Declining FDI. Bloomberg summarized the results of a survey conducted by the American Chamber of Commerce in China, which found an increase concern that foreign direct investment in China has become less welcome. (9/2/2014) Declining FDI.
Singapore regulators issue retail bond purchaser proposals. The Monetary Authority of Singapore released a consultation paper proposing changes to facilitate bond offerings to retail investors. Comments should be submitted by September 30, 2014. The Singapore Exchange also released a consultation paper on a proposed bond seasoning framework. Under this framework, retail investors will be able to purchase bonds initially offered by eligible issuers to institutional and accredited investors, after these bonds have been listed for six months (seasoned bonds). These issuers will also be able to sell to retail investors, without issuing a prospectus, additional bonds with the same terms as the seasoned bonds. (9/1/2014) MAS press release.
ASIC report on corporate finance regulation. The Australian Securities & Investments Commission published the first of a series of reports on the regulation of corporate finance issues in Australia. The report, which covers the period January to June 2014, is intended to provide companies and their advisers with insights into ASIC’s regulatory approach in the corporate finance sector and assist them with their associated legal and compliance obligations. (8/29/2014) ASIC press release.
Hong Kong revised REIT code takes effect. The Hong Kong Securities and Futures Commission announced that the revised Code on Real Estate Investment Trusts was gazetted and thereby takes effect. The amendments implement proposals to give real estate investment trusts the flexibility to invest in property development activities and financial instruments. (8/29/2014) SFC press release.
Hong Kong SFC concludes consultation on exemptions for disclosure obligations. The Hong Kong Securities and Futures Commission released the “Consultation Conclusions on Proposed Amendments to the Guidelines for the Exemption of Listed Corporations from Part XV of the Securities and Futures Ordinance (Disclosure of Interests).” The responses all supported the proposed amendments, which will be adopted with minor drafting revisions. (8/28/2014) SFC press release.
Facilitating cross-border offers of collective investment schemes in ASEAN.The Monetary Authority of Singapore, the Securities Commission of Malaysia and the Securities and Exchange Commission, Thailand, launched the ASEAN collective investment scheme framework to facilitate cross-border offers of CIS to retail investors. (8/25/2014) MAS press release.
ASIC seeks comments on relief for firms being wound up. The Australian Securities & Investments Commission released a consultation paper on relief for externally administered companies and registered schemes being wound up. Comments should be submitted by October 20, 2014. (8/25/2014) ASIC press release.
Hong Kong SFC reports on IPO sponsors. The Hong Kong Securities and Futures Commission released supplemental consultation conclusions reaffirming that IPO sponsors are subject to existing statutory civil and criminal liability for defective prospectuses. (8/22/2014) SFC press release.
ASIC consults on reducing red tape. The Australian Securities & Investments Commission has identified obligations under the ASIC market integrity rules that could be repealed or refined to reduce the compliance burden on market participants. Comments should be submitted by October 2, 2014. (8/21/2014) ASIC press release.
ASIC market supervision report. The Australian Securities & Investments Commission published its eighth report on the supervision and surveillance of Australian financial markets and market participants. (8/21/2014) ASIC press release.