04/04/2022
China’s Fresh Audit Changes May Appease U.S.
The U.S. Public Company Accounting Oversight Board (PCAOB) did not immediately return finews.asia’s emailed request for comment, which was sent outside of U.S. office hours.
Legal, Regulation & Compliance
04/04/2022
ASIC acts against 19 SMSF auditors
They had not performed any significant SMSF audit work during a continuous period of more than five years.
04/01/2022
APRA lays out five-year data collection roadmap
The paper sets out a roadmap for each industry that has been tailored to reflect the work already underway on new data collections, the expected regulatory policy agenda, and the industry’s capacity to accommodate change.
03/31/2022
ASIC extends relief for retirement estimates
The existing relief has been extended for a period of nine months. This will allow superannuation trustees to continue to use the relief when sending annual statements to members for the 2021-22 financial year.
03/30/2022
ASIC extends relief for business introduction services
ASIC considers that the relief for scheme interests continues to be useful for managed investment schemes as these entities recover from the impact of the COVID-19 pandemic.
03/30/2022
Former BNP Paribas adviser banned from industry over unauthorised client trades
The SFC considers that Kim is not fit and proper to be a regulated person as his conduct was deceptive and dishonest, and casts doubt on his character and reliability as well as his ability to carry on regulated activities competently and honestly.
03/28/2022
ASIC enforcement update
ASIC commenced 21 civil penalty proceedings during the period and commenced court action targeting misconduct in insurance, superannuation and markets as well as system failures within major banks.
03/28/2022
How Enduring Power of Attorney works in Hong Kong and why it is useful
Without an EPA, a Court order (which is expensive and lengthy) would usually need to be obtained before any person has access to the finances of the incapacitated person.
03/28/2022
No End in Sight Yet for China’s U.S Delisting Fears
According to a statement by the PCAOB last Thursday, talks were still ongoing and it "remains unclear" whether Beijing will "permit and facilitate" auditing access.
03/27/2022
SMBC Nikko and Five Executives Indicted in Japan
The arrests were related to «block offers,» or after-hours large-volume trades which allow investors to unload shares without creating a negative price impact.
03/27/2022
Harneys partners named Top Offshore Lawyers
Lawyers were selected based on their case portfolio, client recommendations, and feedback from the market.
03/25/2022
NSW court says minister has no duty of care to protect against climate change
The implications of this decision have been far-reaching and will likely have repercussions in other common law jurisdictions, such as the UK.
03/24/2022
Joint Response to "Explain delays in issuing insurance fair practice guidelines" - The Straits Times, 9 March 2022
MAS and MSF have consulted relevant medical professionals to ascertain that the underwriting standards of the insurance industry are grounded in science.
03/23/2022
ASIC scrutinises marketing of managed fund performance and risks
'ASIC is committed to protecting consumers where misleading marketing practices run counter to their interests.'
03/23/2022
APRA publishes IOPS announcement
APRA Deputy Chair Helen Rowell is the President of IOPS.
03/22/2022
Ashurst launches superannuation offering with new partner
With almost three decades' experience in financial services, Scott advises some of the largest industry and public sector superannuation funds in the country.
03/22/2022
Harneys acted for Arrail Group
Harneys’ associated corporate and fiduciary services arm, Harneys Fiduciary, provided the registered office and principal share registrar services to the client.
03/22/2022
NSW labour hire director disqualified from managing corporations for five years
The five companies were involved in labour hire in the construction industry.
03/22/2022
Securities regulators worldwide to consult on concerns over rapidly evolving retail trading markets
The consultation is open until 23 May 2022.
03/21/2022
MAS bans DBS wealth manager for fraud
Loh Thim Mun Marcus was found to have transferred clients’ money to his personal account.