Managers of Wealth Asia Pacific

Withers: One of Singapore's Best Law Firms 2022

With 18 offices around the world including in Singapore, Hong Kong and Japan, we’ve structured our teams to be able to give cohesive advice across jurisdictions.

ASIC consults on remaking class order on PDS requirements where a quote for a general insurance product is given

Consultation Paper 349 outlines ASIC's rationale for proposing to remake the instrument.

HSF: Financial Regulation Weekly Update

ESG poses challenges to banks in many forms

"I promise not to promise" - International Mediation and measures to safeguard against Guerrilla tactics

The Singapore Convention marked a critical milestone in the development of mediation as alternative dispute resolution for commercial disputes.

Failure to comply with pre-arbitration requirement to mediate a matter of admissibility, not jurisdiction

It held that the basis of challenge was a question of admissibility to be determined by the arbitrator, not an issue of jurisdiction falling within section 67.

Industry funding: 2020-21 Cost Recovery Implementation Statement

ASIC is well aware of the challenges and difficulties facing many businesses due to the COVID-19 pandemic, and their concern has been highlighted in the industry feedback.

DLA Piper launches global, dedicated end-to-end Investment Management and Funds practice

DLA Piper has one of the largest investment management and investment funds practices in the world, with more than 250 lawyers with relevant experience and offices in all key global jurisdictions.

APRA urges super members to prioritise their own best financial interests

From the one million member accounts in products that failed the test, fewer than 68,000 have been closed.

Indonesian and UAE central banks sign payments and financial innovation MoU

The CBUAE and Bank Indonesia will also exchange relevant information and views on issues of concern or common interest under the MoU, based on applicable laws and regulations in each jurisdiction and other considerations that may be relevant.

CSRC bans unlicensed platforms from recommending funds

China Securities Regulatory Commission has tightened its grip on the nation’s mutual fund market.

Asia Data Protection Update

Proposed security assessment mechanism for transferring data outside of China

Regulatory risk and finfluencer engagement for company directors

ASIC monitors the market for this activity and will act when it sees extreme price movement.

MAS Enhances FinTech Regulatory Sandbox with Sandbox Plus

The Regulatory Sandbox, which is fully bespoke, was enhanced with Sandbox Express in 2019 to provide firms with a faster option for market testing in pre-defined environments.

‘Stop bullying me’: Insider says hit squad sought to silence him over $10b budget hole

It’s humiliating for Treasury because they’ve got it so wrong.

Financial Regulation update

For the full update on each jurisdiction, please click on the name of the jurisdiction. Below we provide a brief overview of what is covered in each update.

Hong Kong SFC disciplines first manager-in-charge

The SFC imposed a fine of HK$3.3 million on Fulbright Securities Limited

Financial regulators sign accord to promote ease of bank mergers, consolidations, acquisitions

The agreement embodies the responsibilities and commitments of each of the regulators on the simplified requirements and streamlined procedures and timelines in processing of MCA applications.

EMEAP Central Banks to Promote Green Bond Investment through Asian Bond Fund

The new rules will take effect from the index rebalance date of 31 March 2022, on which date all new bonds will be added and the new thresholds for sub-sovereign green bonds become effective.

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.

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.

Legal, Regulation & Compliance