Managers of Wealth Asia Pacific

ASIC cancels AFS licence of Robert Bayntun Starky

Australian financial services licensees must comply with their licence conditions

Doctor referrals would fail FASEA Standard 3

Looking at Standard 3, he said the primary ethical duty in was that, “if you have a conflict of interest or duty, you must disclose the conflict to the client and you must not act”.

Philippine AMLC to Penalise Firms for Incorrect STR Filings

The AMLC is currently collecting data from real estate brokers and developers as part of an environmental scanning exercise for the sector.

ASIC cancels financial services and credit licences of Direct My Wealth Pty Ltd

ASIC cancelled the licences because Direct My Wealth failed to lodge its 2020 audited financial accounts

Bubble risks test China’s commitment to fiscal and monetary policy easing

Price gains threaten central bank’s ability to restrain inflation without hiking rates

SFC to Investigate, Punish Misconduct in ‘Problematic’ IPOs

The SFC will work closely with SEHK to critically review each listing applicant’s valuation, such as comparing its price-to-earnings ratio against listed peers, to assess compliance with the minimum market cap and other initial listing requirements.

Ex-MD of fund manager in liquidation charged

ASIC said that all the alleged offending occurred in November 2019 and Grofski was released on bail and the matter adjourned to 16 July 2021 before the Brisbane Magistrates court for further mention.

Former van Eyk chief charged

The regulator alleges that between 31 January 2014 and 20 February 2014, Thomas facilitated a near-$5 million investment from Blueprint Investment Management Limited (BIML) while also a director of BIML.

Former managing director Holly Grofski charged

The alleged offending occurred in November 2019.

Renewal of Bilateral Swap Arrangement between Japan and Singapore

Both authorities agree that the continued bilateral financial cooperation will contribute to financial stability in both countries, and support growing bilateral economic and trade ties.

India: PAN requirement relaxed for capital gains exemption for eligible nonresidents

Corresponding amendments also have been made to Form 49BA for providing the above additional information.

DBS Can Fund $2 Billion Bid for Citi India Unit, Bernstein Says

Citi acquisition seen hitting bank’s 2021 dividend payout

REX pays $66,000 penalty for alleged continuous disclosure breach

ASIC found there are reasonable grounds to believe that REX was in breach of its continuous disclosure obligations

HKMA Instructs Banks to Assess Need for Tertiary Data Backup

The HKMA points to international developments to address this type of cyber threat, including Sheltered Harbor, a US initiative.

Mauritius & China’s Free Trade Agreement – China’s First Free Trade Agreement with an African Country

The Agreement is beneficial for both countries and will further enhance economic and trade relations between Mauritius and China.

Singapore Taskforce Issues Climate Disclosure Guide for FIs

The guide will help to enhance the quality of FIs’ climate disclosures, and facilitate more consistent and comparable disclosures across FIs, MAS said.

China bans financial, payment institutions from cryptocurrency business

China has banned crypto exchanges and initial coin offerings but has not barred individuals from holding cryptocurrencies.

ASIC issues civil penalty action against company formerly called Equiti Financial Services

Each advice contained a recommendation to establish an SMSF, purchase a property through the SMSF and borrow funds in order to do so.

Global life insurer admits it helped US citizens hide $1.45bn

Swiss Life Holding AG, Swiss Life (Liechtenstein) AG, Swiss Life (Singapore) Pte. Ltd., and Swiss Life (Luxembourg) S.A. Enter into Deferred Prosecution Agreement for Criminal Misconduct; Agree to Collectively Pay More than $77 Million

Former CFO sentenced for market manipulation and fraud offences

Mr Wu was also sentenced to a Community Corrections Order for a period of two years and six months after pleading guilty to fraud offences.

Legal, Regulation & Compliance