Exploring the legal and regulatory issues affecting the worldwide asset management community.
By Chloe Duan and Grace Ye
Shanghai Stock Exchange (SHSE) announced that it has entered into a memorandum of understanding (MOU) with Singapore Exchange (SGX) to establish a link for exchange-traded funds (ETFs) between two exchanges. SHSE and SGX are also aiming to jointly develop more ETF products available to investors on both markets via the link.
Read MoreBy Daniel Knight and Grace Hall
The Australian Government has committed to reforming Australia’s AML/CTF regime, with proposed reforms aimed to strengthen and modernise the framework.
In April 2023, the Attorney-General released the first of two consultation papers outlining the proposed reforms to the regime. Subsequently, as part of the 2023-24 Federal Budget, the Government announced that it will provide $14.3 million in funding over the next four years to support policy and legislative reforms to the AML/CTF regime.
Read MoreBy Áine Ní Riain and Gayle Bowen
The European Securities and Markets Authority (ESMA) has suggested that the European Commission should clarify the costs that UCITS management companies and AIFMs may pass on to investors under existing rules that prohibit “undue costs”. Costs for this purpose include fees payable to the manager and other fund service providers and all other one-off, recurring or transaction-related costs. The purpose of the proposed clarification would be to provide for better convergence between the approaches of different EU member states, and a better basis for national regulators to take supervisory and enforcement actions in this area.
Read MoreBy: Keri E. Riemer
At the Conference On Emerging Trends In Asset Management sponsored by the US Securities and Exchange Commission (SEC) and held 19 May 2023, Chair Gary Gensler, and Director of the SEC’s Division of Investment Management, William Birdthistle, called for greater discourse with industry participants and highlighted the strengths of recent rulemaking activities of the SEC.
Mr. Birdthistle kicked off the conference by referring to funds and investment advisers as “critical agents” in the investment management industry and in advancing the SEC’s mission. He also acknowledged the need for the SEC and its staff to be open to different opinions. He did not, however, indicate how such different views have been—or would be—addressed in the rulemaking process or otherwise.
Read MoreBy Jim Bulling and Grace Hall
The release of draft regulations by the Australian Government and publications by the Australian Prudential Regulation Authority (APRA) provide further guidance to regulated superannuation funds on how annual performance assessments (the performance test) will apply to trustee-directed products.
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