Global Regulatory Development – Page 15 – Global Investment Law Watch

United States: Goodbye M&A Brokers No Action Letter, Hello Federal Exemption

Mar 30 2023

On 29 March 2023, the federal exemption from securities broker registration for qualifying mergers and acquisitions brokers (M&A brokers) became effective. That exemption was signed into law on 29 December 2022 as a policy rider to the Consolidated Appropriations Act of 2023 (H.R. 2617) (the M&A Brokers Exemption) and was described in our previous blog post and client alert.

The M&A Brokers Exemption can now be found in subsection (13) “Registration Exemption for Merger and Acquisition Brokers” of Section 15(b) of the Securities Exchange Act of 1934.

Australia: Registered scheme and CCIV compliance: Obligation to give notice of members’ rights

Mar 28 2023

By Matthew Watts and Rebecca Mangos

As the end of the 2023 financial year fast approaches, responsible entities and CCIV corporate directors should be reminded of their obligation to notify members by 30 June 2023 of their rights to elect and request to receive certain documents in physical or electronic form.

People’s Republic of China: First QDLP Managed by WFOE PFM Launched in Shanghai

Mar 27 2023

By Chloe Duan and Grace Ye

In 2016, the China Securities Regulatory Commission launched the wholly foreign-owned enterprise private fund manager (WFOE PFM) program to encourage foreign fund managers to make investments in China with money raised in China. With the launching of the first Qualified Domestic Limited Partner (QDLP) fund managed by a WFOE PFM in March 2023, foreign fund managers now have the choice to decide where to invest globally with the funds raised in China.

People’s Republic of China: CSRC Expanding Registration Based IPO Regime

Mar 27 2023

By Chloe Duan and Grace Ye

The China Securities Regulatory Commission (CSRC) released a series of rules on reform of the regulatory regime for initial public offering (IPO) on Chinese stock exchanges (Reform). The Reform essentially expands the registration-based IPO regime (Registration Regime) to the main boards at the Shanghai Stock Exchange and the Shenzhen Stock Exchange.

Europe: ELTIF 2.0 Has Been Published

Mar 21 2023

By Philipp Riedl

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.

Singapore: Financial Institution Guidance to Enhance Vigilance Over Money Laundering and Terrorism Financing

Mar 16 2023

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.

People’s Republic of China: CSRC Released New Cybersecurity and Data Privacy Rules for Securities and Futures Institutions

Mar 13 2023

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.

Australia: Greenwashing Crackdown – ASIC Sues Superannuation Giant in Landmark Case

Mar 08 2023

By Matthew Watts, Rebecca Mangos and Bernard Sia

For the first time, the Australian Securities and Investments Commission (ASIC) has launched court action against a major superannuation trustee for allegedly making misleading statements about the sustainable nature and characteristics of some of its investment products (known as “greenwashing”). ASIC claims the corporate pension fund misled consumers by investing in companies involved with the alcohol, gambling and fossil fuel sectors, contrary to the fund’s marketed sustainable and ethical credentials.

People’s Republic of China: Standard Contractual Clauses for Export of Personal Information Were Officially Released

Mar 07 2023

By Grace Ye and Chloe Duan

China has promulgated a series of laws and regulations governing data protection, in particular data export in past years.

The People’s Republic of China (PRC) law currently provides three routes for data export, i.e., (1) Cybersecurity Administration of China (CAC) assessment, (2) certification (by professional institutions), and (3) standard contractual clauses (SCC). Depending on the nature and volume of data to be exported and the identity of the exporter, the exporter must pick at least one route in order to export data.

Europe: Is ELTIF 2.0 a More Viable Structure for Long-Term Investment in the EU?

Mar 03 2023

By Philipp Riedl

Version 1 of the European Long-Term Investment Fund (ELTIF) has not been a huge success story with only a few relatively small funds launched to date. However the development of a well-supported fund structure for retail investors to invest in illiquid long-term assets remains a key priority for EU legislators.

Category:Global Regulatory Development