ASIC proposes revisions to class orders on takeovers and schemes of arrangement. The Australian Securities & Investments Commission (ASIC) published a proposal that would remake six class orders that are scheduled to expire between 2016 and 2019. Comments should be submitted by October 2, 2015. (8/4/2015) ASIC press release.
MAS consults on LCR and MLA for merchant banks. The Monetary Authority of Singapore (MAS) requested comment on its draft notice on liquidity coverage ratio and minimum liquid asset requirements for merchant banks. Comments should be submitted by September 4, 2015. (7/31/2015) MAS consultation.
FSA field tests of economic value-based solvency regime. Japan’s Financial Services Agency published the results of its field tests of all insurance companies for the purpose of introducing an economic value-based solvency regime. (7/31/2015) FSA field test results.
ASIC announces plans to recover costs of investigations. The ASIC announced that it will begin using its authority to recover the expenses and costs that it incurs during its investigations. The ASIC’s new approach and the factors it will consider before using its authority are explained in Information Sheet 204 “Recovery of investigation expenses and costs.” (7/29/2015) ASIC press release.
ASIC issues new digital disclosure measures. The ASIC released new guidance and waivers to facilitate businesses providing disclosures through digital channels and to encourage innovative communication of information about financial products and services. (7/28/2015) ASIC press release.
MAS establishes Financial Centre Advisory Panel. The MAS announced the composition of the new Financial Centre Advisory Panel (FCAP) comprising 26 representatives from the banking, insurance and asset management industries. The FCAP will provide advice to MAS regarding the development of strategies to promote various segments of the financial sector and to enhance Singapore’s competitive edge. (7/28/2015) MAS press release.
MAS forms FinTech & Innovation Group. The MAS announced the formation of a new FinTech & Innovation Group (FTIG) within its organization structure. FTIG will be responsible for regulatory policies and development strategies to facilitate the use of technology and innovation to better manage risks, enhance efficiency, and strengthen competitiveness in the financial sector. (7/27/2015) MAS press release.
ASIC replaces class orders with new legislative instruments. The ASIC issued two new legislative instruments to replace three class orders that are due to expire between October 1, 2015 and October 1, 2017. “ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682” provides relief from the requirement for an Australian financial services licensee to appoint a distributor of a basic deposit product or general insurance product as its authorized representative. “ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683” removes the requirements to include an interest rate in a Product Disclosure Statement and a termination value in a periodic statement for deposit products. (7/27/2015) ASIC press release.
ASIC information sheets on SMSFs. The ASIC released two information sheets to improve the quality of advice provided by advisers on self-managed superannuation funds (SMSF). The information sheets are intended to assist advisers in complying with their conduct and disclosure obligations under the Corporations Act and outline what ASIC looks at when undertaking surveillance in this area. They specify the types of risks and costs that an adviser should consider, discuss and then disclose to clients when providing advice on establishing or switching to an SMSF. (7/23/2015) ASIC press release.
MAS proposes market conduct guidelines. The MAS published a consultation paper outlining measures to safeguard consumers’ interests when buying financial products and services at retailers and public places. MAS proposed Market Conduct Guidelines that would set out safeguards financial institutions would implement when conducting marketing and distribution activities at retailers and public places. MAS also proposes to require firms to notify MAS of their marketing and distribution activities at retailers and public places. Comments should be submitted by August 24, 2015. (7/23/2015) MAS press release.