Mirror trading. According to the Sydney Morning Herald, the Australian Securities and Investments Commission is examining the use of “mirror trading” by foreign exchange traders. (10/14/2014) Mirror trading.
ASIC guidance to foreign issuers. The Australian Securities & Investments Commission released guidance to facilitate foreign companies making offers of CHESS Depository Interests over their shares and options to investors in Australia. (10/13/2014) ASIC press release.
MAS consults on insurance returns. The Monetary Authority of Singapore proposed revisions to the insurance returns. Comments should be submitted by November 24, 2014. (10/13/2014).
Hong Kong SFC finds short position reporting violations. The Hong Kong Securities and Futures Commission reminded market participants of requirements under the Short Position Reporting Regime. The SFC has identified deficiencies and shortcomings since the implementation of the Securities and Futures (Short Position Reporting) Rules. Contravention of the Rules without reasonable excuse may constitute a criminal offense and may call into question the adequacy of internal controls of SFC-licensed corporations. (10/9/2014) SFC press release.
MAS proposes rules for the REIT market. The Monetary Authority of Singapore published a consultation paper on proposals aimed at strengthening Singapore’s real estate investment trust (REIT) market. The proposals will enhance the transparency and corporate governance of the REIT market and improve its attractiveness to issuers and investors. Comments should be submitted by November 10, 2014. (10/9/2014) MAS press release.
MAS consultation on Financial Advisory Industry Review proposals. The Monetary Authority of Singapore opened a consultation on draft legislation and proposed legislative amendments that would implement policy proposals under the Financial Advisory Industry Review. The consultation also proposes legislative amendments to authorize inspections by foreign regulatory authorities under the Financial Advisers Act. Comments should be submitted by November 3, 2014. (10/2/2014) MAS press release.
Australian agencies sign MOU. The Australian Financial Security Authority and the Australian Securities and Investments Commission released a new Memorandum of Understanding. The agencies are responsible for the oversight of Australia’s insolvency systems for individuals and corporations. The new memorandum will facilitate the capacity for both agencies to work more cooperatively and productively. (10/2/2014) ASIC press release.