Japan Comments on the proposed CFTC cross-border swap rule. The FSA and the Bank of Japan, as well as the International Organization of Securities Commissions Asia-Pacific Regional Committee sent comment letters to the CFTC regarding the proposed CFTC cross-border swap rule issued for public comment. (12/19/2016)

Publication of ‘Effective Stewardship Activities of Institutional Investors.’ The FSA published its “Effective Stewardship Activities of Institutional Investors - to Enhance Constructive Dialogue toward Sustainable Corporate Growth.”  (12/13/2016)

Hong Kong SFC issues further guidance on suitability obligations. The SFC announced that it has issued further guidance in the form of two circulars on the existing suitability obligations of licensed or registered persons when recommending or soliciting investments. (12/23/2016)

Pilot test on expanded Short Position Reporting. The SFC announced that it will run a pilot test of the Short Position Reporting Service from January 11 to March 10, 2017 to facilitate market participants’ preparations for the expanded short position reporting requirements. Effective March 15, 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. (12/20/2016)

New SFC measures to heighten senior management accountability. The SFC announced that it has issued a circular to all licensed corporations to introduce measures to heighten the accountability of the senior management of these firms and to promote awareness of senior management obligations under the current regulatory regime. (12/16/2016)

SFC emphasizes timely and accurate disclosure of inside information. The SFC announced its publication of the latest issue of its Corporate Regulation Newsletter, reminding listed companies to disclose inside information to the public as soon as reasonably practicable. (12/14/2016)

Update on the SFC’s enforcement approach. The SFC announced that it has relaunched its Enforcement Reporter as a biannual publication that aims to provide the market with updates on the SFC’s key enforcement priorities. (12/8/2016)

SFC issues second-quarter report. The SFC announced that it has published its Quarterly Report summarizing key developments from July to September 2016. Highlights of the quarter include the August joint announcement by the SFC and the China Securities Regulatory Commission of the in-principle approval for Shenzhen-Hong Kong Stock Connect, and the launch of a consultation on enhancements to expand the scope of the position limit regime for futures and options contracts. (12/8/2016)

Singapore CP on proposed amendments to the capital framework for securitization exposures and interest rate risk. The MAS published a Consultation Paper on Proposed Amendments to the Capital Framework for Securitization Exposures and Interest Rate Risk in the Banking Book in MAS Notice 637. Written comments on this CP must be submitted by February 10, 2017. (1/9/2017)

CP on review of competency requirements for representatives conducting regulated activities under SFA and FAA. The MAS published a Consultation Paper on Review of Competency Requirements for Representatives Conducting Regulated Activities under the Securities and Futures Act and Financial Advisers Act. Written comments on this CP must be submitted by January 13, 2017.  (12/12/2016)

CP on Short Selling. The MAS published a Consultation Paper on Regulations for Short Selling. Written comments on this CP must be submitted by January 27, 2017. (12/14/2016)

Australia ASIC to allow a wider range of managed investment products for the mFund settlement service. ASIC announced that it has issued ASIC Corporations Instrument 2016/1212 to amend Class Order 13/1621 to allow for a broader range of managed investment products that retail clients can apply for and redeem through mFund Settlement Service. (12/22/2016)

ASIC publishes form for superannuation trustees and responsible entities to provide ASIC information on updated fee and cost disclosure requirements. ASIC announced that it has published the form and instructions for trustees of superannuation funds and responsible entities of managed funds and other managed investment schemes to provide ASIC information in order to qualify for the extension to the transition period to comply with updated fee and cost disclosure requirements in relation to product disclosure statements as announced on November 29, 2016. (12/20/2016)

Companies need to respond to major new accounting standards. ASIC announced three new accounting standards that are coming into force over the next two years and are expected to have the greatest impact on financial reporting since the adoption of International Financial Reporting Standards in 2005. The new standards can significantly affect reporting of revenue, values of financial instruments, loan loss provisions, and the impact of lease arrangements.  (12/16/2016)

ASIC releases world-first licensing exemption for fintech businesses. ASIC announced that it has released class waivers to allow eligible financial technology businesses to test certain specified services without holding an Australian financial services or credit license. (12/15/2016)

ASIC releases new instrument for buy-backs for ASX-listed schemes and updates guidance for scheme buy-backs. Following public consultation, ASIC announced that it has released a new legislative instrument regarding on-market buy-backs of ASX-listed schemes, replacing the class order due to expire on April 1, 2018. (12/15/2016)

ASIC releases new instrument for nominee and custody services and amends platforms class orders. Following public consultation, ASIC announced that it has released a new legislative instrument on nominee and custody services, replacing the class order due to expire on April 1, 2017. ASIC also released an amending instrument updating two class orders, one for investor directed portfolio services (IDPS) and one for IDPS-like schemes. (12/15/2016)

ASIC releases new instrument for non-monetary consideration managed investment schemes. Following public consultation, ASIC has released a new legislative instrument on interests not for money schemes, replacing three class orders on show schemes, interests not for money schemes and film investment schemes that were due to expire. (12/8/2016)

ASIC updates takeovers guidance on minimum bid price rule. ASIC announced that it has reissued its regulatory guide on takeover bids to incorporate updated guidance on the minimum bid price rule in s621(3) of the Corporations Act. (12/7/2016)