Japan’s plan for vitalizing the capital and financial markets. Japan’s Panel for Vitalizing Financial and Capital Markets has summarized the medium-term policy direction and the focused measures for vitalizing the financial and capital markets in Japan. The Panel has evaluated the progress of measures in various areas of the financial and capital markets in Japan and reexamined the policy for 2020, as well as compiled the Statement for Vitalizing Financial and Capital Markets regarding issues that need to be further developed, including new issues considered to be crucial for vitalizing the financial and capital markets in Japan. (7/21/2015) FSA press release.
Hong Kong fund activity reaches new high. The Hong Kong Securities and Futures Commission (SFC) released its annual Fund Management Activities Survey, which found that the combined fund management business in Hong Kong increased to a record high of HK$17,682 billion. (7/21/2015) SFC press release.
Online banking guidelines issued by China’s central bank. Reuters reported that guidelines for internet financing, including online banking, insurance and securities, have been issued by the Peoples Bank of China. (7/18/2015) Online finance.
Hong Kong SFC proposes changes to financial resources rules. The Hong Kong SFC opened a consultation on proposed changes to the Securities and Futures (Financial Resources) Rules (FRR) relating to capital and other prudential requirements for licensed corporations engaged in over-the-counter derivatives activity. The consultation paper also proposes certain changes to non-over-the-counter derivatives-related FRR requirements. Comments should be submitted by October 16, 2015. (7/17/2015) SFC press release.
Synopsis of China-Hong Kong mutual recognition of funds symposium. The SFC posted a synopsis of the July 3, 2015 symposium on Mainland China and Hong Kong mutual recognition of funds. (7/17/2015) Synopsis.
MAS publishes revised Code for collective investment schemes. The Monetary Authority of Singapore published a revised “Code on Collective Investment Schemes.” The revised code sets out the best practices on management, operation and marketing of schemes that managers and approved trustees are expected to observe. The Code is effective January 1, 2016. (7/14/2015) Code.
ASIC report on financial benchmarks. The ASIC released “Report 440 Financial benchmarks,” which highlights the importance of key indices to Australia’s markets and the broader economy. The report describes the regulatory reforms and other responses that have occurred internationally and in Australia in response to concerns about poor conduct in connection with financial benchmarks. It also makes a number of recommendations for market participants, including measures they should adopt to avoid conduct issues. (7/8/2015) ASIC press release.