ASIC issues guidance and consultation on superannuation reforms. The Australian Securities & Investments Commission issued additional guidance to assist the industry with superannuation reforms and published a consultation paper about keeping superannuation websites up to date. The guidance relates to the new product dashboard requirements for MySuper products, and the new fees and costs disclosure requirements for product disclosure statements and periodic statements. Comments on the consultation should be submitted by February 3, 2014. (12/6/2013) ASIC press release.

Singapore consults on banks’ related party transactions. The Monetary Authority of Singapore published proposed changes to its requirements on banks’ transactions with related parties. Comments should be submitted by January 15, 2014. (12/5/2013)

ASIC reports on structured products industry. The Australian Securities & Investments Commission published its report on retail structured products. Its assessment of advice provided by financial services firms to investors about capital protected products found that many advisers did not make adequate enquiries into their clients’ personal circumstances. (12/4/2013) ASIC press release.

ASIC disclosure guidance for shorter product disclosure statements. After full commencement of the shorter Product Disclosure Statement (PDS) regime in June 2012, The Australian Securities & Investments Commission ASIC reviewed a sample of shorter PDSs for superannuation and simple managed investment schemes. It found that issuers have made a good effort to comply with the regime and any non-compliance tended to be technical rather than substantive. ASIC has provided guidance on technical issues related to implementation of the product disclosure regime. (11/27/2013) ASIC press release.

Australia releases revised custody guidance. The Australian Securities & Investments Commission released revised guidance on the custody of assets and standards to be met by asset holders. The revised guidance (Regulatory Guide 133, renamed Managed investments and custodial or depository services: Holding assets(RG 133)) updates existing measures to apply minimum standards to asset holders for managed investment schemes and holders of financial products, and affects responsible entities, licensed custodians, platform operators and managed discretionary account operators; ensures agreements with asset holders have certain minimum terms. It also requires primary production scheme responsible entities to safeguard the land on which the scheme operates. ASIC also updated Regulatory Guide 166 Licensing: Financial requirements (RG 166) to accommodate industry practice of custody of certain assets like derivatives and certain bank accounts and private equity interests when these are held by a responsible entity of a managed investment scheme where existing financial resource requirements would not otherwise allow this. (11/21/2013) ASIC press release.