Hong Kong surveys OTC derivatives industry. The Hong Kong Securities and Futures Commission issued a survey to corporate participants in the Hong Kong over-the-counter derivatives market. The survey is meant to assist in the smooth implementation of the new regulatory regime for that market. The survey will help the SFC to ascertain the number of market participants who may need to be licensed or registered under the new regime. To this end, the SFC also issued a circular which describes the proposed changes to the law through which the new regime would be established. Responses should be submitted by December 20, 2013. (11/19/2013) SFC press release. 

China’s financial reform roadmap. The text of the Communist Party of China Central Committee’s decision on major issues concerning deepening reforms has been published. Among other things, China will allow qualified private capital to set up small- and medium-sized banks; non-state-owned capital will be allowed to take equity stakes in projects featuring investment by state-owned capital, and employees of multi-ownership enterprises will be able to hold shares in their companies; and more state-owned assets will be channeled into public welfare state-owned enterprises. (11/15/2013) Bloomberg summarized the remarks of Xiao Gang, head of the China Securities Regulatory Commission, concerning the government’s new policy towards initial public offerings. China will adopt an IPO registration system in lieu of its current approval process. (11/19/2013) IPO process. 

ASIC warning to real estate industry. The Australian Securities & Investments Commission warned the real estate industry that agents recommending investors use a self-managed superannuation fund to invest in property must ensure that they are appropriately licensed to provide the advice. ASIC is working with the Real Estate Institute of Australia to ensure that real estate agents understand their legal obligations. (11/6/2013) ASIC press release.