08/04/2021
SFC fines UBS for regulatory breaches
The SFC’s investigation found that between May 2004 and May 2018
Legal, Regulation & Compliance
08/04/2021
China's central bank vows to maintain tight cryptocurrency regulation
The bank claimed that its monetary policy would be flexible, targeted, reasonable and appropriate.
08/02/2021
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.
08/02/2021
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.
08/02/2021
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.
08/02/2021
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.
08/02/2021
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.
08/02/2021
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.
08/02/2021
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.
08/02/2021
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.
08/02/2021
Aisling Dwyer Wins International Women's Insolvency & Restructuring Confederation's Fetner Award
The award recognises exceptional contributions made by an international IWIRC member.
07/30/2021
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.
07/30/2021
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.’
07/30/2021
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.
07/29/2021
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.
07/29/2021
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.
07/28/2021
Munro exits China exposure
“Regulatory threats are going through in China and that is concerning.
07/28/2021
ASIC releases guidance and customer information requirements to implement the new add-on insurance deferred sales model
ASIC will continue to engage with industry in the lead up to the new laws commencing.
07/28/2021
ASIC obtains asset freezing orders against Queensland property developer Ian Chester
The orders have effect until a further hearing before the Court
07/28/2021
Hong Kong Proposes Climate Risk Management Guidelines for Banks
In this Legal Update, we highlight key aspects of the Draft Guidelines and takeaways for AIs considering how to approach these new proposals in Hong Kong.