2023 – Page 2 – Global Investment Law Watch

Europe: Significant Expansion to Corporate Criminal Liability in the United Kingdom

Nov 21 2023

By: Dylan Moses, Michael Ruck, Rosie Naylor and Joseph Skilton

Under the new UK Economic Crime and Corporate Transparency Act 2023, organisations that are bodies corporate or partnerships will become criminally liable for the economic crimes of their senior managers. They will also have a new liability (albeit subject to an important defence) for failure to prevent their employees and associates from committing fraud.

Australia: Quality of Advice (QAR) Recommendations Partly Addressed

Nov 20 2023

By: Jim Bulling and Laura McFadzean

On 14 November 2023, the Australian Government released what is described as the first of three tranches of proposed draft legislation implementing the QAR recommendations.

While the government is still saying it intends to address the remaining recommendations of the QAR, there were no commitments given at this stage.

ESG Labelling On the Cards for Global Regulation

Nov 15 2023

By: Jim Bulling and Laura McFadzean

On 2 November 2023, the Australian Treasury announced a proposal to develop a labelling system for investment products marketed as sustainable in its Sustainable Finance Strategy Consultation Paper.

Hong Kong delays implementation of Listing Rules Amendments for Climate Disclosures to 2025

Nov 13 2023

By: Carolyn Sng and Yeu Sook Young

The Stock Exchange of Hong Kong Limited (HKEX) had been consulting on proposals to enhance climate-related disclosures under its environmental, social and governance framework, with a previously proposed implementation date of 1 January 2024. The HKEX announced on 3 November 2023 that the implementation date of the Listing Rules amendments will be postponed to 1 January 2025.

Tokenisation of SFC-authorised Investment Products: What You Need to Know

Nov 13 2023

By: Carolyn Sng and Tan Choo Lye

The Securities and Futures Commission of Hong Kong (SFC) has on 2 November 2023 issued guidance for the tokenisation of investment products authorised by it for offer to the public in Hong Kong, such as mutual funds, unit trusts and other collective investment schemes. The SFC is adopting a see-through approach, permitting tokenisation of authorised investment products if the underlying product satisfies all applicable authorisation requirements and additional safeguards are in place to address the new risks associated with tokenisation arrangements.

Singapore: MAS Consults on Simplified Regulatory Framework for Fund Managers

Nov 05 2023

By: Edward Bennett and Ke Jia Lim

On 24 October 2023, the Monetary Authority of Singapore (MAS) issued a consultation paper on the repeal of the regulatory regime for Registered Fund Management Companies (RFMCs).

Australia: ASIC Releases Second Report On Reportable Situations Regime

Nov 03 2023

By: Matthew Watts and Rebecca Mangos

The Australia Securities and Investments Commission (ASIC) has released its second report on information lodged under the reportable situations regime for the period 1 July 2022 to 30 June 2023.

Hong Kong Backs Industry-led Voluntary Code for ESG Ratings and Data Products Providers

Nov 02 2023

By: Carolyn Sng and Yeu Sook Young

The Securities and Futures Commission in Hong Kong (SFC) has announced its support for the development of a voluntary code of conduct (VCoC) for ESG ratings and data products providers. The proposed VCoC, which will be open for ESG ratings and data products providers to sign up voluntarily, and will align with international best practices as recommended by the International Organization of Securities Commissions.

Central Bank of Ireland Opens ELTIFs Consultation

Nov 01 2023

By: Gayle Bowen and Shane Geraghty

On 1 November 2023, the Central Bank of Ireland, published its European Long Term Investment Fund (ELTIF) consultation paper (the “CP”) which is now open for industry feedback for an expedited six week period until 13 December 2023. The CP relates to the proposed standalone ELTIF chapter set to be introduced into the Central Bank’s Alternative Investment Fund Rulebook, which will facilitate ELTIFs becoming a standalone regulated product in Ireland as discussed in our previous blog here.

Japan Shareholder Reporting Reform

Oct 31 2023

By: Yuki Sako

The Japanese government is currently considering (i) several amendments to the large shareholding reporting requirement, which is generally triggered when the position of a beneficial owner reaches 5% of outstanding shares, and (ii) a new mechanism to provide transparency around beneficial owners even when the 5% threshold is not reached. Notably, the stated purposes of these considerations include promoting engagement between companies and investors by removing obstacles for investors to effectively engage with companies and by making it easier for companies to identify beneficial owners.

Archive:2023