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.
Legal, Regulation & Compliance
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.
10/29/2021
Futu, Tiger Brokers fall sharply as Chinese central banker warns on offshore trading by online brokers
China’s strict data privacy law goes into effect on November 1, raising risks for online brokers, state media said recently
10/28/2021
Two charts that show why you should ignore China’s index
Despite the doubters, China has not become uninvestable. But which Asian stock market has performed best since the MSCI China index was launched in 1992? Clue: it’s not China.
10/28/2021
China warns unlicensed online brokerages they are breaking the law
Nasdaq-listed shares of Futu and Fintech have since plunged, amid concern that the sector will be next in Beijing's regulatory crosshairs
10/28/2021
Victorian director disqualified for two years and six months
Showerline and Gracro were involved in the manufacturing and selling of bathroom and/or plumbing goods.
10/28/2021
HK regulator bans Standard Chartered manager for life
The disciplinary action follows Lau’s convictions under the Prevention of Bribery Ordinance (POBO) in May 2018 and the SFO in September 2020.
10/27/2021
Surveillance of investment switching by super fund executives identifies concerns with trustees’ conflicts arrangements
ASIC will continue to follow up with trustees about areas for improvement in their conflict management frameworks.
10/27/2021
ASIC quarterly update July to September 2021
"We continue to work closely with market operators to identify and disrupt actions that threaten the integrity of markets"
10/27/2021
Singapore: Withers KhattarWong represented Blue Ocean Resources Limited in successful restructuring
The team prepared and reviewed, negotiated and advised on all documents related to the scheme including the scheme document itself and the transaction agreements relating to the restructured facility and its related security documents.
10/26/2021
Hong Kong Authorities Target Property of Security Law Violators
NSL was imposed by Beijing to Hong Kong on June 30 last year, prohibiting any activities deemed as subversion, secession, terrorism or colluding with foreign forces with a maximum penalty of life in prison.
10/25/2021
MAS consults on FI-FI Information-Sharing Platform for AML/CFT
FIs will also be able to review the risk information shared on the platform using data analytics to disrupt illicit transactions.
10/25/2021
ASIC sues former Freedom Insurance director and consultant over insurance sales incentive programs
ASIC is seeking declarations, civil penalties, injunctions and disqualification orders against Mr Cohen, and declarations and injunctions against Mr Oayda.
10/25/2021
HSF Financial Regulation: Weekly Update
Entity to pay $20 million penalty for misleading superannuation members
10/22/2021
China’s central bank continues to tighten regulation of fintech
Chinese authorities have taken a series of recent measures on fintech regulation.
10/21/2021
launches financial restructuring practice in Asia
In the financial restructuring scene, law firms work in tandem with consulting firms and restructuring boutiques to provide an integrated offering to clients – typically debtors, creditors, private equity, distressed companies and hedge funds. Deche
10/20/2021
ASIC bans Melbourne-based adviser for six years
Mr Sherwal also failed to comply with the additional disclosure requirements when providing product switching advice.
10/20/2021
Singapore: Better safe than sorry – How to manage data breaches
A disaster recovery plan must also be put in place to minimise the impact of a breach.
10/20/2021
China’s self-inflicted woes and the renminbi
To achieve both objectives, it is preferable for the exchange rate to remain stable.
10/19/2021
SFC reprimands and fines Ample Capital
Settlement of payments through third parties by a customer is a red flag as they might be used to disguise the original source of funds and facilitate a fraudulent scheme.