Managers of Wealth Asia Pacific

CBIRC Issues Rules on Evaluating Performance of Bank Directors

The rules set out the basic duties and specific obligations of directors and supervisors

Philippine SEC Tightens Rules on Beneficial Ownership of Shares

Under the SEC’s new guidelines, corporations, aside from publicly listed companies

ASIC imposes additional licence conditions on Poynter Hargraves Financial Consultants Pty Ltd

Poynter Hargraves will also be required to remove its sole responsible manager and appoint one or more responsible managers with the necessary skills and experience.

Hong Kong lags behind on the percentage of female directors on the boards of listed companies

HKICS issues a 'Call to Action' for regulatory imposition of a 30% target to be achieved over a six-year period for Hong Kong

Finding Harmony – ASEAN Model Contractual Clauses and Data Management Framework Launched

The DMF and MCCs were developed to help harmonise the standards on cross-border data flows and data governance practices across the region.

Alibaba navigates anti-trust probe with sustainability bond

The four-tranche deal offers longer maturities of up to 40 years

Singapore: Enhanced Personal Data Protection Act Takes Effect

The enhanced PDPA introduces mandatory data breach notification, requiring organisations to notify the PDPC and affected individuals if a data breach is likely to result in significant harm, or if 500 or more individuals are affected.

HK Banks Told to Stop Accepting BNO Passports as Valid ID

HKMA (Hong Kong Monetary Authority) deputy chief Arthur Yuen later confirmed in a press conference that the guidance meant the passports could no longer be used for accounts.

Extension of the Banking Talent Programme

For those existing graduates under 2020 Programme whose employment will be extended by the participating institutions, the HKMA will continue to reimburse up to 50% of the monthly salary of Programme participants during the extended period.

Hong Kong and Macau Watchdogs Ink GBA Agreement

The latter includes the People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange.

Hong Kong Court Rules that Buyer’s Stamp Duty is Constitutional

This case was an application for leave to apply for judicial review of the Collector of Stamp Revenue’s assessment in respect of a provisional agreement for sale and purchase dated 18 January 2013 (Agreement) for a residential property.

British investors should keep a wary eye on Chinese delisting in the Caymans

This moved us much closer to China in ways that raised concerns among policy experts at the time

Taiwan Penalizes Deutsche Bank, 3 Others for Currency Trades

The banks were notified of the punishments on Friday. Trades made before the notice won’t be affected, the central bank said.

Chinese Regulators Agree on Ant Group Restructuring Plan

The restructuring plan marks just the first step in what is expected to be a lengthy overhaul process.

Hong Kong Watchdog Flags Reddit Rally

Margin level requirements for brokers could also be quickly revised and investors could be asked to make immediate margin calls.

Differences in rights do not necessarily fracture a class

The scheme provided creditors with four options, each provided a better return than in the event of the Company’s liquidation.

Practical issues in FIE registration and reporting under the new FIL regime

Under the new regime, FIEs will only need to report certain information to the PRC Ministry of Commerce via an online reporting system. MOFCOM approval is no longer required for foreign investment.

Singapore Launches Simplified Insolvency, Restructuring Programme

Two SIP programmes are provided: a Simplified Debt Restructuring Programme for debt restructuring and business rehabilitation; and a Simplified Winding Up Programme for the orderly winding up of non-viable businesses.

LINE Bank Taiwan Granted Digital Bank Operating Licence

LINE – which has 21 million monthly active users in Taiwan – has also launched a banking service in Thailand in the last year. In 2021, it also plans to expand its banking services into other countries including Japan and Indonesia.

ASIC cancels financial services and credit licences of Mortgage & General Financial Services Pty Ltd

Under the provisions of the Corporations Act 2001 and National Consumer Credit Protection Act 2009 respectively, ASIC may suspend or cancel an AFSL or an ACL if the licensee fails to meet their obligations.

Legal, Regulation & Compliance