Richard Norridge

Dec 20, 2024 | herbertsmithfreehills.com | Gareth Thomas |Richard Norridge |Hannah Cassidy |Jojo Fan

The Australian Securities and Investments Commission (ASIC) has released an update in relation to its investigation of the Australian arm of South African financial services conglomerate, Sanlam Group. ASIC found that Sanlam, amongst other things, failed to adequately supervise its authorised representatives and corporate authorised representatives. A number of these were fintechs who offered online trading platforms and cryptocurrency-based investment products.

Oct 9, 2024 | lexology.com | Gareth Thomas |Richard Norridge |Hannah Cassidy

Australia1. ASIC’s Vanguard greenwashing action results in $12.9m penaltyASIC has announced that the Federal Court has ordered Vanguard Investments Australia to pay a $12.9m penalty for misleading and deceptive conduct in relation to its claims about environmental, social and governance (ESG) exclusionary screens. Vanguard made claims across a range of public communications, including 12 product disclosure statements, a media release and an interview on YouTube.

Apr 11, 2024 | mondaq.com | Gareth Thomas |Richard Norridge |Hannah Cassidy

Retail trader sentenced to 18 months' imprisonment for securities fraud via illegal short selling The Eastern Magistrates' Court has sentenced Ms Christine Yeung Tak Sum, a retail trader, to 18 months' imprisonment following her conviction in February 2024 for securities fraud involving illegal short selling (see our previous updates in November 2023 and February 2024).

Nov 1, 2023 | lexology.com | Gareth Thomas |Richard Norridge |Hannah Cassidy

Hong KongHKMA issues circular to AIs on customer disclosure in relation to premium financing activities for insurance policiesThe HKMA has issued a circular to authorised institutions (AIs) to remind AIs and their subsidiaries, as premium financing facility providers, of the importance of proper disclosure in relation to interest rates when providing premium financing facilities to customers.

Oct 27, 2023 | mondaq.com | Gareth Thomas |Richard Norridge |Hannah Cassidy

Welcome to Herbert Smith Freehills' monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the update are Hong Kong, Singapore, China, Taiwan, Japan, India, Malaysia, Indonesia, Thailand and the Philippines.