Retail Investor Funds – Page 6 – Global Investment Law Watch

Europe: New Screening Criteria for the EU Taxonomy’s Environmental Objectives

Nov 27 2023

Following their adoption and publication in draft form by the European Commission last June, two new EU Taxonomy delegated acts were published in the Official Journal on 21 November, and will apply from January 2024. They confirm new and amended technical screening criteria (TSCs) in relation to the environmental objectives in the Taxonomy Regulation. This is a significant build-out in the application of the Taxonomy Regulation given that for an economic activity to be taxonomy-aligned, it must:

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.

Asia: 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.

Australia: ASIC Releases Second Report On Reportable Situations Regime

Nov 03 2023

By: Matthew Watts

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.

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

Nov 02 2023

By: Sook Young Yeu

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.

Australia: Mandatory Climate Reporting – The Draft Australian Standards are Here!

Oct 30 2023

By: Jim Bulling, Lisa Lautier and Ben Kneebush

On 23 October 2023, the Australian Accounting Standards Board (AASB) released the long-awaited Exposure Draft outlining the Australian climate-related reporting standards.

Australia: ASIC Extends Transitional Relief For Foreign Financial Service Providers

Oct 19 2023

By: Lisa Lautier

The Australian Investments and Securities Commission (ASIC) announced that it has further extended relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services licence (AFSL) when providing financial services to Australian wholesale clients.

Australia: Mandatory Climate Disclosure-October Update

Oct 11 2023

By: Jim Bulling and Ben Kneebush

As previously discussed in our post, the Australian Treasury has proposed to introduce mandatory climate-related financial disclosure standards in Australia. This will have a profound impact on the financial services industry, as financial services entities (including superannuation funds) will be captured by this disclosure framework. Under a phased implementation, reporting commences on 1 July 2024 for certain large entities.

United States: U.S. Congressional Hearing on Oversight of SEC’s Division of Investment Management

Sep 22 2023

By: Megan Clement

On 19 September, U.S. Congress’ Sub-Committee on Capital Markets held a hearing on oversight of the SEC’s Division of Investment Management during which Director William Birdthistle testified on various SEC proposed rules affecting investment funds and advisers.

United States: Amendments to the Names Rule

Sep 21 2023

By: Abigail Hemnes, George Zornada, Franklin Na, Donela M. Qirjazi and Christine Mikhael

On 20 September 2023, the SEC adopted amendments to the Names Rule (35d-1) that will significantly expand the Names Rule’s applicability and will require all funds to consider whether changes are required to their names, 80% policies, disclosures, compliance tests, and reporting requirements.

Category:Retail Investor Funds