Updated statistics of the money lending business. The FSA updated the statistics regarding the money lending business, as of December 27, 2017. (12/27/2017)   

Asia Region Funds Passport. The FSA published Implementation Guidelines for Applications for Registering for the Asia Region Funds Passport (ARFP), ARFP Checklist for a Japanese Passport Fund, and Confirmation of Registration for the Asia Region Funds Passport/A Proof the Fulfilment of ARFP Registration Criteria. (12/25/2017)   

Exchange of Letters on cooperation in the area of audit oversight with the Ministry of Finance of People’s Republic of China. The FSA announced that the State Minister of Cabinet Office and the Vice Minister of MOF of PRC exchanged Letters on cooperation in the area of audit oversight between Japan and China. (12/22/2017) 

Hong Kong 

CSRC and SFC sign MoU to enhance supervisory and enforcement cooperation in futures markets. The China Securities Regulatory Commission and the Securities and Futures Commission jointly announced that they have entered into a Memorandum of Understanding on Supervisory and Enforcement Cooperation on Matters concerning Futures. The MoU facilitates regulatory and enforcement cooperation in the Mainland and Hong Kong futures markets, and enhances supervisory assistance, enforcement cooperation and information exchange on various matters including cross-boundary derivatives, futures exchanges and futures brokers. It also facilitates the healthy development of the Mainland and Hong Kong futures markets. (12/29/2017)   

SFC launches consultation on OTC derivatives and conduct risks. The SFC announced that it has launched a two-month consultation on proposals to refine the over-the-counter derivatives regime and to require licensed corporations to properly manage financial exposures to connected persons. (12/20/2017)  

  New SFC compliance bulletin highlights conflicts of interest. The SFC announced that it has published the first issue of its SFC Compliance Bulletin: Intermediaries to provide guidance to intermediaries and market practitioners on its regulatory and supervisory priorities. (12/19/2017)   

SFC proposes amendments to the Code on Unit Trusts and Mutual Funds. The SFC announced that it has launched a three-month consultation on proposed amendments to the Code on Unit Trusts and Mutual Funds to update the regulatory regime for SFC-authorized funds and address risks posed by financial innovation and fast-moving market developments. (12/18/2017)   

SFC and CSRC hold working meeting on enforcement cooperation and joint training. The SFC announced that it and the China Securities Regulatory Commission recently held the fifth regular meeting on enforcement cooperation since the establishment of the enforcement cooperation mechanism under Stock Connect. (12/15/2017)   

SFC highlights benefits of cooperation. The SFC announced that it has issued an updated guidance note highlighting the benefits of cooperating with the SFC in its investigations and enforcement proceedings. The guidance note also introduces new measures to encourage the types of cooperation that help the SFC investigate more serious legal or regulatory breaches and achieve timely and desirable enforcement outcomes. (12/12/2017)    SFC issues reminder on cryptocurrency-related products and derivatives. The SFC announced that it has issued a circular that cautions investors of the risks associated with Bitcoin futures contracts and other cryptocurrency-related investment products and reminds financial service providers of the legal and regulatory requirements when they target customers in Hong Kong. (12/11/2017)   


CP on the regulatory framework for large exposures of Singapore incorporated banks. The MAS published a Consultation Paper on Proposed Revisions to the Regulatory Framework for Large Exposures of Singapore-incorporated Banks. The proposed revisions take into account relevant aspects of the “Supervisory framework for measuring and controlling large exposures,” published by the Basel Committee on Banking Supervision in 2014. Comments are due by February 12, 2018.   

CP on proposals to widen scope of eligible collateral in MAS Notice 637. The MAS published a Consultation Paper on Proposed Amendments to Widen the Scope of Eligible Collateral Relating to Commodities and Equity Securities in MAS Notice 637. Comments on this CP are due by January 19, 2018.   

MAS cautions against investments in cryptocurrencies. The MAS advised the public to act with extreme caution and understand the significant risks they take on if they choose to invest in cryptocurrencies. MAS noted its concern that members of the public may be attracted to invest in cryptocurrencies, such as Bitcoin, due to the recent escalation in their prices. (12/19/2017)   

New measure to help individuals manage unsecured debts. The MAS announced a new measure to help borrowers avoid accumulating excessive unsecured debts. The Credit Limit Management Measure will cap the additional unsecured credit that a financial institution may extend to a borrower whose outstanding unsecured debts exceed six times his monthly income. This measure took effect on January 1, 2018, and complements the existing industry-wide borrowing limit. (12/15/2017)   


ASIC releases guidance on sell-side research. ASIC announced that it has released regulatory guidance on managing conflicts of interest and handling inside information by Australian financial services (AFS) licensees that provide sell-side research. (12/21/2017)   

Exchange traded products: guidelines for market licensees. ASIC announcedthat it has released Information Sheet 230 Exchange traded products: Admission guidelines, which sets standards for all licensed exchanges seeking to admit to their market exchange traded products, including managed funds, exchange traded funds and structured products. (12/21/2017)   

ASIC’s second marketplace lending survey shows the industry continues to grow in Australia. ASIC announced that it has released a report on its second survey of the marketplace lending industry, which has shown steady growth in both borrowing and lending activity in Australia across these platforms. (12/14/2017)   

ASIC broadens fintech cooperation with Canadian regulators. ASIC announcedCooperation Agreement with Canadian regulators on fintech cooperation. This agreement expands the existing framework for information sharing and also allows the referral of innovative fintech businesses to and from Canada. (12/12/2017)   

ASIC’s regulatory sandbox proposal to remain unchanged. ASIC announcedthat it has released a review of its regulatory sandbox, introduced in December 2016. In the review, ASIC proposes to retain class waivers known as the fintech licensing exemption, that allow eligible fintech businesses to test certain specified services without holding an Australian financial services or credit license. (12/12/2017)   

ASIC reports on corporate insolvencies 2016–17. ASIC announced that it has published its annual overview of corporate insolvencies based on statutory reports lodged by external administrators for the 2016–17 financial years. Report 558 Insolvency statistics: External administrators’ reports (July 2016 to June 2017)provides information on the nature of corporate insolvencies, supplementing the monthly statistics that ASIC publishes on its website. (12/12/2017)   

ASIC calls on preparers to focus on financial report quality and new requirements. ASIC announced that it is calling on companies to focus on giving information for users of financial reports that is useful and meaningful, and to address the impact of major new accounting requirements. (12/8/2017)