06/14/2022
China Warns Foreign Banks on Pay
Regulators are also pushing banks to reduce cash compensation and increase the time span on deferred compensation to at least three years, the report said, citing the sources.
Legal, Regulation & Compliance
06/14/2022
How to avoid ‘greenwashing’ for superannuation and managed funds
ASIC undertook a ‘greenwashing’ review of a sample of superannuation and investment products and identified some areas for improvement.
06/13/2022
Hong Kong takes further step towards cybersecurity legislation
The rules define the security classification of administration's information, requiring administrative departments to classify their information
06/13/2022
HSBC banker suspended for calling climate catastrophisers ‘nut jobs’
Kirk illustrated his point with the irrational fear-mongering caused by apocalyptic ‘Y2K bug’ predictions.
06/08/2022
Hong Kong a ‘target market’ for Irish and European insurtechs
Major opportunities for successful Irish insurtechs and regtechs will arise from larger markets outside of Ireland, including Hong Kong.
06/08/2022
Alliance for Green Commercial Banks announces onboarding of cornerstone members
The Alliance brings together financial and research institutions and innovative technology providers to develop a green community in emerging markets to collectively finance the infrastructure and business solutions needed to advance sustainable economic
06/07/2022
REMI Capital’s woes worse than anticipated as debts blow out to $124 million
Contrary to media reports, Jirsch Sutherland claims that not all 433 noteholders will be left hanging.
06/07/2022
MAS Strengthens Financial Institutions Business Continuity to Address Evolving Threats
The revisions take into account learnings from the handling of the COVID-19 pandemic and increased digitalisation in the financial sector.
06/06/2022
Bank of China, Everbright Bank fined US$2.2 million for flouting asset management rules
Bank of China and its wealth management unit have been penalised by the mainland’s banking regulator for flouting asset management rules.
06/06/2022
ASIC announces financial reporting changes for AFS licensees
‘These reporting changes will assist those who prepare financial reports under both sets of requirements, and provide relevant information for ASIC’s surveillances of licensees and for other users of financial reports.’
06/06/2022
Leading law firm for philanthropy and impact investing in Asia Pacific
The awards aim to recognise leaders in the global wealth management industry that demonstrate a commitment to and pre-eminence in the crucially important areas of environmental, social and governance (ESG), impact investing, diversity and inclusion.
06/06/2022
Two China Banks Fined Over Wealth Management Violations
China Everbright Bank was filed 8.3 million yuan (US$1.25 million), while Bank of China was fined 6.6 million yuan
06/03/2022
Over a Dozen Banks Settle for Singapore Rate Case
A complaint was first filed in 2016 in a Manhattan federal court which accused the defendant banks of rigging the Singapore Interbank Offered Rate (SIBOR) – widely used to price banking products – and Singapore Swap Offered Rate.
06/03/2022
Linklaters awarded Diversity & Inclusion in Asia Intersectionality Award by Community Business
Linklaters strives to create an inclusive culture in which everyone, regardless of background, identity and circumstance, can reach their full potential and thrive.
06/02/2022
SC and Labuan FSA INK MOU to strengthen regulatory co-operation and collaboration
The MOU will also enhance provision of technical assistance, capacity building and exchange of information between the two regulators.
06/01/2022
Vontobel Embroiled in Bitter Legal Conflict with Two Asian Companies
The NZZ said both sides are becoming increasingly aggressive.
05/31/2022
Changes to MAS Board of Directors
Mr Lim, Special Advisor, Ministry of Trade and Industry, has been re-appointed to the MAS Board
05/31/2022
Information Papers on Environmental Risk Management
The information papers on environmental risk management for banks, insurers and asset managers provide an overview of the progress made in implementing the MAS Guidelines on Environmental Risk Management.
05/27/2022
APRA releases general insurance statistics for March 2022
The Quarterly General Insurance Performance Statistics publication provides industry aggregate summaries of financial performance, financial position, capital adequacy and key ratios.
05/27/2022
ASIC acts against SMSF auditors who failed to lodge annual statements
ASIC has recently informed all SMSF auditors with outstanding annual statements that if they remain non-compliant, their registration may be cancelled.