Japan

Recommendation by the Advisory Group on Supervisory Approaches. The FSA announced its provisional translation of the Advisory Group on Supervisory Approaches’ recommendation on transforming the agency’s supervisory approaches. (6/15/2017)

Overviews of financial results for major banks, regional banks, and major insurance companies. The FSA compiled the figures of financial results as of March 31, 2017, announced by major banksregional banks, and major insurance companies. (6/2/2017)

Hong Kong

SFC publishes Annual Report 2016-17. The SFC announced that it has published its Annual Report 2016-17 summarizing and providing key statistics on its work during the year. (6/14/2017)

SFC and ASIC sign Fintech cooperation agreement. The SFC announced that it has entered into an agreement with ASIC to establish a framework for cooperation on FinTech. Pursuant to the agreement, the SFC and ASIC will cooperate to share information on emerging FinTech trends, developments and related regulatory issues as well as on organizations which promote innovation in financial services. The agreement also provides for a bilateral mechanism for referrals of innovative firms seeking to enter one another’s markets. (6/13/2017)

Singapore

MAS and ASBA sign FinTech MOU. The MAS announced that it, along with the Association of Supervisors of Banks of the Americas, signed an MOU to bolster FinTech ties between Singapore and the Americas. (6/9/2017)

Recent economic developments in Singapore, June 2017. The MAS published a brief to provide a quick pictorial summary of recent economic developments in the Singapore economy. (6/7/2017)

Consultation paper on Provision of Digital Advisory Services. The MAS announced that it has released a consultation paper on proposals to facilitate the provision of digital advisory services, or robo-advisory services, in Singapore. The proposals seek to support innovation in financial services by recognizing the unique characteristics of digital platforms. (6/7/2017)

Australia

ASIC reports on decisions to cut red tape – October 2016 to March 2017. ASIC announced that it has released its latest report outlining decisions on relief applications, highlighting ASIC’s efforts to reduce red-tape and achieve a practical, positive outcome for companies seeking some regulatory flexibility. Report 530 Overview of decisions on relief applications (October 2016 to March 2017)(REP 530) notes that between October 1, 2016, and March 31, 2017, ASIC granted relief from provisions of the Corporations Act 2001 or the National Consumer Credit Protection Act 2009 in relation to 474 applications. (6/20/2017)

ASIC welcomes the dawn of a new regulatory era. ASIC welcomed the passage of legislation enabling a more secure and accountable funding of the model for regulation of the Australian corporate sector. Effective from July 1, 2017, ASIC’s regulatory costs will be recovered from all industry sectors regulated by ASIC through annual levies. (6/15/2017)

ASIC reports on conduct in funds management and makes recommendations for improved compliance. ASIC announced that it has reported on the findings of its proactive surveillance of responsible entities’ compliance with their legal obligations. These are entities that operate managed funds on behalf of retail investors. (6/13/2017)

ASIC extends deadline for transitional relief for charitable investment fundraisers. ASIC announced that there have been important changes in the rules that apply to charities that offer investments to retail investors. These new rules take effect on January 1, 2018. In an effort to help charities prepare for the transition, ASIC made a new legislative instrument, ASIC Corporations (Amendment) Instrument 2017/359, which amends ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813, to extend the February 28, 2017 deadline for transitional relief to December 31, 2017. (6/9/2017)