04/28/2022
Increase in maximum financial penalties for data breaches in Singapore
The annual turnover of the organisation will be ascertained from its most recent audited accounts available at the time the financial penalty is imposed.
Legal, Regulation & Compliance
04/25/2022
Westpac penalised $113 million
The sheer scale of this impact suggests that, at the time, Westpac had a culture that did not prioritise compliance.
04/25/2022
Anti-Graft Watchdog Probes Ex-China Merchants Bank CEO
Tian stepped down from the role earlier this month following the bank’s single trading session since 2015, with $11 billion of market value erased in one day.
04/25/2022
Keynote Address at Association of Certified Anti-Money Laundering Specialists
The local banking industry, similar to that in other international financial centres, contributed over 80% of suspicious transaction reports filed to the Joint Financial Intelligence Unit
04/24/2022
Goldman Tipped Off SFC on Morgan Stanley Block Trades
In Hong Kong, the spotlight was on block trades Morgan Stanley first executed for Chinese pharmaceutical firm WuXi Biologics in 2020, the report added.
04/24/2022
PNG Prime Minister Voices Support for UBS Ban
Marape voiced support for the counsel assisting the commission's recommendations earlier this week to penalize UBS’ Australia arm
04/21/2022
Leveraging Centralised Cloud MiFID II Advisory
One way that this regulatory gap may be breached is to implement a digital advisory platform that is ESG and MiFID 2 compliant, underpinned by a goal-based investment planning and advice execution workflow. This will enable institutions to adopt a consist
04/19/2022
ASIC suspends AFS licence of Dixon Advisory
Dixon Advisory has a right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.
04/19/2022
Appleby's Hong Kong Office Acts as Cayman Counsel on the Formation of Close-ended Venture Capital Fund
The fund will focus on venture and growth stage investments and leverage the investment team’s extensive industry network to access proprietary deal sourcing opportunities in the Smart Electric Vehicle (EV) industry value chain and the related ecosy
04/18/2022
Ogier assists nearly half of all Hong Kong SPAC listing applications
With a significant proportion of Cayman Islands companies representing a majority of all the companies listed on the HKEX, it is expected that Cayman Islands exempted companies will continue to be the SPAC issuer vehicle of choice for Hong Kong SPAC IPOs.
04/18/2022
Government relaunches subscription arrangement for retail green bond
The target issuance size of this retail green bond is HK$15 billion.
04/18/2022
Australia and Singapore to deepen collaboration in FinTech
The FinTech Bridge will support both FinTech ecosystems now and in the future
04/14/2022
Northern Territory of Australia and NEC Sign MoU to Grow the Territory’s Digital Capabilities
As part of the MoU, the parties will set out a framework and identify major areas for digital development in the Territory.
04/14/2022
SMBC Nikko VP Charged in Manipulation Case
Both Sato and Yamada have denied the charges
04/13/2022
EY plans rapid expansion for NZ finance hub
"The launch of the EY New Zealand financial services practice is another example of our ongoing commitment to providing professional services and support to the financial services sector."
04/13/2022
SFC bans Poon Choi Yung for 20 months
The SFC considers that Poon has also failed to act with due skill, care and diligence, and in the best interests of the clients when carrying on business activities.
04/13/2022
Singapore starts licensing cyber security service providers
They include companies or individuals who are directly engaged for such services, third-party providers that support such companies, and resellers of the licensable cybersecurity services.
04/12/2022
Western Australia to target renewables with new land tenure legislation
WA has competitive advantages in the renewable hydrogen market, including wind and solar resources and vast areas of land with low population density.
04/12/2022
Section 13O/U fund management tax incentive criteria tightened in Singapore
In view of the very short time frame before implementation, potential applicants for a Section 13O/U incentive should consider whether it is feasible for them to make ‘preliminary submissions’ this week.
04/12/2022
Enforcing an arbitral award in Hong Kong
The pro-arbitration approach of the Hong Kong SAR courts has underpinned Hong Kong SAR’s position as a popular destination for dispute resolution and will give companies comfort that arbitral awards in their favour can be enforced in Hong Kong SAR.