Procedures concerning Foreign Account Management Institutions. The FSA published application and notification method and sample forms concerning Foreign Account Management Institutions. (6/30/2017)

GLOPAC newsletter. The Global Financial Partnership Center (GLOPAC) published the eighth issue of the GLOPAC Newsletter. (6/26/2017)

Japan and Australia cooperate on fintech. The FSA, along with ASIC, announcedthe completion of a framework for cooperation to promote innovation in financial services in Japan and Australia. (6/23/2017)

Hong Kong

SFC and AMF sign MoU on France-Hong Kong Mutual Recognition of Funds. The SFC announced that it, along with the Autorité des Marchés Financiers (AMF) have signed a Memorandum of Understanding (MoU) on France-Hong Kong Mutual Recognition of Funds, which will allow eligible Hong Kong public funds and French UCITS funds to be distributed to retail investors in each other’s market through a streamlined authorization process. (7/10/2017)

SFC consults on new OFC Rules and OFC Code. The SFC announced its launch of a two-month consultation on the detailed legal and regulatory requirements applicable to the new open-ended fund company structure. The OFC structure will enable investment funds to be established in corporate form in Hong Kong, in addition to the current unit trust form. (6/28/2017)

SFC welcomes new CEPA agreements. The SFC welcomed the Investment Agreement and Agreement on Economic and Technical Cooperation under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement signed in Hong Kong. (6/28/2017)

Regulators release conclusions on the OTC derivatives regulatory regime. The SFC announced that it, along with the Hong Kong Monetary Authority, published conclusions on a joint consultation paper which proposed adjusting the scope of “OTC derivative product” under the over-the-counter derivatives regulatory regime. (6/27/2017)

SFC clarifies competence requirements for licensees seeking to enter asset management business. The SFC announced its issuance of a circular to clarify certain competence requirements for existing licensed persons seeking to be licensed for Type 9 regulated activity (asset management) and to provide further guidance on how the SFC assesses the competence of a corporation or a responsible officer to carry on asset management activities. (6/23/2017)


Bank of Thailand and MAS sign FinTech Cooperation Agreement and Banking Supervision MoU. The MAS announced that it, along with the Bank of Thailand, signed a FinTech Cooperation Agreement and updated an existing MOU on Banking Supervision. (7/11/2017)

Consultation paper on proposed amendments to disclosure requirements. The MAS issued a Consultation Paper, Proposed Amendments to Disclosure Requirements under MAS Notices 637, 651 and 653, which sets out MAS’ proposed amendments to MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore to implement requirements for Singapore-incorporated banks that are consistent with the revised standards issued by the Basel Committee on Banking Supervision. Comments must be submitted by August 7, 2017. (7/10/2017)

Encouraging credit ratings in the SGD bond market. The MAS announced that it has launched a Singapore-dollar Credit Rating Grant to encourage issuers in the SGD bond market to issue rated bonds. (6/30/2017)

MAS and Danish Financial Supervisory Authority sign FinTech agreement. The MAS announced that it, together with the Danish Financial Supervisory Authority, signed a FinTech Co-operation Agreement, which aims to help FinTech companies in Singapore and Denmark expand into each other’s markets. The agreement will enable both regulators to refer FinTech companies to their counterparts. MAS and the Danish FSA have also committed to exploring joint innovation projects, and to share information on emerging market trends and their impact on regulation. (6/29/2017)

MAS streamlines framework for banks carrying on permissible non-financial businesses. The MAS announced that it will streamline the regulatory requirements for banks seeking to conduct or invest in permissible non-financial businesses. (6/27/2017)


ASIC remakes expiring class order on credit union member shares. ASIC announced that it has remade Class Order [CO 02/1176] Credit union member shares in ASIC Corporations Instrument 2017/616, which was due to expire on April 1, 2018. (7/11/2017)

ASIC consults on new client money reporting rules. ASIC announced the release of a consultation paper proposing to make new client money reporting rules for Australian financial services licensees that hold “derivative retail client money” within the meaning of the Corporations Act. Submissions on the paper are due by August 8, 2017. (7/11/2017)

ASIC takes action over misuse of sophisticated investor certificates. ASIC published its concern that some accountants may be harming retail investors by inappropriately providing “sophisticated investor” certificates. (7/7/2017)

ASIC remakes expiring class orders relating to registered schemes. ASIC announced that it remade four class orders relating to registered managed investment schemes, which were due to expire in 2017 and 2018. (7/5/2017) ASIC acts to improve transparency of super websites. ASIC announced that it has intervened in relation to 21 superannuation trustees, representing 15 percent of the trustee population, to improve “Transparency Information” on their super fund websites. (7/4/2017)

ASIC commences consultation on proposed guidance on sell-side research. ASIC announced that it has released a consultation paper proposing guidance on managing conflicts of interest and handling material, non-public information by Australian financial services licensees that provide sell-side research. (6/30/2017)

ASIC releases superannuation member experience report. ASIC announced that it has released a report about its review of key aspects of consumer engagement with their super funds, focusing on the experience of less-engaged superannuation fund members. (6/30/2017)

ASIC extends relief excluding multifunds, superannuation platforms and hedge funds from the shorter PDS regime. ASIC announced that it has extended Class Order [CO 12/749] Relief from the Shorter PDS regime for one year. The class order relief was due to expire on June 30, 2017. (6/29/2017)

Malaysia and Australia seal agreement on fintech cooperation. ASIC announced that it signed, along with the Malaysia Securities Commission, a Cooperation Agreement that provides a framework for cooperation to support and understand financial innovation in each economy. (6/29/2017)

ASIC clarifies its position on the use of ‘independently owned’ under Sec. 923A. ASIC clarified its position on the use of restricted terms relating to the independence of financial advisers after seeking external legal advice on whether phrases such as “independently owned” are restricted terms under Sec. 923A of the Corporations Act. (6/27/2017)

ASIC temporarily extends time to provide Statements of Advice for urgent superannuation advice. ASIC announced that it has issued ASIC Corporations (Urgent Superannuation Advice) Instrument 17-530 to temporarily extend the time financial advisers have to provide retail clients with a Statement of Advice. (6/26/2017)

Communicating ASIC’s findings from audit files. ASIC announced the release of its new Regulatory Guide 260 Communicating findings from audit files to directors, audit committees or senior managers. (6/23/2017)

Japan and Australia cooperate on FinTech. ASIC announced that it, along with the Japan Financial Services Agency, have completed a framework for cooperationto promote innovation in financial services in Japan and Australia. (6/23/2017)

ASIC commences consultation on proposed guidance on crowd-sourced funding. ASIC announced that it has released two consultation papers proposing guidance for public companies and intermediaries to assist them in using the new crowd-sourced funding (CSF) regime starting on September 29, 2017. The proposals in Consultation Paper 288 Crowd-sourced funding: Guide for public companies seek to assist companies seeking to raise funds through CSF to navigate the new regime and to understand and comply with their obligations. The proposals in Consultation Paper 289 Crowd-sourced funding: Guide for intermediaries seek to assist intermediaries looking to provide a crowd-funding service. Comments on both consultation papers must be submitted by August 3, 2017. (6/22/2017)

ASIC seeks better compliance with asset-holding requirements in funds management and custodial services. ASIC announced its release of a report entitled Review of compliance with asset holding requirements, which outlines ASIC’s findings following an extensive review of compliance by custodians and responsible entities of managed investment schemes with the asset holding requirements imposed by ASIC Regulatory Guide 133 Managed investments and custodial or depository services: Holding assets. (6/22/2017)