ASIC relief applications. The Australian Securities & Investments Commission released its latest report outlining decisions on relief applications covering the period from February 1 to May 31, 2014. (9/25/2014) ASIC press release.
Singapore’s regulators consult on US FATCA compliance proposal. Singapore’s Ministry of Finance, the Monetary Authority of Singapore and the Inland Revenue Authority of Singapore published proposed regulations aimed at helping financial institutions in Singapore comply with the US Foreign Account Tax Compliance Act (FATCA). FATCA requires all financial institutions outside of the US to regularly submit information on financial accounts held by US persons to the US Internal Revenue Service, or face a 30 percent withholding tax on certain gross payments received from the US. Comments should be submitted by October 17, 2014. (9/22/2014). MAS press release.
Australia and Singapore sign information sharing agreement. The Australian Securities & Investments Commission and the Monetary Authority of Singapore entered into a Memorandum of Understanding to allow trade repositories licensed in one jurisdiction to provide relevant data to the authority in the other jurisdiction. (9/17/2014) MAS press release.