Japan FSA guidance. Japan’s Financial Services Agency issued guidance on the Financial Instruments and Exchange Act. (6/3/2014)
Singapore consults on AML amendments. The Monetary Authority of Singapore issued a consultation paper proposing amendments to the MAS Notices on Prevention of Money Laundering and Countering the Financing of Terrorism. The proposed amendments seek to clarify financial institutions’ obligations under the AML/CFT requirements in relation to the Personal Data Protection Act. Comments should be submitted by June 20, 2014. (6/2/2014)
Hong Kong online system for dealing disclosures. The Hong Kong Securities and Futures Commission launched a new online platform to streamline the submission process for disclosures of dealings under Rule 22 of the Code on Takeovers and Mergers (Takeovers Code). Starting July 1, 2014, all Rule 22 dealing disclosures must be submitted using the online system. The SFC has also introduced more user-friendly electronic versions of the public and private disclosure forms for use with the new system. (5/30/2014) SFC press release.
ASIC focus for June 30, 2014 financial reports. The Australian Securities & Investments Commission announced its areas of focus for the June 30, 2014 financial reports of listed entities and other entities of public interest with a large number of stakeholders. (5/30/2014) ASIC press release.
Singapore to adopt IFRS-like standards. Reuters reported that by January 1, 2018, firms listed on Singapore’s exchanges will need to employ financial reporting rules similar to International Financial Reporting Standards. (5/29/2014) Accounting standards.
ASIC consultation on foreign company offerings. The Australian Securities & Investments Commission released a consultation paper proposing class order relief and guidance to help foreign companies offer CHESS Depositary Interests (CDIs) over their shares to investors in Australia. Comments should be submitted by July 25, 2014. (5/28/2014) ASIC press release.
ASIC reports on the handling of confidential information. The Australian Securities & Investments Commission released Report 393, Handling of confidential information: Briefings and unannounced corporate transactions. The report analyzes the way companies and their advisers handle confidential information. (5/27/2014) ASIC press release.
ASIC reminder on class orders. The Australian Securities & Investments Commission encouraged platforms to review ongoing compliance with ASIC class orders and to ensure that they are ready for the changes under new class orders coming into full effect for established operators on July 1, 2014. (5/27/2014) ASIC press release.
ASIC summarizes relief application decisions. The Australian Securities & Investments Commission outlined its decisions on relief applications covering the period from October 1, 2013, to January 31, 2014. The report summarizes examples of situations where ASIC has exercised, or refused to exercise, its exemption and modification powers under the Corporations Act and the licensing and responsible lending provisions of the National Credit Act. The report also highlights instances where ASIC has considered adopting a no-action position regarding specified non-compliance with statutory provisions. (5/26/2014) ASIC press release.
Regulators in Japan and the UK sign information sharing agreements. Japan’s Financial Services Agency and the Certified Public Accountants and Auditing Oversight Board exchanged letters of cooperation with the UK Financial Reporting Council. The exchange of letters permits each authority to share information upon request related to auditors that fall within the regulatory jurisdiction of both authorities. (5/23/2014) FSA press release.
ASIC guidance to superannuation trustees. The Australian Securities and Investment Commission issued further guidance to superannuation trustees about their obligation to produce a product dashboard for MySuper products. (5/22/2014) ASIC press release.
ASIC updates public comment guide. The Australian Securities and Investment Commission updated its information on when it will provide comment on investigations and enforcement actions. (5/20/2014) ASIC press release.
ASIC reports on “dark liquidity.” The Australian Securities and Investment Commission released the results of a review of rule changes affecting “dark trading” and their impact on market quality. The review found that the trends in dark liquidity that were of some concern have been discontinued. (5/19/2014) ASIC press release.