08/08/2022
Former financial adviser banned following conviction for dishonesty offences
Mr Nesseim has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Legal, Regulation & Compliance
08/03/2022
Chinese regulator says shadow banking sector needs constant scrutiny to guard against risks spilling over into the economy
The comment highlighted regulators’ growing concerns of financial risks in the banking system amid scandals in Henan and Anhui provinces as well as a mortgage-payment revolt that has spread to over 90 Chinese cities.
08/03/2022
HSBC Urged to Give Ping An a Board Seat
The bank is expected to argue that its future depends on its global network of clients and services and may reportedly respond to Ping An’s call by accelerating its exit from non-core markets and deployment of additional capital in Asia.
08/03/2022
ASIC bans Adelaide based financial adviser for five years
Mr Simeone’s conduct demonstrated he was not adequately trained or competent, was not a fit and proper person and was likely to contravene a financial services law in the future.
08/03/2022
Harneys wins Securities Deal of the Year at The Asia Legal Awards 2022
The awards identify and honour the most important transactions and cases with the most complex and outstanding legal work in Asia.
08/02/2022
APRA looks to enhance strategic planning and member outcomes in super
After considering submissions on the discussion paper, APRA intends to release draft enhancements to the SPS 515 framework early next year for a further round of consultation.
08/01/2022
MAS and the International Financial Services Centre Authority Exchange Memorandum of Understanding on Supervisory Cooperation
The MOU provides a framework for supervisory cooperation between the two authorities in relation to financial services including stock exchanges and technical cooperation
08/01/2022
Exchange Fund Position at end-June 2022 - HKMA
Total assets of the Exchange Fund stood at HK$4,210.5 billion at end-June 2022, a decrease of HK$359.7 billion from the end of 2021.
08/01/2022
APRA consults on new prudential standard to strengthen operational resilience
"The proposed CPS 230 will also help ensure APRA-regulated entities meet the challenges posed by ongoing innovation and technological change in the financial services industry,”
07/29/2022
Remarks by Mr Ravi Menon, Managing Director, MAS, ‘From Green Finance to Transition Finance’
This second sustainability report by MAS is aligned with the TCFD recommendations - one of the few central bank reports in the world to do so.
07/29/2022
Bermuda’s International Business Advantages Highlighted in Hong Kong Webinar
This webinar will be followed up with a BDA mission to Singapore this fall, as part of our broader Asia strategy.
07/29/2022
Greensill Sued by Hundreds of Ex-Employees
Four days later, Grant Thornton said in another call that up to 460 employees were to be laid off with immediate effect.
07/29/2022
ASIC suspends AFSL of wealth management firm
The firm’s licence has been suspended for six months.
07/28/2022
ASIC enforcement and regulatory update April to June 2022
In an Australian first, ASIC successfully took action in the Federal Court against an entity for failing to adequately manage cyber risk.
07/26/2022
APRA increases transparency with new super publications
The first of the new publications will be issued in September and will cover aggregate quarterly data on the industry’s structure and profile, member demographics and investments.
07/26/2022
Volt Bank return of deposits successfully completed
Volt has now completed the process by voluntarily transferring the remaining 441 accounts, with a total deposit value of $113,073, to the National Australia Bank.
07/25/2022
US asset manager Thornburg gets China QDLP licence
New Mexico-headquartered Thornburg had US$42 billion of assets under management as of June 2022.
07/21/2022
The HKMA Welcomes the Additional Payment Arrangement for Residential Mortgage Refinancing by the HKAB
Under the newly added payment arrangement for property transactions (PAPT), bank customers may choose to adopt direct transfer via the interbank payment system for a mortgage refinancing transaction
07/21/2022
SFC reprimands and fines RBC Investment Services (Asia) Limited $7.7 million for mishandling client assets
The SFC also found that between 3 December 2012 and 26 March 2020, RBC had breached the Securities and Futures (Client Securities) Rules
07/20/2022
The World’s Most Powerful Passports have the Least Travel Freedom
This figure is far behind the global trend where markets in Europe and North America have recovered to around 60% of pre-crisis travel mobility levels.