Managers of Wealth Asia Pacific

JPMAM expands China wealth management partnership

JP Morgan Asset Management plans to take a 10% stake in CMB Wealth Management.

Five development projects worth RM9.63 mln for Labuan in 2021

The new project for this year will be the new cell sanitary landfill and upgrading works on the leachate treatment plant worth RM2 million, revised from the estimated cost of over RM31.68 million.

Hong Kong bankers work around the clock as IPOs, SPACs surge

Companies are trying to “get the deal done as soon as they can,” said Stephanie Tang

Banks should pay advice exit levy: TAA

TAA chief executive Neil Macdonald said the ASIC levy is only being charged to those who are choosing to remain in the industry.

Herbert Smith Freehills advises Malaysia’s EPF on launch of world’s first and largest Shariah private equity SMA fund

The fund will comprise three SMAs of US$200 million each, with each SMA managed by a separate private equity fund manager — BlackRock, HarbourVest Partners LLC and Partners Group AG.

BOT to Continue THBFIX Publication until Mid-2023

This timeline was initially set in November 2020. New financial products should instead reference THOR.

RBA Keeping ‘Close Eye’ on LIBOR Transition Progress

Australia has adopted a multiple-rate approach, where both the local credit-based benchmark, BBSW, and the risk-free case rate, AONIA, will be used.

Australia to Expand Scope, Length of Fintech Select Committee

Bragg said he expects the Committee to focus on removing more barriers to Australian growth as a technology and finance centre.

ASIC restricts TBG Diagnostics Limited from relying on reduced-disclosure rules

ASIC’s decision was based on TDL’s failure to lodge a financial report, directors’ report and auditor’s report for the company’s financial year, which ended 31 December 2019, within 3 months after the end of that financial ye

New regulations aim to ease foreign direct investment in Indonesia.

Non-fiscal incentives to encourage FDI include immigration law relaxations for foreign personnel and what has been described as a ‘fairer’ labour regime when it comes to hiring and firing.

New York Court Reinstates SIBOR Manipulation Lawsuit

In 2013, the MAS (Monetary Authority of Singapore) censured 20 banks

The Evolving Duties of US Directors

Our lawyers’ chapter in Global Investigations Review’s The Practitioner’s Guide to Global Investigations examines fiduciary duty and strategic considerations of which directors should be especially mindful.

APRA updates licensing approach for new banking entrants

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

FSC Korea Issues Revised Capital Markets Rules

The revision also contains measures to improve ‘Chinese wall’ regulations, with a view to promoting more autonomy and accountability of financial investment businesses.

Australia to Amend OBU Regime to Address OECD Concerns

There have also been reports that the ATO had been reluctant to process new offshore banking unit registrations.

Southeast Asian regulators focus on sustainable growth in new five-year plan

The ACMF is also collaborating with the Manila-based Asian Development Bank to introduce an online training programme for the regulators this year as part of its plan to promote a sustainable financial industry.

Ant Group Imposes Self-Discipline Rules, CEO Resigns

Hu’s resignation is said to be closely related to Ant’s forced restructuring and tightening supervisory oversight by regulators.

Court convicts individual for false trading and deception

17 charges under section 197(1)(b) of the Securities and Futures Act (SFA) for creating misleading appearances with respect to the price of Gaylin shares on 17 occasions from 11 November 2015 to 25 October 2016;

SFC reprimands and fines Sino-Rich Securities & Futures Limited $7.2 million for breaches of anti-money laundering regulatory requirements

For cash deposits, there is no record of any enquires made by Sino-Rich’s staff with the clients and approvals by its responsible officers prior to January 2017.

ASIC commences proceedings against Membo Finance over hardship requests

ASIC is concerned that these alleged failures resulted in significant consumer harm, including in circumstances where many customers were experiencing financial hardship due to the COVID-19 pandemic.

Legal, Regulation & Compliance