As we have previously reported (see here), the law on sustainability-related disclosures is an evolving area and increasingly a topic of concern in the face of regulatory enforcement and class action risk. Significant international developments have included the establishment of the International Sustainability Standards Board and the recent proposal by the US SEC for new environment … Continue Reading
The month of April saw the release of the ASX’s consultation paper ‘Enhancing the ASX Investment Products Offering’, as well as the publication by APRA and ASIC of the latest data pertaining to claims and disputes outcomes for life insurance. April also saw ASIC extend the relief from certain dollar disclosures in PDSs for litigation … Continue Reading
Like the US Department of Justice, Congress is sharpening its focus on lenders and FinTech companies who facilitated pandemic-relief programs. In the latest development, the United States House Select Subcommittee on the Coronavirus Crisis issued letters to two companies demanding documents and responses to specific questions. It is clear that investigations into pandemic-relief fraud are … Continue Reading
On Day 2 of the Singapore FinTech Festival, attendees were invited to an in-depth exploration of key technological pillars of the Web 3.0 ecosystem – distributed ledger technology (DLT), artificial intelligence (AI), the internet of things (IoT), 5G and quantum computing. Through a series of foundational discussions, deep dives, and overviews of key global trends, … Continue Reading
Singapore FinTech Festival is off to a great start with the announcement by Deputy Prime Minister Heng Swee Keat at the Singapore Fintech Festival x Singapore Week of Innovation and Technology 2021 to set aside an additional SGD 180 million for AI research – which could not be more timely. The launch of two national … Continue Reading
A recent webinar hosted by Consob (the Italian authority for the supervision of financial markets) in the context of the 2021 IOSCO World Investor Week offers the opportunity to briefly recall the initiatives undertaken by the Italian authority in respect of ESG matters. As a starting point, in its annual review published in March 2021, … Continue Reading
This blog series has been named after the classic children’s categorisation game where one player names an object and the other player has to categorise it as an animal, vegetable or mineral. Whilst simple in concept, the difficulty of the game varies – some things are extremely easy to categorise (such as ‘cat’), whereas others … Continue Reading
This blog series has been named after the classic children’s categorisation game where one player names an object and the other player has to categorise it as an animal, vegetable or mineral. Whilst simple in concept, the difficulty of the game varies – some things are extremely easy to categorise (such as ‘cat’), whereas others … Continue Reading
Singapore’s key financial industry committees, the Association of Banks in Singapore (ABS), the Singapore Foreign Exchange Market Committee (SFEMC) and the Steering Committee for SOR & SIBOR Transition to SORA (SC-STS) (together, the Committees) have released their responses to the feedback received on the report “SIBOR Reform and the Future Landscape for SGD Interest Rate … Continue Reading
The Asia Pacific Loan Market Association (APLMA) has issued SOFR-based Discussion Documents and Guidance Note on 12 November 2020. This is a significant milestone in promoting discussions and accelerating the transition process in Asia. There is no settled market approach or convention as yet given the nascent stage of development of the RFR loan markets. … Continue Reading
We are pleased to announce that the Regulation Tomorrow Podcast is now available on the Apple Podcasts app (and also on iTunes). Please click here to listen and subscribe to the podcast. Episode 1 focusses on Brexit, featuring interviews with Jonathan Herbst, Imogen Garner and Hannah Meakin.… Continue Reading
The month of July 2020 has seen a number of regulatory updates, guides and reminders to the financial services industry addressing the continuing challenges due to the impact of COVID-19. In particular, ASIC has released an update to its Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements amending transitional arrangements due to COVID-19, … Continue Reading
In June 2020, the Australian regulators continued to recalibrate their priorities and responses due to the ongoing impact of the COVID-19 pandemic. In particular, ASIC released reports putting investment funds ‘on notice’ to correct advertising and disclosure, as well as warning consumers and investors on the rise of scams during COVID-19. ASIC has also published … Continue Reading
Amid emergency initiatives aimed at coping with the Covid-19 emergency, Italy has taken two steps aimed at easing the modalities for concluding contracts online, both of which are particularly significant for the financial services sector. It is worth reminding that banking and financial contracts under Italian law are valid only if entered in writing. Furthermore, … Continue Reading
March 2020 has seen a number of responses from the Government, regulators, associations and industry generally addressing issues and risks from the outbreak of the coronavirus (COVID-19). This update includes key regulatory responses in the wake of COVID-19 for the funds and financial services sector. Of the notable developments outside COVID-19, on 10 March 2020 … Continue Reading
Introduction On 10 March 2020, following extensive consultation with industry, the Australian Securities and Investments Commission (ASIC) released its new regulatory framework for foreign financial services providers (FFSPs). These new rules are critically important for foreign firms (including asset managers and funds, brokers, foreign banks and other offshore institutions) undertaking wholesale financial services business into … Continue Reading
On 10 March 2020, ASIC published its media release announcing the new regulatory framework for foreign financial services providers (FFSPs) providing financial services to wholesale clients in Australia. Existing licensing relief has been extended as follows: ASIC has provided a 2 year transition period until 31 March 2022 for FFSPs relying on the sufficient equivalence … Continue Reading
The month of February 2020 has seen the passing of a number of bills implementing recommendations from the financial services Royal Commission, including measures strengthening the Australian Securities and Investments Commission’s (ASIC) licensing, search warrant and banning powers as well as reforms to protect consumers. February has also seen the welcoming of proposals from both … Continue Reading
The month of November 2019 saw the much-anticipated updates to Regulatory Guide 97 ‘Disclosing fees and costs in PDSs and periodic statements’ released by ASIC, providing further reforms and guidance in relation to fees and costs disclosure requirements. In addition, APRA has released updated information sheets and prudential standards addressing concerns such as governance, culture, … Continue Reading
The Monetary Authority of Singapore (MAS) recently issued a consultation paper setting out its proposed regulatory approach for derivatives contracts that reference payment tokens as underlying assets (Payment Token Derivatives). What is this approach meant to address? A well-regulated market for derivatives – particularly one anchored by institutional investors with sophisticated risk management and investment … Continue Reading
Following the release of the Royal Commission final report earlier this year, the Treasury has now released draft legislation that will make insurance claims handling a financial service under the Corporations Act 2001 (Cth). This will give the Australian Securities and Investments Commission (ASIC) greater supervisory responsibility over claims handling and require that these activities … Continue Reading
The Securities and Futures Commission (the SFC) has issued a circular (the Circular) to licensed corporations (LCs) on the use of external electronic data storage providers[1] (EDSPs) and updated the frequently asked questions on the premises for business and record keeping in light of the Circular. In addition to setting out the SFC’s expectations for … Continue Reading
In August 2019, ASIC announced plans to review the transition away from grandfathered conflicted remuneration and has proposed to use its new product intervention powers with respect to binary options and contracts for difference (CFDs). APRA and the Treasury have also provided an update on the implementation of recommendations made from the Royal Commission into … Continue Reading
In July 2019, ASIC released the highly anticipated consultation on foreign financial services providers (FFSPs) licensing relief in Australia and announced that it had requested that exchange market operators not admit any managed funds that do not disclose their portfolio holdings daily and which have internal market makers. ASIC implements pause on admission of managed … Continue Reading
