Representatives sign Asia Region Funds Passport’s Memorandum of Co-operation. The Financial Services Agency announced that representatives from Australia, Japan, Korea and New Zealand signed the Asia Region Funds Passport’s Memorandum of Co-operation (MoC). The Passport is an international initiative that enables the cross-border offering of eligible collective investment schemes with guaranteeing investor protection in economies participating in the Passport. The MoC sets out the internationally agreed rules and cooperation mechanisms of the Passport. The MoC becomes effective on June 30th and any other eligible economy that signs the MoC before then will be an original participant in the Passport. (4/28/2016) FSA press release.
FSA is establishing Panel of Experts on FinTech Start-ups. The FSA is establishing a “Panel of Experts on FinTech Start-ups,” aiming to set up a framework in which experts discuss possible measures to create a “FinTech ecosystem” and the possible impacts on financial services by the trend of FinTech, etc. The panel will hold its first meeting at the FSA offices on May 16th. (4/27/2016)FSA press release.
SFC formally adopts initiatives to enhance fund authorization process.Following a successful six-month pilot period ending on May 8th, the Securities and Futures Commission announced that it will proceed to formally adopt its initiatives to enhance the authorization process for new fund applications (Revamped Process) and for new Mandatory Provident Funds and Pooled Retirement Fund products. The Revamped Process will also be extended to applications made by Mainland Funds seeking authorization under the mutual recognition of funds arrangement between the Mainland and Hong Kong. (4/22/2016) SFC press release.
MAS consults on draft legislative amendments for enhancing resolution regime for financial institutions in Singapore. The Monetary Authority of Singapore is consulting on the draft legislative amendments for enhancing the resolution regime for financial institutions in Singapore. MAS is also consulting on amendments to the MAS (Control and Resolution of Financial Institutions) Regulations 2013 and a draft Notice, as well as Guidelines, on recovery and resolution planning for banks. Comments on these proposed amendments are due by May 30th. (4/29/2016) MAS Consultation Paper P004-2016.
ASIC remakes sunsetting class order on securitization. The Australian Securities and Investments Commission released updated regulatory guidance on its relief for securitization special purpose vehicles in Section C of Regulatory Guide 167 Licensing: Discretionary powers. The new legislative instrument is ASIC Corporations (Securitization Special Purpose Vehicles) Instrument 2016/272.(4/21/2016) ASIC press release.
ASIC remakes sunsetting class order about financial calculators. ASIC released updated regulatory guidance on its relief for generic financial calculators in Section D of Regulatory Guide 167 Licensing: Discretionary powers and Report 477 Response to submissions on CP 249 Remaking ASIC class order on generic financial calculators: [CO 05/1122]. (4/21/2016) ASIC press release.
ASIC welcomes significant reforms. ASIC welcomed the Australian government’s announcement of major additional funding for the regulator and support for the introduction of an Industry Funding Model. (4/20/2016) ASIC press release.