Managers of Wealth Asia Pacific

Why challenges reinforce Hong Kong’s value as an international financial centre by Eddie Yue, Chief Executive, HKMA

The truth is that what financial centres do is irreplaceable, not where they are.

IOOF to spend big on BOLR

We are moving that model to a very much fully-employed model.

ASIC sues NAB for unconscionable conduct and misrepresentations over account fees

ASIC alleges that between at least January 2017 and July 2018, NAB continued to charge customers periodic payment fees even though it knew overcharging was occurring and did not have systems to prevent those fees from being charged incorrectly.

Fintech Co-operation between the Hong Kong Monetary Authority and the Central Bank of the United Arab Emirates

The MoU will certainly set the stage for future joint experimentation of digital innovation between CBUAE and the HKMA.”

COVID-19 and regulatory uncertainty spur greater tax risk for organizations in 2021 and beyond, EY survey finds

Survey respondents say they anticipate a far more diverse tax risk environment spanning everything from scrutiny of routine business activity, to major, billion-dollar settlements in court.

Ogier's Corporate team in Hong Kong advises two Chinese Deals of the Year 2020

The transaction is expected to close in the first half of 2021

DBS Faces Legal Challenge Following Takeover of Indian Bank

The amalgamation of both banks came into force on 27 November, with DBS absorbing all of Lakshmi Vilas Bank’s 563 branches as branches of its existing India unit, which received a INR 25 billion (USD 344.9 million) cash injection.

MAS bans former representative of insurance broker for dishonest conduct

The POs issued against Mr Lau took effect from 22 February 2021.

ASIC launches immunity policy for market misconduct offences

The policy will assist ASIC in identifying and taking enforcement action against specific markets and financial services breaches of the law and strengthen ASIC’s enforcement toolkit.

China court orders man to pay wife for housework in landmark case

A Beijing divorce court has ordered a man to compensate his wife for the housework she did during their marriage, in a landmark ruling.

Schroders to form China wealth management venture with BOCOM

The new wealth management venture, based in Shanghai, will be 51% controlled by Schroder Investment Management Ltd, and 49% owned by BOCOM Wealth Management Co.

China Cybersecurity and Data Protection: Monthly Update – Feb 2021 Issue

This is in line with the focus of financial regulators continuing to place importance in data protection in the financial sector.

Banking cartel case trial delayed by more than a year

The banks levelled the claims in Monday’s Federal Court hearing

SFC reprimands and fines Brilliance Asset Management Limited $3.15 million over short position reporting failures

The SFC considers that Brilliance had failed to act competently to ensure the SPRs it prepared would be accurate and compliant with the applicable requirements under the SPR Rules.

HKEX Probes for Rule Violations by Retail IPO Investors

The exchange is planning to launch a new digital IPO process via a platform known as FINI, which will close a loophole that currently allows investors to register accounts with different brokers for the same IPO.

Philippines’ GSIS mulls higher contributions, parliamentary committee plans “full-blown inquiry”

GSIS members currently contribute 9% of their basic salary to the pension fund every month, and their employers contribute 12%.

DBS faces lawsuits in India after takeover of Lakshmi Vilas Bank

DBS's Lakshmi Vilas acquisition was the first time the Reserve Bank of India turned to a foreign lender to bail out a local bank as India's financial industry suffered a series of shocks since the outbreak of a shadow banking crisis in 2018.

Singapore Police Probe 2 Firms in Alleged Metal Trade Fraud

Envy Global Trading specializes in physical and futures trading of nickel, and is wholly-owned by the Envy Group. Envy Asset Management, its precursor, is no longer active, Envy Global said.

Former CFO appears in court following guilty plea

ASIC further alleges Mr Wu carried out the transactions in order to maintain the share price above the IPO issue price of $0.50 per share.

UK Consults on Legal Safe Harbour to Manage LIBOR Wind-down

The amendments allow the FCA to manage a situation in which a critical benchmark has become or is at risk of becoming unrepresentative and where it may be impractical or undesirable to restore its representativeness.

Legal, Regulation & Compliance