Singapore

Singapore hosts first ASEAN+3 international organization. The Monetary Authority of Singapore announced that the ASEAN+3 Macroeconomic Research Office (AMRO) held its opening ceremony in Singapore to commemorate its establishment as an international organization. AMRO was formally accorded the legal status of an international organization on February 9th, when the agreement signed by ASEAN+3 member states to establish AMRO entered into force. AMRO, which is the first international organization established by the ASEAN+3 member states and is headquartered in Singapore, has close to 40 staff from ASEAN+3 countries. (2/19/2016) MAS press release.

Financial Sector Tripartite Committee is formed. The MAS announced that it, along with the National Trades Union Congress, formed the Financial Sector Tripartite Committee, which will bring together industry associations, labor movement, and government to foster a financial workforce that can meet the changing needs of the financial industry. (2/17/2016) MAS press release.

Australia

ASIC issues guidance to employers about superannuation fund for employees.The Australian Securities & Investments Commission has updated its MoneySmart website to help employers select a default superannuation fund for employees. The updated information encourages employers to consider a range of factors when deciding about a default super fund for employees, including fees, investment options offered, fund performance and insurance. (2/17/2016) ASIC press release.

ASIC consults on sunsetting class order about share and interest sale facilities. ASIC released a consultation paper proposing to remake its class order on share and interest sale facilities. The class order is due to expire on April 1, 2018. The new instrument would continue the relief currently given by Share and interest sale facilities without significant changes, so that the ongoing effect will be preserved without any disruption to the entities that rely on it. However ASIC is proposing to extend relief to a related body corporate of the product issuer. Submissions on the consultation paper are due on March 18, 2016. (2/16/2016)ASIC press release.

ASIC consults on sunsetting class order about financial product advice - exempt documents. ASIC released a consultation paper proposing to remake its class order on financial product advice - exempt documents. The class order is due to expire on April 1, 2017. The new instrument would continue the relief currently given by Financial product advice - exempt documents without significant changes, so that the ongoing effect will be preserved without any disruption to the entities that rely on it. Submissions on the consultation paper are due on March 18, 2016. (2/16/2016) ASIC press release.

ASIC reports on decisions to cut red tape. ASIC released its latest report outlining decisions on relief applications covering June through September 2015. (2/11/2016) ASIC press release.