Managers of Wealth Asia Pacific

The Wrecking Ball vs the Crystal Ball – planning a parallel scheme of arrangement

The obiter dicta in both cases is consistent with well-established Drax point.

BCBS Consults on Prudential Treatment of Cryptoasset Exposures

Group 1 cryptoassets are those that fulfil a set of classification conditions and as such are eligible for treatment under the existing Basel Framework, with some modifications and additional guidance.

Herbert Smith Freehills advises Worley on issue of Sustainability-Linked bond

This successful debut issue in the European debt capital markets aligns Worley’s financing with our sustainability strategy and achieves an extension of our long-term debt maturity profile.

Director charged with breaches of directors’ duties

ASIC alleges that Mr Dunkley dishonestly used his position as a director with the intention of directly or indirectly gaining an advantage for himself or someone else.

ASIC extends transitional relief for foreign financial services providers following Federal Budget

The three instruments currently apply to a range of FFSPs until 31 March 2022.

Former director of Australian Reliance and Reliance Franchise Partners permanently banned

Mr Hanson has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

China's watchdog tightens rules for $1 trillion cash management market

The products regulated are those investing in monetary market instruments only and open for purchases and redemption on every trading day, the statement said.

Appleby's Hong Kong Office Acts as Cayman Islands Counsel for New Hope Service Holdings Limited

The Appleby team was led by Partner Judy Lee, supported by Legal Manager Minnie Choi.

DBS issues first tokenised bond on digital exchange

DBS' current transaction combines existing legal and tax infrastructure requirements with a direct issuance on the digital exchange in smaller lot sizes, according to a report.

First Financial cuts growth expectations for fee income

The company reported NT$5.03 billion (US$181.45 million) in net income in the first quarter, an increase of 71 percent from last year, or earnings per share of NT$0.39.

Hong Kong’s Proposed Licensing Regime for VASPs

The Proposal was prepared in line with the Recommendations of the Financial Action Task Force (“FATF”) on VASPs.

High number of advisers who passed FASEA exam do not practice

“Not all appear to be without a ‘job’,” Williams said.

Philippines Targets Ex-Wirecard COO

If found guilty, the charged individual could face up to 12 years of imprisonment and a maximum fine of around $42,000.

Halifax auditors face first criminal charges laid in Australia for failure to comply with auditing standards

EC Audit and Mr Evett are the first auditors in Australia to face criminal prosecution for an alleged failure to comply with auditing standards.

ASIC permanently bans Sydney financial planner

To prevent future harm to clients of financial services businesses.

Former mortgage brokerage company convicted and fined for knowingly making a false statement to ASIC

ACF held an Australian credit licence, and Mr Yang was the sole fit and proper person and responsible manager on the licence.

NAB advised of referral to Austrac enforcement team

“NAB has an important role in monitoring and reporting suspicious activity and keeping Australia’s financial system, our bank and our customers safe.

Australia's NAB reveals anti-money laundering probe, shares fall

The investigation would now be handled by AUSTRAC's enforcement team, the agency said.

Reassessment of FNZ/GBST deal confirms competition concerns

This is because FNZ and GBST, which are both providers of retail investment platform solutions, are close competitors and few other significant suppliers offer effective and competitive alternatives.

China ups fines and widens scope of draft money laundering law

Fines for offences will be increased to up to 2 million yuan, up from a previous maximum of 500,000 yuan, for failing to conduct due diligence on clients and reporting large or suspicious transactions.

Legal, Regulation & Compliance