Hong Kong releases REIT consultation conclusions. The Hong Kong Securities and Futures Commission released the Consultation Conclusions on Amendments to the Code on Real Estate Investment Trusts. The proposals, which would give real estate investment trusts the flexibility to invest in property development activities and financial instruments, were generally supported by the market and will be adopted with some modifications and amendments. The SFC will also provide further practical guidance to the industry by way of a set of Frequently Asked Questions. (7/22/2014) SFC press release.
Singapore proposes stronger investor protections. The Monetary Authority of Singapore released a consultation paper on proposals to enhance its regulatory framework for safeguarding investors’ interests. The proposals would extend to investors in non-conventional investment products the current regulatory safeguards available to investors in capital markets; require all investment products to be rated for complexity and risks, and for these ratings to be disclosed to investors; and provide accredited investors the option to benefit from the full range of capital markets regulatory safeguards that are applicable for retail investors. Comments should be submitted by September 1, 2014. (7/21/2014) MAS press release.
Hong Kong regulators consult on derivatives reporting and recordkeeping. The Hong Kong Monetary Authority and the Securities and Futures Commission opened a consultation on the detailed requirements relating to the mandatory reporting and related record keeping obligations under the new over-the-counter derivatives regime. The proposal addresses the types of transactions to be reported; who will be subject to reporting and in what circumstances; what exemptions and relief may apply; reporting timeframes and applicable grace periods; the form, manner and content of reports; and related record keeping obligations. Comments should be submitted by August 18, 2014. (7/18/2014) SFC press release.
Singapore proposes AML amendments. The Monetary Authority of Singapore released a consultation paper on proposed amendments to its notices to financial institutions on anti-money laundering and countering the financing of terrorism. Many of the proposed changes formalize existing supervisory expectations and firm practices. Comments should be submitted by August 14, 2014. (7/15/2014) MSA press release.
Singapore consults on derivative forex reporting. The Monetary Authority of Singapore published a consultation paper on draft regulations for the reporting of foreign exchange derivatives contracts. Comments should be submitted by August 8, 2014. (7/9/2014)