Hong Kong

SFC reminder on expanded Short Position Reporting. The SFC reminded all relevant market participants that effective March 14, 2017, reporting will be required for reportable short positions in all Designated Securities eligible for short selling specified by The Stock Exchange of Hong Kong Limited. The SFC further reminded market participants to ensure that they have systems and procedures in place to comply with the new requirements. See Frequently Asked Questions.(9/30/2016)

New appointment to SFC committees. The SFC announced the appointment of Thomas Atkinson, Executive Director of Enforcement, as a member of both the Securities Compensation Fund Committee and the Investor Compensation Fund Committee, effective September 28, 2016. (9/29/2016)

SFC notifies the industry of AML concerns. The SFC’s Enforcement Divisionannounced that it is investigating several cases of SFC licensed brokerages with suspected inadequate anti-money laundering internal controls and it expects to bring a number of enforcement proceedings as a result. The SFC is attempting to draw the attention of licensees that they are expected to enhance their AML internal controls immediately as they have had ample time to develop their internal controls since the Anti-Money Laundering and Counter-Terrorist Financing Ordinance and the SFC Guideline on Anti-Money Laundering and Counter-Terrorist Financing came into force in 2012. (9/21/2016)


Singapore maintains loan commitment to the IMF. The MAS announced that Singapore has maintained its current US$4 billion loan commitment to the International Monetary Fund until end 2020, as part of the US$340 billion committed by 25 IMF member countries to safeguard global economic and financial stability during the period. (10/8/2016)

MAS issues consultation paper on proposal to change unsecured credit borrowing limit. The MAS issued a consultation paper on a proposed change to the industry-wide borrowing limit for unsecured credit. (9/30/2016).

Singapore has strong framework for combatting money laundering and terrorism financing. The Financial Action Task Force (FATF) has assessed that Singapore has a strong framework for anti-money laundering and countering the financing of terrorism. This is Singapore’s first assessment since the FATF Standards were enhanced in 2012 to counter the increasing threat posed by money laundering and terrorism financing. (9/27/2016)


ASIC appoints Morgan Stanley to sell shares in Sovereign Gold Company Limited. ASIC announced that it has appointed Morgan Stanley Wealth Management Australia Pty Ltd to sell 22,901,234 ordinary shares in Sovereign Gold Company Limited (SOC). The sale follows a decision by the Takeovers Panel to vest the shares in the Commonwealth for sale by ASIC. The shares represent approximately 1.62% of SOC’s issued capital.

ASIC warns AFS licensees to lodge financial statements and auditor’s reports on time. ASIC announced that it has been pursuing AFS licensees that have failed to meet their obligation to lodge their annual financial statements and auditor’s reports with ASIC within the specified timeframe. Licensees with a financial year ending June 30th are required to lodge the profit and loss statement and the balance sheet by October 31st of the relevant year. (10/6/2016)

ASIC launches new budgeting tool. ASIC announced that the Minister for Revenue and Financial Services, The Hon. Kelly O’Dwyer, has launched its MoneySmart “Simple Money Manager,” a free online budgeting resource designed to help culturally and linguistically diverse Australians with everyday budgeting to take control of their finances. (10/6/2016)

ASIC remakes and repeals expiring class orders on markets and securities.ASIC announced that it has remade 10 legislative instruments and repealed three that are due to expire in 2016 and 2017, following public consultation. (10/5/2016)

ASIC remakes instruments that affect financial reporting. Following public consultation, ASIC announced that it has remade three legislative instruments that affect financial reporting by companies. The relief is set out in the following new legislative instruments: ASIC Corporations (Audit Relief) Instrument 2016/784;ASIC Corporations (Wholly owned Companies) Instrument 2016/785; and ASIC Corporations (Qualified Accountant) Instrument 2016/786. (9/30/2016)

ASIC remakes sunsetting class order about managed discretionary accounts.ASIC announced the release of updated regulatory guidance on its relief for Managed Discretionary Accounts in Regulatory Guide 179 Managed Discretionary Accounts. (9/29/2016)

ASIC updates regulatory framework for charitable investment fundraisers.ASIC announced its issuance of a revised policy and regulatory framework for charities that raise investment funds. The framework removes regulatory barriers to the issue of financial products while strengthening protection for public investors. (9/28/2016)

ASIC extends foreign financial service provider class orders for two years and consults on related class order. ASIC announced the extension for two years seven class orders giving relief to foreign financial service providers providing financial services to wholesale clients. These class orders were due to expire between October 1, 2016 and April 1, 2017. ASIC also released Consultation Paper 268 Licensing relief for foreign financial services providers with limited connection to Australia (CP 268). CP 268 outlines a proposal to repeal a related class order for foreign entities with a limited connection to Australia providing services to wholesale clients. This class order is due to expire on April 1, 2017. (9/28/2016)