[Hong Kong] SFC obtains court order to disqualify
former executive director of Anxin-China Holdings Limited for eight years
SFC News 13 Jul 2021
The
SFC has obtained a disqualification order in the Court of First Instance
against the former executive director of Anxin-China Holdings Limited, Mr Lin
Supeng, who was admitted that he failed to discharge his duties with due and
reasonable skill, care and diligence in the course of acting as a director of
the company and to carry out his duties to the requisite standard in
ascertaining the company’s financial position. The SFC’s investigation found
that Anxin grossly overstated its cash position between 2011 and 2015. To cover up the overstated cash position,
Anxin provided false bank records to its then auditors for its 2014 audit. Lin
was disqualified from being a director and being involved in the management of
any listed or unlisted corporation in Hong Kong for a period of eight years.
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[Singapore] Covid-19 is driving more Asia-Pacific
firms to embrace sustainability in finance: Citi report
Straits Times, 13 Jul 2021
The
Covid-19 pandemic is prodding firms in Asia-Pacific to act on sustainability,
with many already embarking on meeting environmental, social and governance
(ESG) goals, said a new report by Citi. The survey was conducted by Citi in the
first quarter of the year among 259 institutional clients in 14 markets across
Asia-Pacific. It found that 54 per cent of the respondents already have ESG
policies and practices integrated in their organisations' corporate strategy. Nearly
90 per cent of the remaining respondents said they intend to roll out ESG
policies and practices within five years.
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[Hong Kong] Update on Enhanced Competency Framework on Private Wealth Management
HKMA Circular, 14 Jul 2021
HKMA announced the launch of the
Certified Private Wealth Professional Associate (CPWPA) certification by the
Private Wealth Management Association (PWMA) to recognise and incentivise staff
of PWMA member institutions who are seeking to enhance their skill set and
advance their career within the private wealth management industry. This newly
launched CPWPA certification primarily targets Relevant Practitioners who have
passed the examinations but have not yet met the work experience requirements
for CPWP certification, Client Service Assistants, Assistants to Relevant
Practitioners, as well as Middle and Back Office staff involved in the private
wealth management business.
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