Hong Kong

SFC emphasizes liabilities of listed companies’ senior management. The SFC announced that it has published the latest issue of its Enforcement Reporter in which it reminds senior management of listed companies about the high standards expected of them. The newsletter also outlines some of the SFC’s enforcement powers under the Securities and Futures Ordinance relating to senior management accountability and summarizes some of its recent cases relating to directors and senior executives. (5/24/2017)


Consultation paper on draft regulations pursuant to the SFA. The Monetary Authority of Singapore published Consultation Paper II on Draft Regulations Pursuant to the Securities and Futures Act. Comments must be submitted by June 23, 2017. (5/26/2017).

BOK, HKMA, MAS, RBA and RBI announce the publication of the FX Global Code. The Bank of Korea, the Hong Kong Monetary Authority, the MAS, the Reserve Bank of Australia, and the Reserve Bank of India announced the publication of the FX Global Code, a single global code of conduct for the wholesale foreign exchange market. (5/25/2017)


ASIC releases instrument setting commission caps and clawback amounts as part of life insurance advice reforms. ASIC announced that it has made ASIC Corporations (Life Insurance Commissions) Instrument 2017/510, as part of the life insurance reform package that was announced by the government in 2015. (6/5/2017)

ASIC consults on expiring class order on disclosure relief for an offer to a director or secretary. ASIC announced its release of a consultation paperproposing to remake ASIC Class Order [CO 04/899] Definition of ‘senior manager’ – modification, which is due to expire on October 1, 2017. This Class Order provides disclosure relief for an offer of securities to a director or secretary. Comments are due on June 30, 2017. (6/1/2017)

ASIC to extend start dates on Stronger Super reforms. ASIC provided an update about the start dates for key superannuation reforms relating to the choice products and the portfolio holdings reporting requirements under the Corporations Act. (6/1/2017)

ASIC survey offers snapshot of marketplace lending in Australia. ASIC announced the release of a report on its first survey of various participants in the marketplace lending industry and its broader activities relating to marketplace lending. (6/1/2017)

ASIC consults on new example Statement of Advice for life insurance. ASIC announced that it has released a consultation paper on a new example Statement of Advice (SOA) for life insurance. Consultation Paper 284 Example Statement of Advice for life insurance: Update to RG 90 seeks feedback on the new example SOA and related updates to the guidance in Regulatory Guide 90 Example Statement of Advice: Scaled advice for a new client. Submissions are due on July 31, 2017. (5/31/2017)

ASIC calls on preparers to focus on the quality of financial report information. ASIC announced that it is continuing to call on companies to focus on giving information for users of financial reports that is useful and meaningful. (5/31/2017)

Amendments to ASIC Corporations (Recognized Accountants: Exempt Services) Instrument. ASIC announced that it has amended ASIC Corporations (Recognized Accountants: Exempt Services) Instrument 2016/1151 to address a clear regulatory anomaly. The amendments enable full Australian financial services (AFS) licensees, and authorized representatives of full AFS licensees, with limited authorizations to provide exempt tax advice under regulation 7.1.29(4) of the Corporations Regulations 2001 in relation to financial products not covered by their AFS license. (5/30/2017)

ASIC reports on promoting better conduct in the wholesale spot foreign exchange market. ASIC announced that it has released Report 525 Promoting better behavior: Spot FX, which sets out ASIC’s observations on key behavioral drivers of conduct arising from recent ASIC investigations into the wholesale spot FX businesses of the major Australian financial institutions. (5/26/2017)

ASIC proposes next steps on regtech. ASIC announced that it will establish a new regtech industry liaison network, conduct a number of new technology trials using regtech applications and establish a “hackathon” later this year to help identify roadblocks to the successful and rapid take-up of the sector. The initiatives are among a range of proposals covered in Report 523 ASIC’s Innovation Hub and our approach to regulatory technology, covering ASIC’s approach to regtech and inviting feedback from the sector and wider industry. Feedback is due on July 4, 2017. (5/26/2017)

ASIC consults on remaking class order on credit union member shares. ASIC announced that it has released ASIC class order on credit union member shares, a consultation paper proposing to remake a class order that is due to expire on April 1, 2018. ASIC is seeking feedback from the credit union industry, and mutual banks that previously operated as credit unions. Comments must be submitted by June 23, 2017. (5/25/2017)

ASIC provides guidance on common issues in registration of managed investment schemes. ASIC announced that it has published Managed investment schemes – common registration issuesa new information sheet to explain the common issues we identify in the content of managed investment scheme constitutions during the registration process, and how we address these issues. (5/24/2017)