Exploring the legal and regulatory issues affecting the worldwide asset management community.
The FCA has published its final rules on the UK’s Sustainability Disclosure Requirements (SDR) regime. The key features include:
Read MoreBy: Matthew Watts and Lisa Lautier
The Australia Securities and Investment Commission (ASIC) have released Consultation Paper 374 proposing to remake Class Order [CO 13/721] Relief to facilitate quotation of exchange traded funds on the AQUA Market (Class Order) which is due to expire on 1 April 2024.
Read MoreBy: Áine Ní Riain and Gayle Bowen
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:
Read MoreBy: Vincent Tso
The Stock Exchange of Hong Kong (HKSE) has introduced a new exemption to its “double dipping” rule for large IPOs. “Double dipping” refers to a subscription by an existing shareholder (including pre-IPO investors and cornerstone investors) or its close associate for further shares in the IPO, which is restricted by the HKSE on account of the actual or perceived preferential treatment by the issuer for its existing shareholders. This new exemption permits “double dipping” subject to certain size conditions being met, and is effective with immediate effect on 21 November 2023.
Read MoreBy: Dylan Moses, Michael Ruck, and Rosie Naylor
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.
Read MoreBy: 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.
Read MoreBy: 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.
Read MoreBy: Sook Young Yeu
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.
Read MoreBy: 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.
Read MoreBy: Edward Bennett
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).
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