11/05/2021
Chinese Regulators Tell City Commercial Banks to Cap WMPs
Financial institutions that aren’t in position to do so for the time being are supposed to establish special wealth management departments.
Legal, Regulation & Compliance
11/05/2021
ASIC releases guidance and examples on records of advice
ASIC undertook targeted consultation on INFO 266 and the example ROAs and received helpful and timely feedback from industry.
11/05/2021
ASIC and ATO engage with directors as part of ASIC’s Phoenix Surveillance Campaign
Illegal phoenix activity has economy-wide implications.
11/05/2021
Malaysia's 1MDB gets go-ahead to pursue Abu Dhabi wealth fund in UK court
1Malaysia Development Berhad was an investment fund originally intended to develop the South-east Asian nation's economy.
11/05/2021
Our Thought Leadership
Philippines: SEC extends the deadline to submit contact details
11/05/2021
Bank Indonesia and Monetary Authority of Singapore Further Extend Bilateral Financial Arrangement
This arrangement has been endorsed by Indonesian President Joko Widodo and Singapore Prime Minister Lee Hsien Loong
11/04/2021
E&P Financial Group hit with class action
Former chief executive Dixon stepped down in mid-2019 amid the controversy surrounding URF, which saw its performance tank and at one point returned -76.1% in the year to March 2020.
11/04/2021
ASIC obtains Federal Court orders against unlicensed investment scheme A One Multi Services
The orders were made pending a final hearing into the conduct of Mr Hala, Ms Walters and A One Multi.
11/04/2021
ASIC bans QLD-based adviser
The banning of Mr McDermott is part of ASIC’s ongoing efforts to improve standards across the financial services industry.
11/04/2021
EBRD expects Central Asian economies to grow by 4.9 per cent in 2021
The report notes that in 2021 growth was driven by the normalisation of domestic activities following a gradual relaxation of Covid-19 restrictions.
11/03/2021
Australia Introduces Payment Times Reporting Scheme Requirements
The deadline to submit reports is 30th September 2021 provided that the first reporting period ends on 30th June.
11/03/2021
Brunei Darussalam: Requirement for Registerable Controllers Information
Companies incorporated on or after 31st October should submit the particulars of their registrable controllers within 30 days of incorporation, whereas companies incorporated before the 31st October 2020 should have filed this information by the 31st Dece
11/03/2021
MAS Proposes Changes to Classification of Investment Products for Retail Investors
"With these proposals, we strive to maintain the balance between providing retail investors convenient access to a range of investment products, while ensuring that sufficient safeguards are in place to enable them to make informed investment decisio
11/03/2021
FASEA releases consultation – Financial Planners & Advisers Code of Ethics 2019 – Standard 3
Pursuant to section 921U(1)(b) FASEA is required to review instruments regularly.
11/02/2021
Better Advice Act broadens ASIC’s regulatory responsibilities
ASIC’s engagement with the financial advice industry has been broadened with the passage of the Better Advice Act (the Act).
11/02/2021
ASIC commences proceedings against Ferratum Australia for charging prohibited credit fees
ASIC is seeking civil penalties, declarations and other orders.
11/01/2021
India regulator proposes ESG funds invest only in assets with sustainability disclosures
There were eight ESG funds in India with 120.85 billion rupees (US$1.6 billion) of total assets under management as of end-September 2021.
10/29/2021
Evergrande Dodges Default Again
Earlier this month, two deals fell through including an attempt to sell its Hong Kong headquarters in a proposed $1.7 billion deal and another deal involving part of its property services unit in a $2.6 billion deal.
10/29/2021
CBA pleads guilty to criminal charges for mis-selling consumer credit insurance
ASIC Deputy Chair Sarah Court said ‘ASIC has been concerned about the consumer harms associated with add-on insurance for some time.
10/29/2021
MAS Announces 60 Finalists for the 2021 Global FinTech Hackcelerator and FinTech Awards
Ten finalists each were shortlisted through the Local Programme and the International Partner Programme.