Managers of Wealth Asia Pacific

ASIC’s approach to new laws reforming financial services sector

The benefits will increase over time as consumer outcomes become the focus and experience accrues.

APRA finalises new approach to licensing and supervising new banks

The revised approach followed a review of APRA’s ADI licensing regime aimed at incorporating learnings since the launch of the Restricted ADI licensing pathway in 2018.

APRA releases consultation on further updates to Reporting Standard ARS 720.1 ABS/RBA Loans and Finance Leases

ARS 720.1 currently collects data on impaired exposures, which will no longer be used in APS 220

ASIC issues court action alleging unlicensed advice in relation to unregistered managed investment scheme

ASIC is seeking winding up and disqualification orders and the appointment of liquidators and receivers to secure assets of the alleged scheme.

Ogier shortlisted for three ALB Hong Kong Law Awards 2021

The ALB Hong Kong Law Awards are the pre-eminent legal awards in Asia and honour the outstanding performance of private practitioners and in-house teams in the region.

Reserve Bank warns Westpac over anti-money laundering system failures

This formal warning reflects the importance of the prescribed transaction reporting regime in building an intelligence picture across New Zealand’s financial system

How much ASIC spent on its unmet advice needs project

ASIC would shortly publish a document which provided a high-level summary of key issues raised in the submissions and provides public transparency of the issues raised in response to CP 322;

Govt failed on financial advice reforms: Labor

Brockman noted the vast majority of people working in the financial advice industry did not act in a way that the “many egregious ones did”.

Once mighty bank-licensed cohort shrinks to 500-odd advisers

After profit margins slimmed and a raft of advice scandals came to light in the early 2010

Govt seeks feedback on FSCP and FAR

The Better Advice Bill passed the House of Representatives on 4 August, 2021, which aimed to legislate Recommendation 2.10 of the Royal Commission to establish a new disciplinary system for financial advisers.

Alibaba to sack manager accused of rape, according to memo seen by BBC

"He will be fired and never be rehired. Whether he has committed rape or indecency that violates the law will be determined by law enforcement."

ASIC cancels or suspends twenty-four Australian credit licences

ASIC works with AFCA to identify financial services licensees and credit licensees that do not comply with their general conduct obligations.

Papas scandal referred to Financial Crimes Squad

In July this year, police received a report of an alleged multimillion-dollar fraud against a financial organisation.

SW Private Client Practice and Partners Recognised in Multiple Legal Directories

Ms. Wendy Lam – Women in Law Awards 2021 by Lawyer Monthly Magazine

China’s evolving data laws: PIPL likely to be passed soon

The PIPL will be China’s primary privacy and data protection law, despite the common misconception that the DSL is China’s privacy law.

SBP hits eight banks with penalties

Charges them for violating regulations including AML, CFT and foreign exchange rules

Deloitte Consulting embarks on recruitment drive in Adelaide

“We are strongly focused on encouraging our local employees to remain in Adelaide to build their careers here, and for those who might have left the state, to return, bringing their professional experiences and insights with them,”

KPMG grows during Covid and breaks through $2 billion barrier

Over the past weeks, three of the Big Four have released their results in the Covid-19-hit 2020/21 financial year.

Monetary Authority Announces Countercyclical Capital Buffer Ratio for Hong Kong

“While there have been some signs of economic recovery in Hong Kong, uncertainties about the global pandemic situation have remained,”

ASIC reviews the first round of super fund annual members’ meetings

The funds reviewed were chosen to ensure a mix of industry, retail, corporate and public sector funds and collectively hold approximately $1trillion in funds under management (FUM).

Legal, Regulation & Compliance