EUROPE: ELTIF 2.0 has been published
On 15 March 2023, amendments to the EU Regulation on the European Long-Term Investment Fund (ELTIF) were published in the Official Journal of the European Union. They will apply from 10 January 2024.
Read MoreUnited States: SEC Proposes Amendments to Broaden the Scope of Regulation S-P in Response to Digital Communications and Risks to Customer Personal Information
By: Trayne S. Wheeler, Brian Doyle-Wenger, and Gustavo De La Cruz Reynozo,
On March 15, 2023, the U.S. Securities and Exchange Commission (“SEC”) proposed amendments to Regulation S-P. The proposed amendments would require covered institutions to enhance protections of consumer information by requiring the adoption of written policies and procedures for an incident response program. The amendments would expand the scope of Regulation S-P by requiring covered institutions to provide timely notifications to individuals affected by data breaches and by extending the definition of the information covered by the regulation.
Read MoreSINGAPORE: FINANCIAL INSTITUTION GUIDANCE TO ENHANCE VIGILANCE OVER MONEY LAUNDERING AND TERRORISM FINANCING
By Edward Bennett and Jordan Seah
The Monetary Authority of Singapore (“MAS”), Singapore’s central bank and financial regulatory authority, is, amongst many other things, responsible for the development of Singapore as an international financial hub.
As part of its constant drive to uphold and improve the integrity of the nation’s financial ecosystem, the MAS issued a circular in early March 2023 to remind financial institutions (“FIs”) on the importance of staying vigilant to money laundering and terrorism financing (“ML/TF”) risk, including steps FIs may take to navigate ML/TF risk inherent in the wealth management sector, including private fund management.
Read MorePeople’s Republic of China: CSRC Released New Cybersecurity and Data Privacy Rules for Securities and Futures Institutions
By Chloe Duan and Grace Ye
The China Securities Regulatory Commission (CSRC) released the Administrative Measures for Network and Information Security in Securities and Futures Sectors (Measures) on 27 February 2023, which will become effective on 1 May 2023.
Read MoreAUSTRALIA: FURTHER DETAILS OF PROPOSED REVIEW OF MANAGED INVESTMENT SCHEMES ANNOUNCED
By Kane Barnett and Bernard Sia
The Australian Government has provided further details of the previously announced review of the managed investment schemes (MIS) regulatory framework (Review). The Review was announced in the 2022-23 Federal budget, and with $2.7 million committed, is intended to test the effectiveness of the current framework.
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