Joint session of general meeting of Financial System Council and Sectional Committee on Financial System to be held. The Financial Services Agency (FSA) announced that a joint session of the 35th general meeting of Financial System Council and the 23rd meeting of Sectional Committee on Financial System will be held on October 23, 2015, from 10:30am-12pm at the Common Special Conference Room No 1, 13th Floor, Common Government Office No. 7. This meeting is open to the public. (10/19/2015) FSA press release.
FSA publishes Summary Points from 2015-2016 Strategic Directions and Priorities. The FSA published Summary Points from 2015-2016 Strategic Directions and Priorities, which indicate the FSA’s goals for July 2015 through June 2016. FSA Summary Points document.
ASIC remakes instruments that affect financial reporting. Following public consultation, the Australian Securities & Investments Commission (ASIC) has remade five legislative instruments that affect financial reporting by particular types of entities. The relief applies to proprietary companies, non-reporting entities, stapled securities issuers, registered schemes and entities generally.
(10/16/2015) ASIC press release.
MAS proposes amendments to Notice PSOA-N02 on Prevention of Money Laundering and Countering the Financing of Terrorism - Holders of SVFs. The Monetary Authority of Singapore (MAS) issued a consultation paper that proposes amendments to MAS Notice PSOA-N02 on Prevention of Money Laundering and Countering the Financing of Terrorism - Holders of Stored Value Facilities (SVFs). The proposed amendments address the evolving SVF landscape and enhance MAS’s surveillance of SVFs by requiring all holders to comply with a notification regime. In addition, all SVF holders, except for pre-defined classes of SVFs that pose low money-laundering/terrorist financing risks, will be required to comply with the Notice. MAS also proposed to introduce customer due diligence requirements for relevant SVF holders for which occasional transactions are possible. Comments are due by November 3, 2015. (10/20/2015) MAS consultation paper.
Singapore and China agree on new initiatives to boost RMB business. The MAS announced that Singapore and China has agreed on new initiatives to further promote the international use of the Renminbi (RMB) through Singapore. The new initiatives will broaden the cross-border RMB channels between Singapore and China. (10/13/2015) MAS press release.
MAS proposes changes to risk-based capital adequacy requirements. The MAS issued a consultation paper that outlines proposed amendments to MAS Notice 637 on Risk-Based Capital Adequacy Requirements for Banks Incorporated in Singapore. The proposed amendments would amend the requirements for Singapore-based banks to align with the final standards issued by the Basel Committee on Banking Supervision for the Basel III Capital Framework. Comments are due on or before December 4, 2015. (10/9/2015) MAS consultation paper.
MAS consults on Liquidity Coverage Ratio disclosure requirements. The MAS published a consultation paper containing proposed disclosure requirements to accompany its previously proposed Liquidity Coverage Ratio (LCR) requirements for domestic systemically important banks in Singapore. The proposal includes an LCR disclosure template and guidance on the quantitative and qualitative disclosures to assist users in understanding the information provided by banks regarding their liquidity risk profile and management. Comments are due on or before November 9, 2015. (10/9/2015) MAS consultation paper.
SFC launches fund authorization process initiatives. The Hong Kong Securities and Futures Commission (SFC) announced that it will introduce two new initiatives modifying the authorization process for new fund applications and for Mandatory Provident Funds and Pooled Retirement Fund products. The six-month pilot period for both initiatives will begin on November 9, 2015. (10/9/2015) SFC press release.