Guaranteed funds in the mainland, worth RMB 320bn ($46.5bn), will be called “risk-hedging strategy funds” to reflect potential risks, according to the new guidelines released by the China Securities Regulatory Commission.
The Chinese regulator put a stop to `client service fees' paid by fund management firms to third-party sales agencies that introduce new institutional clients.
Coutts must pay out $6.55m (CHF 6.5m) for serious breaches of anti-money laundering rules in connection with the scandal-torn Malaysian 1MDB sovereign wealth fund.
Xu Xiang, dubbed ‘Hedge fund brother no.1’ in China, was put in prison for five-and-a-half years and fined a reported RMB 11bn ($1.6bn), for market manipulation.
The former BSI banker Yeo Jaiwei, ‘sentenced beyond the norm’ for witness tampering by a Singapore court, used a Seychelles-based company to spend $8.2m on Australian Gold Coast property, the Guardian has reported.
Retail investors in Singapore will receive greater protection following changes to the Securities and Futures Act (SFA).
Account holders in Singapore have been told by the taxman to fully cooperate with their financial institutions as they determine the tax residency status of their clients under the Common Reporting Standard (CRS).
Swiss national Jens Sturzengger has become the first westerner to be charged by a Singapore court as part of the investigations into the 1Malaysia Development Bhd (1MDB) money laundering scandal.