Hong Kong

SFC concludes consultation and further consults on changes to financial resources rules. The SFC announced that it has published consultation conclusions on the proposed regulatory capital regime for licensed corporations engaged in over-the-counter derivatives activities and other proposed changes to the Securities and Futures (Financial Resources) Rules. (7/24/2017)

SFC signs MoU with FCA on enhanced supervision of Cross-Border Regulated Entities. The SFC announced that it has entered into an MoU with the UK FCA providing for consultation, cooperation and exchange of information in connection with the supervision and oversight of regulated entities that operate on a cross-border basis in Hong Kong and the UK. The MoU, which covers financial market participants and other entities that are regulated by the SFC or the FCA, enables the SFC and the FCA to cooperate with each other in the interest of fulfilling their respective regulatory mandates. (7/20/2017)

Hong Kong’s fund management business grows steadily in 2016. The SFC announced the release of its annual Fund Management Activities Survey, which shows that the combined fund management business in Hong Kong increased by 5.2% year-on-year to US$18,293 billion as of December 31, 2016. (7/19/2017)

Singapore

Proposed amendments to capital requirements for Singapore-incorporated banks. The Monetary Authority of Singapore published a consultation paper on proposed amendments to capital requirements for Singapore-incorporated banks in MAS Notice 637. Comments from Singapore-incorporated banks and other interested parties must be submitted by August 25, 2017. (7/25/2017)

Australia

ASIC consults on revised license regime for domestic and overseas market operators. ASIC announced that it is consulting on proposals to refine and update its regulatory guidance on the licensing regime for financial markets. Consultation Paper 293 Revising the market license regime for domestic and overseas operators proposes introducing a two-tiered market license regime, based on a risk-based assessment. Submissions to the CP are due by August 31, 2017. (7/20/2017)

ASIC consults on proposed financial benchmark regulatory regime. ASIC announced that it is seeking feedback on proposed ASIC rules for the administration of licensed financial benchmarks and regulatory guidance on how it would administer the proposed financial benchmark regulatory regime. Submissions to CP 292Implementing the financial benchmark regulatory regime, are due by August 21, 2017. (7/17/2017)

ASIC’s cost recovery framework finalized. ASIC announced that its cost recovery framework has been finalized, incorporating changes made after broad industry consultation. The framework, outlined in Report 535 ASIC cost recovery arrangements: 2017-18, identifies industry sectors and provides a methodology for how the levies will be calculated. (7/14/2017)