Managers of Wealth Asia Pacific

ASIC extends licensing relief to all trustees of registrable superannuation entities for consistent treatment under the law

The relief applies to all superannuation trustees for a period of 18 months, ending 31 December 2022.

ASIC review of 31 December 2020 financial reports

ASIC has made inquiries of 15 entities on 22 matters.

China Steps Up Crackdown on $1 Trillion Bank Wealth Products

An estimated 2.5 trillion yuan ($390.5 billion) of the products are currently invested in assets that will soon become non-compliant, and need to be swapped for lower-yielding, high quality investments by the end of next year.

NAB working with Accenture on massive compliance fix

The National Australia Bank has brought in professional services giant Accenture on a secret project to combat shortfalls in its financial crimes compliance

MAS Announces Further Extension of the US$60 Billion Swap Facility with the US Federal Reserve and the MAS USD Facility through 31 December 2021

MAS has maintained ample SGD and USD liquidity in the banking system through its daily market operations.

How Sacred is the Right to be Heard in Arbitration?

The Singapore Courts might also have been expected to place more emphasis on the buyer’s refusal to comply with procedural directions, including the direction to submit written witness statements.

AAT dismisses application for review of ASIC banning order

ASIC found Mr Hutchison misled or deceived his clients by failing to disclose that they had been charged advice fees twice and failed to comply with the proper process for remitting and reporting the fees.

MAS Reprimands AIA Financial Advisers, Prudential, and Two Aviva Entities

The BSC and SCC seek to align the incentives of financial adviser (FA) firms, representatives and supervisors with their customers’ interests, to promote a culture of fair dealing.

Ashurst advises FinClear Holdings

The transaction is a key step in FinClear's plan to enhance its service offering to larger stockbrokers, a key target market within its already diverse client base that includes financial planners, stockbrokers and wealth managers, wealth platforms,

FASEA contradicting ASIC on ‘career break’ pathway

“So, I just can’t see how that [career break] option applies. Ultimately, we need clarification from FASEA.”

ASIC releases guidance on ongoing fee arrangements

INFO 256 answers frequently asked questions about the obligations that apply to fee recipients in relation to ongoing fee arrangements, fee disclosure statements (FDSs), and ongoing fee consents.

Cryptocurrencies Targeted By Australian Serious Crime Taskforce

As part of the effort to tackle cross-border financial crime, the member nations collaborate internationally to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime and to make the most of data and technology.

Baker McKenzie advises Equinix

The Baker McKenzie team worked closely with Equinix's internal legal team led by Andrew Sterneberg, supported by Truda Agostino for real estate.

A foreign helping hand: US and Hong Kong discovery in support of Cayman Islands litigation

The principles applied by Justice Kawaley in granting the application included that the request must not be a fishing expedition and that the documents sought must be directly material to matters in issue in the proceedings.

ASIC Extends Australian Financial Services Licensing Exemptions For Foreign Financial Service Providers (FFSPS) Until 31 March 2023

This gives those FFSPs additional time to consider their options and to make a decision about next steps once Treasury’s upcoming consultation is complete.

Legal, Regulation & Compliance