Author:Victoria Campbell

1
AML Reforms Part 2: Digital Currency Service Providers
2
Japan: FSA Requires Real Estate Funds Take Additional Safeguards Against Conflicts of Interest
3
Australia: Federal Court Rules on Greenwashing Civil Penalty Action
4
Australia: Inquiry into the Wholesale Investor and Wholesale Client Tests
5
Update to the Naming Convention for Exchange Traded Products
6
Not That FAR Away
7
Australia: Labelling Responsible Investment Products
8
Australia: ASIC Issues New Legislative Instrument for Exchange Traded Funds
9
Singapore Tax: Implications of Section 10L on Investment Funds
10
Australian Business Registry Services Engages with Directors to Apply for Identification Numbers

AML Reforms Part 2: Digital Currency Service Providers

By: Daniel Knight and Kithmin Ranamukhaarachchi

The Australian Attorney-General’s Department (Department) has released five consultation papers outlining proposals for extensive reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.

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Japan: FSA Requires Real Estate Funds Take Additional Safeguards Against Conflicts of Interest

By: Tsuguhito Omagari, Yuki Sako, Jason Nelms and Charmaine Mok

Financial Services Agency of Japan (FSA) proposed amendments to its supervisory guidelines applicable to managers of investment trust (toshin) funds and real estate funds, and is currently accepting comments until May 13. Of those, amendments relating to real estate funds would require managers to take additional measures to manage transactional conflicts of interest, specifically:

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Australia: Federal Court Rules on Greenwashing Civil Penalty Action

By: Lisa Lautier and Dhivya Kalyanakumar

On 28 March 2024, the Federal Court handed down its verdict on the greenwashing civil penalty action brought by the Australian Securities and Investments Commission (ASIC).

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Australia: Inquiry into the Wholesale Investor and Wholesale Client Tests

By: Kane Barnett and Prudence Birchall

The Parliamentary Joint Committee on Corporations and Financial Services (Committee) has commenced an inquiry into the wholesale investor test for offers of securities, and the wholesale client test for financial products and services (together, wholesale investor/client tests) in the Corporations Act 2001 (link here) (Inquiry).

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Update to the Naming Convention for Exchange Traded Products

By: Matthew Watts, Lisa Lautier and Dhivya Kalyanakumar

Since 2017, the Australian Securities and Investments Commission (ASIC) has provided guidance to licensed exchanges on exchange traded products (ETP) naming conventions under Information Sheet 230 (INFO 230). This policy is designed to help ensure that admission and monitoring standards for ETP’s support fair, orderly and transparent markets.

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Not That FAR Away

By: Claudine Salameh and Tamsyn Sharpe

On 15 March 2024 the Financial Accountability Regime (FAR) came into effect for authorised-deposit taking institutions (ADIs). Application of the FAR will be extended to insurers and registrable superannuation entities from 15 March 2025.

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Australia: ASIC Issues New Legislative Instrument for Exchange Traded Funds

By: Matthew Watts, Lisa Lautier and Dhivya Kalyanakumar

On 15 March 2024 the Australian Securities and Investments Commission (ASIC) issued a new legislative instrument extending existing regulatory relief previously only available to passively managed index tracking exchange traded funds (ETFs) so that it will now also apply to a broader range of ETFs (such as actively managed ETFs) quoted on a financial market operated by the ASX or Cboe.  

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Singapore Tax: Implications of Section 10L on Investment Funds

By: Edward Bennett, Roberta Chang, Anita Zhou and Ke Jia Lim

Historically, Singapore has not taxed capital gains. However, since 1 January 2024, under the newly enacted Section 10L of the Income Tax Act 1947 of Singapore, gains received in Singapore from the sale or disposal of any foreign asset (e.g. shares issued by a company incorporated outside Singapore) by an entity within a multinational group will be treated as taxable income if the entity does not have adequate economic substance in Singapore. Section 10L is designed to address international tax avoidance risks and align the key areas of Singapore’s tax regime with international norms and the European Union’s Code of Conduct Group’s foreign source income exemption (FSIE) guidance.

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Australian Business Registry Services Engages with Directors to Apply for Identification Numbers

By: Jim Bulling and Laura McFadzean

The Australian Securities and Investments Commission (ASIC) through the Australian Business Registry Services (ABRS) is actively engaging with directors who have not yet obtained a director identification number (DIN).

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