About China
The latter two are clearly aimed at China
05/09/2023
BOJ debated risk of inflation overshoot in March - minutes
At the March meeting, the BOJ maintained its ultra-loose policy, including a 0.5% cap for the 10-year bond yield that had come under attack from markets betting on a near-term interest rate hike in the wake of recent rises in inflation.
05/09/2023
HSBC Ostensibly Buys Out China Fund Management Partner
The bank currently owns 49 percent of HSBC Jintrust Fund Management and it had now signed an agreement with Shanxi Trust to buy the remaining 51 percent, the news agency indicated.
05/08/2023
MAS Imposes Further Additional Capital Requirement on DBS Bank for Disruption of Banking Services
MAS has also required DBS Bank to take immediate steps to improve the resiliency and recoverability of its existing system, including enhanced monitoring, more comprehensive testing and additional system redundancies
05/04/2023
Asia’s Credit Suisse’s AT1 Holders File Lawsuit
The news agency indicated that the legal claim was filed in Switzerland on Wednesday, 3 May 2023, citing Mahesh Rai, a Singapore-based lawyer for Drew & Napier LLC.
05/03/2023
US Treasury and Monetary Authority of Singapore Conduct Joint Exercise to Strengthen Cross-Border Cyber Incident Coordination and Crisis Management
This exercise allowed both agencies to test and strengthen existing protocols for information exchange and incident response coordination for cyber incidents involving banks operating in both jurisdictions.
05/02/2023
APRA and AFCA sign Memorandum of Understanding
It has been signed by APRA Chair John Lonsdale and AFCA’s Chief Ombudsman and Chief Executive Officer David Locke.