Managers of Wealth Asia Pacific

Charge withdrawn against former director James Feng

The CDPP has conducted a further review of the matter and determined that the charge against Mr Feng be withdrawn.

ASIC sues OnePath for fees for no service misconduct

ASIC is seeking declarations, pecuniary penalties and other orders from the Federal Court.

21-346MR ASIC cancels AFS licence of Premier Wealth Management

Premier Wealth Management has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.

ASIC bans Sydney based financial advisers for five years

ASIC found Mr Allen was involved in Mr Cummings’ non-compliance with the requirement to provide Statements of Advice.

APRA proposes changes to align capital and reporting frameworks for insurance with AASB 17

The proposals are also relevant for private health insurers, given APRA’s intention to align the private health insurance capital framework to LAGIC.

APRA moves to strengthen capital standards in private health insurance

The proposals increase minimum capital requirements, however the industry is very well-capitalised and already holds capital significantly in excess of the new proposed regulatory minimums.

Enhancements to the Code of Banking Practice

The revised Code is effective from 10 December 2021.

Increasing the issuance of Exchange Fund Bills

The HKMA will continue to monitor market situations, and reserves the flexibility of adjusting or not executing the aforesaid eight increases.

World Bank approves $600m funding for Philippine reforms

The Philippines lags peers in east Asia and the Pacific in direct foreign investment into areas such as retail, the bank said

Singapore and China Regulators to Boost Supervisory Cooperation

The roundtable was chaired by MAS’ deputy managing director Ho Hern Shin and CBIRC’s vice chairman Zhou Liang.

Super trustees offering default income protection insurance urged to check on member outcomes

ASIC has written to the five trustees outlining specific findings and areas for improvement.

ASIC signs MoU with Croatian Financial Services Supervisory Agency

This MoU complements the 29 other supervisory cooperation arrangements ASIC entered into with EU securities regulators in 2013

ASIC seeks feedback on proposed intervention orders for short term credit and continuing credit contracts

This consultation continues ASIC’s work to address high cost predatory lending impacting vulnerable consumers.

ASIC highlights focus areas for 31 December 2021 financial reports under COVID-19 conditions

Entities may continue to face some uncertainties about future economic and market conditions, and the impact on their businesses.

ASIC sues ANZ for misleading customers and failing to provide promised benefits – final Royal Commission investigation

ASIC also alleges that ANZ’s offset customers were entitled to interest rate reductions on eligible home and commercial loans but they were also not always provided to customers.

31st Annual Credit Law Conference - Regulatory Update

A large portion of this year was spent supporting industry as it adapts to a series of significant Hayne Royal Commission reforms.

MAS and CBIRC Strengthen Supervisory Cooperation at Annual Roundtable

The Roundtable, in its 11th year, was held via video conference and chaired by MAS’ Deputy Managing Director Ms Ho Hern Shin and CBIRC’s Vice Chairman Mr Zhou Liang.

Standard Chartered completes first USD Sofr trade loan in Hong Kong

New pricing benchmark adopted in transaction with Qatar National Bank

MAS' Financial Stability Review 2021

The analyses and results contained in the FSR aim to contribute to a greater understanding among market participants, analysts and the public on issues affecting Singapore's financial system.

HSBC: More Regulatory Clarity Needed for China Investments

Within the region, the bank is overweight Taiwan, Singapore, Indonesia and Thailand with a more constructive view on ASEAN equities.

Legal, Regulation & Compliance