People’s Bank of China and MAS renew bilateral currency swap agreement.The People’s Bank of China and the Monetary Authority of Singapore announced the renewal of the existing bilateral currency swap arrangement for a further term of three years. The original arrangement was established in 2010 and first renewed in 2013. The new arrangement is effective as of March 7, 2016. (3/15/2016) MAS press release.
ASIC reviews culture, conduct and conflicts of interest in vertically integrated funds management businesses. The Australian Securities & Investments Commission has released a report outlining its findings of an extensive review of the conflicts management practices in vertically integrated businesses in the funds management industry. (3/21/2016) ASIC press release.
ASIC consults on proposed guidance about ‘robo-advice.’ ASIC released a consultation paper and a draft Regulatory Guide on regulating digital financial product advice (commonly known as robo-advice). ASIC is also seeking feedback on issues that are unique to digital advice businesses, the closing date for which is May 16, 2016. (3/21/2016) ASIC press release.
ASIC issues guidance on marketplace lending. ASIC has released guidance to help providers of marketplace (also known as “peer-to-peer”) lending products, including information about legal obligations. (3/21/2016) ASIC press release.
ASIC releases consolidated instruments and guidance on fundraising. Following public consultation, ASIC has updated its fundraising relief and guidance to continue the role these regulatory documents serve in facilitating efficient public fundraising in Australia. (3/17/2016) ASIC press release.