ASIC reports on superannuation and managed investment industry fee disclosure. The Australian Securities & Investments Commission released a report on its review of fee and cost disclosure practices in the superannuation and managed investment industry. The report identifies key issues where inconsistent disclosure of fees and costs occur; ASIC’s view on proper disclosure with regard to the key issues identified; and further work that ASIC will undertake to assist the industry in meeting its fee and cost disclosure obligation. (7/8/2014) ASIC press release.
Hong Kong reviews fund industry. The Hong Kong Securities and Futures Commission published its review of the fund management industry. (7/8/2014)SFC press release.
Japan publishes partial translation of banking supervision guide. Japan’s Financial Services Agency published the English translation of the supervisory viewpoints for foreign bank branches written in the Comprehensive Guidelines for Supervision of Major Banks. (7/2/2014) FSA notice.
ASIC interim relief on key management personnel equity instrument disclosures. The Australian Securities & Investments Commission released Class Order [CO 14/632] “Key management personnel equity instrument disclosures,” to assist in the preparation of directors’ reports for financial years ending on or before September 30, 2014. The class order addresses drafting anomalies in key management personnel disclosure requirements that were moved from accounting standard AASB 124 Related Party Disclosures (AASB 124) into the Corporations Regulations for financial years starting on or after July 1, 2013. The class order narrows the disclosure required by entities about equity instruments held by directors, other key management personnel and their close family members. (7/1/2014) ASIC press release.
ASIC audit inspection findings. The Australian Securities & Investments Commission released the results of its risk-based inspections of audit firms for the 18 months to December 31, 2013. (6/27/2014) ASIC press release.
MAS consults on SIFIs. The Monetary Authority of Singapore published aconsultation paper on the identification of domestic systemically important financial institutions. Comments should be submitted by July 25, 2014. (6/25/2014)
Hong Kong SFC proposes collective investment amendments. The Hong Kong Securities and Futures Commission opened a consultation on proposals to amend the Code on Unit Trusts and Mutual Funds. The proposals give collective investment schemes greater flexibility in determining the means for making public their offer and redemption prices, net asset values and notices of dealing suspension. More frequent dissemination of prices and NAVs would also be required. Comments should be submitted by July 23, 2014. (6/24/2014) SFC press release.
Hong Kong consults on proposed exemptions from listed corporations guidelines. The Hong Kong Securities and Futures Commission opened a consultation on proposals to amend the Guidelines for the Exemption of Listed Corporations from Part XV of the Securities and Futures Ordinance. The amendments would provide two additional categories for exemption under the Guidelines to cover participants of The Stock Exchange of Hong Kong Limited (SEHK) as well as clearing participants of a recognized clearing house that are themselves clearing houses. Comments should be submitted by July 17, 2014. (6/18/2014) SFC press release.