Applications open for the first Singapore Savings Bond issue. The Monetary Authority of Singapore (MAS) announced that S$1.2 billion of the first Singapore Savings Bond will be available for application starting on September 1, 2015, through September 25, 2015. The bond will be issued on October 1, 2015. (9/1/2015) Savings Bond issue.
ASIC publishes its Corporate Plan and Focus. The Australian Securities & Investments Commission (ASIC) published its Corporate Plan 2015-16 to 2018-19 and Focus for 2015-16. The Corporate Plan communicates ASIC’s thoughts on how its long-term strategic priorities and challenges are shaping its strategy and responses over this period. (8/31/2015) Corporate Plan and Focus.
Australian government consults on industry funding. ASIC announced the release of the government’s consultation paper on a proposed industry funding model for ASIC. The proposed industry funding model will be based on the Government’s Cost Recovery Guidelines where the cost of ASIC’s regulation will be recovered directly from sectors and entities that create the need for regulation. The closing date for comment submissions on the consultation paper is October 9, 2015. (8/28/2015) ASIC press release.
China tightens rules on stock index futures trading. The China Securities Regulatory Commission (CSRC) stated that the China Financial Futures Exchange is taking further steps to curb excessive speculation in stock index futures trading. Starting on August 31, 2015, margin requirements for non-hedging futures contracts rose to 30 percent of contract values from its previous 20 percent. In other news, the CSRC announced that it has transferred 22 cases of market misbehaviors to police, including market manipulation and insider trading activities. (8/28/2015) Reuters.
MAS industry panel discusses strategies to grow financial center. At its inaugural meeting, the MAS’s Financial Centre Advisory Panel (FCAP) discussed strategies to grow Singapore’s financial center, promote innovation and the use of technology, and build deep skills and capabilities. (8/27/2015) Financial Center.
ASIC consults on remaking class orders for real estate. ASIC released a consultation paper proposing to remake and consolidate two class orders for real estate companies that are due to expire in 2016. (8/26/2015) ASIC press release.
ASIC releases new secondary services and general advice legislative instruments. Following public consultation, ASIC released new legislative instruments on secondary services and general advice, replacing a number of class orders that are due to expire. (8/25/2015) ASIC press release.
ASIC issues a reminder on applying for a limited AFS license. ASIC issued a reminder to accountants who do not have an Australian financial services (AFS) license, or do not intend to become an authorized representative of an AFS licensee, to start applying for a limited AFS license now if they want to keep giving self-managed superannuation funds advice after June 30, 2016. (8/25/2015) ASIC press release.
MAS proposes amendments to the Securities and Futures Act. The MAS is seeking comments on the relevant draft legislative amendments under Part XII of the Securities and Futures Act (SFA) issued to complete the expansion of its scope to regulate over-the-counter derivatives. MAS also proposed an amendment to Section 324 of the SFA to support market misconduct investigations carried out with powers under the Criminal Procedure Code. (8/24/2015) MAS consultation paper.
ASIC consults on ’sunsetting’ class orders. ASIC released a consultation paper proposing to maintain relief that it has previously provided from certain obligations under the Corporations Act 2001. The consultation paper also sets out ASIC’s proposal to withdraw some relief. (8/24/2015) ASIC press release.
ASIC publishes third report on corporate finance regulation. ASIC published its third report on the regulation of corporate finance issues in Australia. The report covers January through June 2015. (8/21/2015) ASIC press release.
ASIC consults amendments for launch of Chi-X market. ASIC released a consultation paper setting out proposed changes to ASIC market integrity rules and various instruments to enable Chi-X Australia Pty Ltd to begin the quotation and trading of warrants and exchange traded funds on its market. (8/20/2015) ASIC press release.