Report by Working Group on Corporate Disclosure. The Financial Services Agency announced that the Financial System Counsel has published the “Working Group on Corporate Disclosure” report on Promoting Constructive Dialogue. See here for report summary. (7/19/2016)

Hong Kong

Hong Kong’s fund management business holds steady in 2015. The Securities and Futures Commission announced the release of its annual Fund Management Activities Survey, which indicates that the combined fund management business in Hong Kong decreased slightly by 1.6% year­on­year to $17,393 billion as of December 31, 2015. (7/22/2016)

SFC announces re­appointment of Non­Executive Directors. The SFC announced the Financial Secretary’s re­appointment of Teresa Ko and William Wong as Non­Executive Directors for two­year terms, effective August 1, 2016. (7/15/2016)


MAS publishes CP on enhancing regulatory requirements on protection of client money and assets. The Monetary Authority of Singapore published its Consultation Paper on “Enhancements to Regulatory Requirements on Protection of Customer’s Moneys and Assets,” which proposes to enhance the regulatory regime governing the protection of client money and assets that are held by capital markets intermediaries. Comments must be submitted by August 19, 2016. (7/18/2016)

Separate subsidiary will reinforce governance of SGX’s regulatory functions. The MAS announced that SGX’s decision to transfer its regulatory functions to a separate subsidiary company is a significant step in strengthening the safeguards to manage potential conflicts of interest between SGX’s commercial and regulatory roles. (7/18/2016)

MAS requests comment on proposed further revisions to RBC framework for insurers. The MAS announced publication of its third consultation paper on proposed revisions to the Risk­Based Capital framework for insurers, taking into account feedback from the industry. The MAS will also conduct a second quantitative study to assess the impact of the revised proposals. Comments should be submitted to MAS by October 20, 2016. (7/15/2016)


ASIC consults on communicating audit findings to directors, audit committees, or senior managers. ASIC announced its release of Consultation Paper 265, Communicating audit findings to directors, audit committees or senior managers, about it directly communicating specific financial reporting and audit findings identified from ASIC reviews of external audit files to directors, audit committees or senior managers of companies, responsible entities or disclosing entities. Comments on the proposals in CP 265 are due by September 30, 2016. See also Information Sheet 196, Audit quality: The role of directors and audit committees, which provides more information on the ways in which directors and audit committees can support audit quality. (7/25/2016)

ASIC consults on proposed guidance on risk management. ASIC released Consultation Paper 263 Risk management systems of responsible entities: Further proposals and the proposed guidance builds on the proposals in Consultation Paper 204 Risk management systems of responsible entities. Comments in response to CP 263 are due by September 1, 2016. (7/21/2016)

ASIC consults on sunsetting class order about nominee and custody services, proposed changes to platforms policy. ASIC announced the release of a consultation paper proposing to remake its class order on nominee and custody services, which is currently due to sunset on April 1, 2017, and proposed changes to platforms policy. Comments on the proposal are due on September 1, 2016. (7/21/2016)

ASIC remakes and repeals sunsetting class orders on trustee company common funds. Following public consultation, ASIC announced that it has finalized an Instrument to maintain relief concerning the entities to which client money can be deposited under Section 981B of the Corporations Act. See Consultation Paper 256 Remaking and repealing class orders on trustee company common funds. (7/20/2016)

ASIC reports on review of due diligence practices in IPOs. ASIC announced that its review of issuer due diligence in initial public offerings has found a close connection between defective disclosure in a prospectus and poor due diligence. REP 484 Due diligence practices in initial public offerings, which includes this and other findings, provides ASIC’s recommendations for good practice due diligence for issuers and directors. (7/14/2016)

ASIC consults on remaking and repealing class orders on markets and securities. ASIC announced its release of Consultation Paper 262 Remaking and repealing ASIC class orders on markets and securities, which proposes to maintain markets and securities relief that ASIC has previously provided from certain obligations under the Corporations Act. The consultation paper, which is part of ASIC’s response to the sunsetting of legislative instruments, also sets out ASIC’s proposal to withdraw some relief. Comments on the proposal are due on August  11, 2016. (7/13/2016)