The Financial Report, 25 May 2017, News from Asia and the Pacific

News from Asia and the Pacific

Hong Kong

SFC enhances the position limit regime. The SFC announced that enhancements to the position limit regime, including introducing various excess position limits and raising the statutory position limit for stock options contracts, will come into operation on June 1, 2017, the commencement date of amendments to the Securities and Futures (Contracts Limits and Reportable Positions) Rules. For details, market participants may refer to the March 21, 2017, press release. (5/22/2017

SFC issues guidance on corporate transactions and the use of valuations. The SFC announced that it has issued a guidance note on directors’ duties and a circular to financial advisers regarding valuations in corporate transactions, together with a statement on the liability of valuers for disclosure of false or misleading information. (5/15/2017)

SFC and FCA sign FinTech cooperation agreement. The SFC announced that it has entered into a cooperation agreement with the FCA to foster collaboration in support of financial technology innovation. Under the agreement, the SFC and the FCA will cooperate on information sharing and referrals of innovative firms seeking to enter one another’s markets. (5/12/2017)

Singapore

 IFC and Monetary Authority of Singapore collaborate to advance FinTech innovation in Asia. The IFC, a member of the World Bank Group and the MAS, signed a memorandum of cooperation agreeing to work together to establish and develop the ASEAN Financial Innovation Network. (5/23/2017)

CP on proposed amendments to requirements in credit loss provisioning. The MAS has published Consultation Paper on Proposed Amendments to Requirements in Credit Loss Provisioning. Written comments on the Consultation Paper are due by June 12, 2017. (5/12/2017)

Australia

ASIC consults on expiring class orders about licensing relief for financial counselling agencies and rural financial counseling service providers. ASIC announced that it has released a consultation paper proposing to remake three ASIC instruments relating to financial counselors, which are due to expire between October 1, 2017, and April 2026. Submissions to Consultation Paper 282 Remaking ASIC class orders on financial counselling licensing relief (CP 282) are due by June 15, 2017. (5/17/2017)