Compliance Corner - JBWere, MAS, Others

Editorial Staff

18 October 2018

JBWere
, the wealth manager of NAB, has become a full member of the Responsible Investment Association Australasia (RIAA), the industry body representing responsible, ethical and impact investors across Australia and New Zealand.

RIAA focuses on encouraging investment in sustainable assets and shaping responsible financial markets underpinned by strong returns.

RIAA has over 220 members, including superannuation funds, fund managers, consultants, researchers and community trusts, managing more than $9 trillion in assets.

JBWere already has socially responsible investing (SRI) vehicles through its partnership with MSCI, the provider of environmental, social and governance (ESG) research globally.

MAS
The (MAS) and the Financial Services Authority of the Republic of Indonesia, (OJK) have signed a Memorandum of Understanding (MOU) to strengthen cooperation in fintech and innovation in financial services in Indonesia and Singapore.

The MOU will facilitate information sharing on emerging fintech market trends and developments, and promote joint innovation projects between both countries.

As part of the MOU, both authorities will establish a framework to help fintech companies better understand the regulatory regime and opportunities in each jurisdiction.

Fosun International
Investment firm have agreed to settle a US Department of Justice investigation of residential mortgage-backed securities securitized by the US subsidiaries prior to 2009. The US subsidiaries will pay $480 million to resolve the matter.

The US subsidiaries include Nomura Holding America, Nomura America Mortgage Finance, Nomura Asset Acceptance Corporation, Nomura Asset Capital Corporation, Nomura Credit & Capital, Nomura Home Equity Loan and Nomura Securities International.

The company estimates that the settlement will incur a negative impact of around approximately 20 billion Japanese yen ($178 million) on its Q2 results. The company will recognize the impact in the financial statement for that period.

The firm cooperated with the DOJ and the US Attorney’s Office for the Eastern District of New York, which conducted the investigation under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The US subsidiaries do not admit any facts, liability or wrongdoing in connection with the settlement and they dispute the allegations made by the DOJ.