Hong Kong

FC designates central counterparties for OTC derivative transactions. The Securities and Futures Commission announced its designation of four central counterparties (CCPs) for the purposes of the mandatory clearing obligation for certain OTC derivative transactions: Chicago Mercantile Exchange Inc.; Japan Securities Clearing Corporation; LCH.Clearnet Limited; and OTC Clearing Hong Kong Limited. The designation of one local CCP and three major overseas CCPs will provide a variety of choices for market participants who, under Hong Kong law, are subject to mandatory clearing, which became effective on September 1, 2016. (8/31/2016)

Singapore 

Brief published on recent economic developments in Singapore. The MAS published a brief that provides a pictorial summary of recent economic developments in the Singapore economy. (9/2/2016)

TDSR rules on refinancing to be fine-tuned. The MAS announced that the refinancing rules under the Total Debt Servicing Ratio (TDSR) framework will be fine-tuned to allow borrowers more flexibility in managing their debt obligations. This is in response to feedback from borrowers who are unable to refinance their existing property loans owing to the application of the TDSR threshold of 60 percent. (9/1/2016)

Singapore reinforces position as largest FX center in the Asia-Pacific and third-largest worldwide. The MAS announced that Singapore remains the largest foreign exchange center in the Asia-Pacific region and third largest worldwide, following London and New York, according to the 2016 Triennial Central Bank Survey of the global FX and OTC derivatives markets by the Bank for International Settlements. (9/1/2016)

Changes to MAS Board of Directors. The MAS announced that Mr. Ong Ye Kung, Acting Minister for Education (Higher Education and Skills) and Senior Minister of State, Ministry of Defense, will be appointed to its Board of Directors. Mr. Ong’s term of appointment will be from August 29, 2016, to May 31, 2019. Mr. Lawrence Wong Shyun Tsai, Minister for National Development, stepped down from the MAS Board on August 29, 2016. (8/29/2016)

MAS proposes new regulatory framework and governance model for payments. The MAS announced that it has released Proposed Activity-based Payments Framework and Establishment of a National Payments Council, a consultation paper on proposed changes to the payments regulatory framework and establishment of a National Payments Council. Comments must be submitted by October 31, 2016. (8/25/2016)

MAS establishes FinTech Innovation Lab. The MAS announced the opening of its FinTech Innovation Lab. The purpose-built facility, known as Looking Glass @ MAS, is located within the MAS Building. (8/24/2016)

Consumer Price Developments in July 2016. The MAS and the Ministry of Trade and Industry published a joint press release on “Consumer Price Developments in July 2016.” (8/23/2016)

Australia

ASIC simplifies registration process for SMSF auditors. ASIC announced the release of revised website content which simplifies and improves the registration process for prospective SMSF auditors. (9/5/2016)

ASIC publishes corporate plan and focus. ASIC announced publication of itsCorporate Plan for 2016-17 and its view of “what good looks like” for the sectors it regulates. (8/31/2016)

ASIC releases guidance on regulating digital advice. ASIC announced that it has released Providing digital financial product advice to retail clients, its guidance on digital financial product advice for retail investors. (8/30/2016)

ASIC publishes fifth report on corporate finance regulation. ASIC announcedthat it has published its fifth report on the regulation of corporate finance issues in Australia. Report 489 ASIC regulation of corporate finance: January to June 2016provides statistical data, highlights key focus areas, and includes relevant guidance about ASIC’s regulation of fundraising transactions; mergers and acquisitions; corporate governance issues; related party transactions; and financial reporting. (8/26/2016)

ASIC remakes sunsetting class orders on dollar disclosure. ASIC announcedthat it has made a new legislative instrument, ASIC Corporations (Disclosure in Dollars) Instrument 2016/767, replacing three class orders on dollar disclosure that were due to sunset on October 1, 2016, and April 1, 2017, respectively. (8/26/2016)

ASIC remakes instruments that affect financial reporting. Following public consultation, ASIC announced that it has remade five legislative instruments that affect financial reporting by disclosing entities and entities generally. The relief is set out in the following new legislative instruments: ASIC Corporations (Uncontactable Members) Instrument 2016/187 (replaces Class Order 98/101);ASIC Corporations (Directors’ Report Relief) Instrument 2016/188 (replaces Class Order 98/2395); ASIC Corporations (Synchronization of Financial Years) Instrument 2016/189 (replaces Class Order 98/96); ASIC Corporations (Disclosing Entities) Instrument 2016/190 (replaces Class Orders 98/2016 and 08/15); andASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191(replaces Class Order 98/100). (8/26/2016)