SFC released consultation conclusions on supervisory assistance. The Hong Kong Securities and Futures Commission (SFC) released consultation conclusions on proposed amendments to the Securities and Futures Ordinance (SFO). The amendments would provide assistance to regulators outside of Hong Kong upon request by making inquiries and obtaining certain records and documents from licensed corporations or their related corporations. The proposed supervisory assistance will be subject to both existing and new legislative safeguards. (6/5/2015) SFC press release.
MAS proposes ways to strengthen the OTC derivative market. The Monetary Authority of Singapore (MAS) published a consultation paper on measures to strengthen Singapore’s over-the counter derivatives market and to enhance the provision of financial services. Comments may be submitted by July 3, 2015. (6/3/2015) MAS press release.
FSA publishes tax reform report. The Financial Services Agency (FSA) published “Tax Reform in FY 2015: Key FSA-related Items in the Outline for the FY 2015 Tax Reform.” The report gives suggestions on how to improve savings in Japan. (6/3/2015) FSA press release.
ASIC proposes remaking two class orders on superannuation. The Australian Securities & Investments Commission (ASIC) released “Consultation Paper 232: Remaking ASIC Class Orders on Superannuation” (CP 232), which proposes to remake the class orders before they sunset in 2016. (6/2/2015) ASIC press release.
ASIC proposes draft rules on central clearing obligations for OTC derivatives.ASIC published “Consultation Paper 231: Mandatory central clearing of OTC interest rate derivative transactions,” which is the next stage in Australia meeting its Group of Twenty (G20) commitments to reform OTC derivatives markets. (5/28/2015) ASIC press release.
ASIC updates guidance for insolvent companies. The ASIC released guidance, “Regulatory Guide 174: Relief for externally administered companies and registered schemes being wound up.” Key points include financial reporting relief for insolvent or financially distressed companies and registered schemes and assurance that impacted members and creditors are kept informed. (5/27/2015).ASIC press release.
ASIC updates guidance for carbon market participants. The ASIC updated Regulatory Guide 236 which provides guidance on the application of the current financial services laws to carbon market activities under the Emissions Reduction Fund (ERF) and the emissions reduction safeguard mechanism. (5/20/2015) ASIC press release.
SFC and CSRC sign Mutual Recognition of Funds. The SFC and China Securities Regulatory Commission (CSRC) have signed a Memorandum of Regulatory Cooperation on Mainland-Hong Kong Mutual Recognition of Funds (MRF), which will allow eligible Mainland and Hong Kong funds to be distributed to each other’s markets starting on July 1, 2015. (5/22/2015) SFC press release. According to a joint release, the MRF is an important element in opening the Mainland’s capital markets and developing a fund regulatory standard. (5/22/2015)
MAS and Bank of Japan sign swap agreement. On May 21, 2015, the Bank of Japan, acting as the agent for the Minister of Finance of Japan, and MAS signed the third Bilateral Swap Arrangement, which will enable authorities in Japan and Singapore to swap their local currencies against US dollars. (5/21/2015) MAS press release.