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.
Legal, Regulation & Compliance
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.
07/20/2022
Asian Wealth Management Unit of RBC Fined HK$7.7M in Hong Kong
The company mishandled client assets on several occasions.
07/19/2022
Banque de France Governor inaugurates Asia-Pacific Representative Office in Singapore
Banque de France’s office in Singapore is its second overseas office, following the opening of a Representative Office in New York office in 2010.
07/19/2022
Update on Progress of Developing the Equitable Loss Sharing Framework for Scams
S is keenly aware of the importance of this framework and will publish the consultation paper as soon as possible.
07/18/2022
OTC derivatives provider Sirius Financial Markets surrenders licence, former executives handed eight-year bans
Sirius Financial will surrender its licence and wind down retail and wholesale operations and will cease providing financial services on 29 July 2022.
07/18/2022
Australia's first Islamic bank wins restricted banking licence
Islamic banks are growing rapidly all over the world and offer fundamentally different banking products without interest - such as home finance with co-ownership, and savings accounts that pay profit-share.
07/18/2022
Philippines c.bank governor says "may or may not" raise rates in August
When asked if the central bank was still looking at further raising rates at its meeting on Aug. 18, Bangko Sentral ng Pilipinas Governor Felipe Medalla said in a phone message "may or may not"
07/18/2022
Baker McKenzie acts on six award winning deals
The Asia Legal Awards honor the best work in the region and identify the most important transactions and cases with the most complex and outstanding legal work in Asia.