FSA revises provisions of FIEA. The Financial Services Agency (FSA) has revised provision of the Financial Instruments and Exchange Act (FIEA) relating to specially permitted business operators and specially permitted investment management business operators for qualified institutional investors, making it necessary for those providers to make additional submissions. (11/20/2015) Revisions.

FSA revises ‘IFRS Adoption Report.’ The FSA has revised the Main Part of its “IFRS Adoption Report,” which compiles how companies that have voluntarily adopted International Financial Reporting Standards (IFRS) overcame any challenges they faced during the transition to IFRS and the advantages that their shift to IFRS has created. (11/13/2015)


ASIC consults on remaking of ‘sunsetting’ class orders for dealing in underlying investments. The Australian Securities & Investments Commission (ASIC) released Consultation Paper 244, Remaking ASIC class orders on dealing in underlying investments (CP 244), which proposes to remake three class orders that cover relief for dealing in underlying investments due to expire (sunset) in April 2017. Submissions to CP 244 are due by February 15, 2016. (12/4/2015) ASIC press release.

ASIC updates guidance for fee and cost disclosure requirements for superannuation and managed investment products. ASIC released updated guidance on fee and cost disclosure for trustees of superannuation funds and responsible entities of managed funds and other managed investment schemes. Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statementshas been updated and amendments have been made to Class Order [CO 14/1252], which made clarifications to the requirements for disclosing fees and costs in the Corporations Regulations 2001. (11/24/2015) ASIC press release.

ASIC publishes annual review of corporate insolvencies. ASIC has published its annual overview of corporate insolvencies based on statutory reports lodged by external administrators for the 2014-15 financial year. Report 456 Insolvency statistics: External administrators’ reports (July 2014 to June 2015) summarizes information from 8,354 reports that ASIC received from external administrators during the 2014-15 financial year and includes ASIC’s response to their reports of alleged misconduct. (11/17/2015) ASIC press release.

Hong Kong

SFC publishes consultation conclusions on client agreement requirements. The Securities and Futures Commission (SFC) released consultation conclusions on the Further Consultation on the Client Agreement Requirements. After considering the respondents’ comments, the SFC decided to proceed with the proposal to require the incorporation of a new clause into client agreements. (12/8/2015) SFC press release.

SFC publishes its second-quarter report. The SFC published its Quarterly Report, in which it summarized key developments from July to September 2015. Among the highlights was the launch of the Mainland-Hong Kong Mutual Recognition of Funds scheme on July 1st. (12/7/2015) SFC press release.

SFC proposes to expand short position reporting. The SFC launched a consultation on the scope of short position reporting, which the SFC proposes to extend to all securities that can be short sold under the rules of The Stock Exchange of Hong Kong Limited. The public may submit their comments to the SFC by December 31, 2015. (11/27/2015) SFC press release.

SFC enters into MoU with ESMA. The SFC has entered into a Memorandum of Understanding (MoU) with the European Securities and Markets Authority (ESMA) to facilitate information exchange in relation to information on derivative contracts held in trade repositories in Hong Kong and the European Union. The MoU allows the SFC and ESMA to have indirect access to information on derivatives contracts in order to fulfil their respective responsibilities and mandates. (11/26/2015) SFC press release.

SFC proposes changes to the ATS Guidelines. The SFC released a consultation paper on proposed changes to update the Guidelines for the Regulation of Automated Trading Services. The proposals reflect regulatory and market developments and mainly cover the implementation of the regulation of over-the-counter derivative transactions, setting out more specific requirements for central counterparties that want to provide clearing services for such transactions. They also align the guidelines with international standards and practices and codify existing practices. (11/20/2015) SFC press release.


MAS releases brief on recent economic developments. The Monetary Authority of Singapore has released its quarterly brief on recent economic developments in Singapore and MAS’s assessment of near-term economic prospects. MAS quarterly brief.

MAS announces that more SG50 notes and folders will be available, and the collection period for folders will be extended. The MAS announced that the quotas on SG50 notes that may be exchanged and SG50 notes folders that may be collected would be lifted. The collection period for the complimentary notes folders will also be extended to the end of the year. (12/2/2015) MAS press release.

MAS releases Financial Stability Review 2015. The MAS released its Financial Stability Review (FSR), which aims to contribute to a greater understanding among market participants, analysts and the public on issues affecting Singapore’s financial system. (11/27/2015) MAS press release.