Managers of Wealth Asia Pacific

ASIC update: Compensation for financial advice related misconduct as at 30 June 2021

This includes $620.9 million paid or offered by the institutions between 1 January to 30 June 2021

Japan gets tough on greenwashing

Regulators plan to introduce a new verification framework.

Using provisional liquidation offshore to preserve bondholder claims under keepwell deeds (Japanese) An example of preserving the rights of corporate creditors based on keepwell deeds using offshore provisional liquidation

An important element of Keepwell Deed is that the Chinese parent company undertakes obligations to its subsidiaries.

SEC requires Chinese companies seeking U.S. listing to make additional disclosures

China-based companies must make VIE structure clear to investors, disclose whether China has granted permission to list in U.S., delisting risks under U.S. law

SFC fines UBS for regulatory breaches

The SFC’s investigation found that between May 2004 and May 2018

China's central bank vows to maintain tight cryptocurrency regulation

The bank claimed that its monetary policy would be flexible, targeted, reasonable and appropriate.

ASIC sues AMP companies for fees for no service charged on corporate superannuation accounts

ASIC alleges AMP received over $600,000 in advice fees from affected customer accounts.

Carey Olsen Hong Kong secures legal directory recognition and ALB shortlisting

Winners of the ALB Hong Kong Law Awards 2021 will be announced during a virtual ceremony on Friday 10 September.

China's crackdown: a credit perspective

We believe that it is important to acknowledge that China’s version of capitalism and opening up of capital markets will look very different to the models in the West.

Foreign funds invest in Indonesia’s new sovereign wealth fund

Indonesian companies including BPJS Employment and Taspen have already shown interest in investing in the fund.

Australasia Wealth’s former director charged

Knowingly providing false or misleading information to ASIC was an offence under section 1308(2) of the Corporations Act.

Court finds RI Advice liable for failing to supervise financial adviser following ASIC investigation

The Court had previously made declarations that Mr Doyle had breached his best interests obligations by giving inappropriate advice and failing to put his clients’ interests first. At the time, Mr Doyle was an authorised representative of RI Advice.

ASIC sues General Commercial and Eden Capital for failure to cooperate with AFCA

ASIC also alleges General Commercial and Eden Capital’s conduct amounted to a breach of their obligations as credit licensees to act, efficiently, honestly and fairly.

ASIC finds gaps remain despite progress to repair the TPD ‘safety net’

REP 696 also sets out residual gaps and areas where improvements are still needed, particularly in the ability of insurers and trustees to use data to improve both product design and claims handling.

Aisling Dwyer Wins International Women's Insolvency & Restructuring Confederation's Fetner Award

The award recognises exceptional contributions made by an international IWIRC member.

SEC Thailand and CSSF sign a Fintech information sharing agreement

The Memorandum of Understanding provides a framework for cooperation between the two authorities with respect to promoting innovation in financial services.

Court finds former superannuation trustee Tidswell Financial Services failed to act efficiently, honestly and fairly

‘ASIC will continue to work to ensure trustees comply with their obligations to properly monitor the promotion of their products by outsourced service providers.’

Website Alert – Fraudulent website related to Public Bank (Hong Kong) Limited

The HKMA wishes to remind the public that banks will not send SMS or e-mails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions.

China Regulator Gathers Banks to Restores Market Calm

After China clamped down on internet platforms – most notably by requiring prospective foreign listings by such firms to undergo a data security review for approval – the education sector has become the latest target.

BIS Innovation Hub and Monetary Authority of Singapore publish proposal for enhancing global real-time retail payments network connectivity

The BIS Innovation Hub Singapore Centre is working on both.

Legal, Regulation & Compliance