China and Hong Kong launch joint pilot program. The China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission approved the official launch by the Shanghai Stock Exchange, the Stock Exchange of Hong Kong Limited, China Securities Depository and Clearing Corporation Limited and Hong Kong Securities Clearing Company Limited of the pilot program to provide mutual trading access between the Shanghai and Hong Kong stock markets. Trading through the Shanghai-Hong Kong Stock Connect will commence on November 17, 2014. (11/10/2014) Joint announcement.
ASIC updates employee incentive scheme guidance. The Australian Securities & Investments Commission updated its regulatory guide and issued new class orders on employee incentive schemes. The new guide sets out ASIC’s policy on disclosure and licensing relief from the provisions of the Corporations Act 2001 that will be available to employee share schemes. The two new class orders expand the financial products which may be offered under employee incentive schemes. (10/31/2014) ASIC press release.
China and Singapore enter financial cooperation initiatives. Singapore and China announced a number of agreements, including direct currency trading between the Chinese Yuan and Singapore Dollar, which began on October 28, 2014. Singapore and China also agreed to strengthen cooperation in the areas of capital markets and insurance. The Monetary Authority of Singapore and the China Securities Regulatory Commission will study measures to enhance collaboration between the derivatives markets of Singapore and China. MAS and the China Insurance Regulatory Commission will explore collaborative initiatives in the area of catastrophe risk insurance. (10/27/2014) MAS press release.
Singapore consults on risk based capital requirements. The Monetary Authority of Singapore published a consultation paper on proposed amendments to MAS Notice 1111 on risk based capital adequacy requirements for merchant banks incorporated in Singapore. Comments should be submitted by December 17, 2014. (10/17/2014)