Japan

Working Group reports on financial markets under the Financial System Council. The FSA announced that the Working Group on Financial Markets under the Financial System Council has published its report on initiatives toward stable asset building and the development of institutional systems related to markets and exchanges. Also, the Working Group’s Task Force on Fair Disclosure Rule has published its report on ensuring fair and timely disclosure of information to investors. (5/9/2017)

Comment letter on the intermediate EU parent undertakings proposal. The FSA and the Bank of Japan sent a comment letter on April 17, 2017, to the European Commission, the Council of the European Union, and the European Parliament regarding the comprehensive package of proposals to further strengthen the resilience of EU banks. (5/8/2017)

Hong Kong 

SFC consults on proposals to reduce hacking risks in internet trading. The SFC launched a two-month consultation on proposals to reduce and mitigate hacking risks associated with internet trading. The proposals incorporate new guidelines, which set out baseline cybersecurity requirements for internet brokers to address hacking risks and vulnerabilities and to clarify expected standards of cybersecurity controls. (5/8/2017) 

SFC consults on new guidelines on online distribution and advisory platforms. The SFC launched a three-month consultation on proposed Guidelines on Online Distribution and Advisory Platforms. The proposed guidelines aim to provide tailored guidance to the industry on the design and operation of online platforms, as well as to clarify how the suitability requirement would operate in the online environment. (5/5/2017) 

Arrangements for electronic filing of disclosure of interests notifications. The SFC published new prescribed forms for disclosure of interests notifications (“DI notices”) for use when mandatory electronic filing takes effect on July 3, 2017. The SFC reminds substantial shareholders, directors and chief executives of listed corporations that, as of that date, DI notices with respect to their interests in securities of listed corporations must be submitted electronically. (5/5/2017)

Joint HKMA-SFC consultation on the OTC derivatives regulatory regime. The Hong Kong Monetary Authority and the SFC issued a joint consultation on the prescription of additional markets and clearing houses, and the prescription of Delta One Warrants, for the purpose of the over-the-counter derivatives regulatory regime. This consultation is in response to a recent request from market participants that certain products be excluded from the upcoming second phase of mandatory reporting. (4/27/2017) 

Singapore 

Consultation Paper I on Draft Regulations Pursuant to the SFA. The MAS has published Consultation Paper I on Draft Regulations Pursuant to the Securities and Futures Act. Written comments on the Consultation Paper are due by June 2, 2017. (4/28/2017) 

Macroeconomic Review April 2017. The MAS published the April edition of its Macroeconomic Review to provide information on the Economic Policy Group’s background analysis and assessment of GDP growth and inflation developments in the Singapore economy. (4/27/2017) 

Australia 

ASIC remakes expiring class order on reporting requirements for Australian financial services licensees who are natural persons. ASIC announced that it has remade Class Order Reporting requirements under s 989B in ASIC Corporations (Financial Reporting: Natural Person Licensees) Instrument 2017/307, which was due to expire on October 1, 2017. The new instrument continues relief for Australian financial services licensees who are natural persons from the requirement to include, in a profit and loss statement, any revenues and expenses that do not relate to the financial services business carried on by the licensee. (4/26/2017)