Overview of results of ERM assessment based on ORSA reports and ERM hearings. In 2015, the FSA initiated a reporting requirement under which individual insurance companies are required to prepare and submit an ORSA (Own Risk and Solvency Assessment) Report. Based on the submitted ORSA Reports, the FSA conducted an ERM (Enterprise Risk Management) assessment and summarized the results of the assessment in its Overview of Results of ERM Assessment based on ORSA Reports and ERM Hearings and Overview of ERM Assessment Viewpoints. (9/15/2016)

Hong Kong

SFC proposes to enhance position limit regime. The SFC announced its launch of a consultation proposing enhancements to the position limit regime to expand its scope and make it more responsive to financial market developments. Pursuant to the proposals, the cap on the excess position limit that may be authorized by the SFC would increase from 50% to 300% of the statutory position limit. In addition, the statutory position limit for stock options contracts would triple to 150,000. Finally, the proposal calls for new excess position limits for index arbitrage activities, asset managers and market makers of exchange-traded funds. Comments on the proposals and the corresponding rule amendments should be submitted by November 21, 2016. (9/20/2016)

Deadline extended for response to the joint consultation on listing regulation.The SFC and The Stock Exchange of Hong Kong Limited announced a two-month extension of the deadline for responding to the joint consultation on the proposed enhancements to the Exchange’s decision-making and governance structure for listing regulation. The consultation period will now end on November 18, 2016. (9/9/2016)


Singapore and Switzerland expanding cooperation on FinTech. The MAS and the Swiss Financial Market Supervisory Authority announced that they have signed acooperation agreement to foster greater cooperation on FinTech. (9/12/2016)


ASIC reports on review of marketing practices in IPOs. ASIC announced that its review of marketing practices in IPOs has found that so-called “traditional” means of communication (telephone calls, emails and websites) remain more important for the marketing of an offer to retail investors. The review found that the use of social media is not yet pervasive; it is only used occasionally by small to medium-sized firms to market IPOs. REP 494 Marketing practices in initial public offerings of securities details the review’s findings, highlights areas of concern and provides for consideration ASIC’s recommendations to improve marketing practices for IPOs in the future. (9/19/2016)

ASIC releases guidance on review and remediation. ASIC announced that it has released guidance on review and remediation conducted by Australian financial services licensees providing personal advice to retail clients. (9/15/2016)