Managers of Wealth Asia Pacific

BSP issues moratorium on hikes in fee rates

Maybank Philippines and Union Bank of the Philippines charge the highest up to P40 and P30, respectively, while East West Banking Corp. and e-wallet StarPay Corp.

Digital banking and crypto regulations in Malaysia

The court held that although the cryptocurrency is not legal tender in the country, cryptocurrency trading is not illegal.

HKMA publishes the results of the pilot climate risk stress test

Participating banks assessed their climate risk exposures under 3 scenarios: a physical risk scenario involving a worsening climate situation and 2 scenarios envisaging orderly and disorderly transitions to a low-emission economy.

FSC fines banks NT$20m over theft from clients

The commission fined CTBC Bank (中信銀行) NT$14 million, Bank SinoPac (永豐銀行) NT$4 million and Bank of Panhsin (板信銀行) NT$2 million, it said.

Taiwan FSC to Inspects Real Estate Credit Controls at FIs

The second round of inspections will be more comprehensive than the first found, amid concerns about improper mortgage approvals and an overheating property market.

Offshore Chinese Listings Face More Hurdles

Upon approval, foreign investors are capped to total ownership of 30 percent – including 10 percent for any single investor – and they will also be prohibited from participating in management.

Credit Suisse Wants Millions From Softbank

Softbank was a backer of Greensill, which is at the center of a $10.1 billion fund blow-up at the Swiss bank.

China central bank says to promote healthy development of property market

China's central bank has vowed to promote healthy development of the country's real estate market

Singapore central bank studies options to enhance VCC framework

One-third of the VCCs are private equity and venture capital firms and 28% are independent asset managers and multi-family offices. The rest include hedge funds, traditional asset managers and others.

SR & Associates Pty not licensed to provide debt management services

ASIC reminds credit licensees that under section 31 of the National Credit Act they are prohibited from conducting business with unlicensed persons.

Malaysia eases unit trust rules, opens door to wealth decumulation products

“More importantly, this will bridge the regulatory gap between domestic and international offerings and allow local funds to remain competitive in the face of a rapidly evolving market environment,”

Outcome-related fee structures proposed for Hong Kong arbitration

The LRC’s Outcome Related Fee Structures for Arbitration Sub-committee issued its consultation paper in December 2020.

Warning: Treasury Bond investment scams

All legitimate exchange traded bonds are purchased through licensed ASX brokers.

Warning: Fixed term deposit scams

ASIC notes that the use of the Australian Coat of Arms requires permission.

Hong Kong Stock Exchange Implements New SPAC Rules from 1 January 2022

The new SPAC rules were adopted expeditiously, concluded and implemented within just three months of a consultation review launched on 17 September 2021.

Indonesia outlines six priority finance areas for G20 presidency

The six priority agendas are synchronising exit strategies from the global pandemic to support recovery in developing countries, addressing the ‘scarring’ effect of the pandemic to secure future growth, payment systems in the digital era, sust

Operation of the Financial Services and Credit Panel

A key reform under the Act is to give the Financial Services and Credit Panel (FSCP) its own statutory functions and powers.

Mayfair 101 Group to pay $30 million penalty for misleading advertising

The Court also permanently restrained the companies from using certain words and phrases (such as ‘term deposit’ and ‘certainty’) in any future advertising.

Interior design director charged with falsifying financial records

The Commonwealth Director of Public Prosecutions is prosecuting the matter following a referral from ASIC.

ASIC bans two Tweed Heads-based financial advisers

Mr Furnell and Mr Summers have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Legal, Regulation & Compliance