Managers of Wealth Asia Pacific

APRA removes Allianz’s additional capital requirement

Satisfied that Allianz has now completed the transformation programs in accordance with the commitments and timeframes set out in the CEU

Monetary Authority of Singapore and People’s Bank of China Further Renew Bilateral Currency Swap Arrangement

The BCSA renewal was signed by MAS Managing Director Ravi Menon and PBC Governor Yi Gang and was effective from 13 July 2022.

Philippine central bank makes surprise 75 bps hike in interest rates

The central bank, which had been due to review its monetary policy in August, has now raised rates by 125 basis points since May.

Singapore's policy quirk lures bank funding rush

"Naturally, you'll attract a lot of issuers."

HKMA joins the International Financial Consumer Protection Organisation

"With Hong Kong being an international financial centre, the HKMA has been actively participating in international discussions in respect of financial regulation so as to ensure that our regulatory standards are up to date."

ASIC acts against eight SMSF auditors

These actions are in addition to the 10 SMSF auditors that ASIC acted against because of their failure to lodge annual statements

ASIC issues civil penalty proceedings against wholesale licensee Lanterne Fund Services for risk and compliance failures

ASIC is concerned that for an extended period there was a real risk of investor harm due to shortcomings in Lanterne’s systems and processes

MAS and IBF adjust training scheme funding parameters amidst stepped up skills development support for Finance Sector

These changes will better enable MAS to continue with increased funding support in growth and priority areas.

ASIC releases guidance for superannuation calculators and retirement estimates

Superannuation calculators and retirement estimates are low-cost forecasting tools that are intended to be a helpful prompt for consumers to review their financial situation

Magellan updates High Conviction Trust

The trust had also increased the number of companies it could hold from 12 to 20.

Carey Olsen advises Morningstar in purchase of Praemium's UK and international business

The deal, first announced in December last year, has now completed after gaining the necessary regulatory approvals and sees Morningstar acquire 100% of Praemium's operations in the United Kingdom, Jersey, Hong Kong SAR and Dubai.

Five reach partner level at Baker McKenzie

Two of the partners were named to their new positions while on parental leave

APRA revokes Citigroup Pty Limited's banking licence following NAB acquisition

This determination follows the acquisition of CPL’s consumer banking business by National Australia Bank Limited (NAB) in June 2022

Package of super changes for younger and older Australians set to take effect from 1 July

Super and retirement

ASIC to communicate negative audit review findings to directors

ASIC Regulatory Guide 260 Communicating findings from audit files to directors, audit committees or senior managers (RG 260) has been updated to reflect these changes.

Withers wins Law.com International Law Firm of the Year award at Asia Legal Awards

Law.com noted the firm’s continued expansion and development of new practice areas and for being a well-rounded law firm across multiple areas.

Bank of Japan policymakers saw need to keep ultra-easy policy: June meeting summary

At the June 16-17 meeting, the BOJ maintained ultra-low interest rates and vowed to defend its cap on bond yields with unlimited buying

China approves ICBC-Goldman joint venture to start offering wealth services

ICBC will "push forward" the joint venture to execute all the relevant procedure "in strict compliance with laws

ASIC warns super trustees to be transparent in their underperformance communications to members

The review found that trustees whose products failed generally complied with the legal obligations to notify their members of the failed test and to disclose the failed test on their website.

Advice firm unveils portfolio management service

It will feature a mix of active and passive funds

Legal, Regulation & Compliance