Tag:Asia

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Global: ESG Labelling On the Cards for Global Regulation
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Asia: Hong Kong Delays Implementation of Listing Rules Amendments for Climate Disclosures to 2025
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Asia: Tokenisation of SFC-authorised Investment Products: What You Need to Know
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Asia: MAS Consults on Simplified Regulatory Framework for Fund Managers
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Asia: Hong Kong Backs Industry-led Voluntary Code for ESG Ratings and Data Products Providers
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Asia: Japan Shareholder Reporting Reform
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Asia: Updates to Tax Incentives for Single Family Offices
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Asia: S$2.8 Billion Money Laundering Case Threatens Singapore’s Reputation
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Global: SEC Adopts Amendments to Beneficial Ownership Reporting
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Asia: Japan Will Create Special Business Zones for Asset Managers

Global: ESG Labelling On the Cards for Global Regulation

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.

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Asia: Hong Kong Delays Implementation of Listing Rules Amendments for Climate Disclosures to 2025

By: 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.

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

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. 

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Asia: MAS Consults on Simplified Regulatory Framework for Fund Managers

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

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.

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Asia: Japan Shareholder Reporting Reform

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.  

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Asia: Updates to Tax Incentives for Single Family Offices

By: Edward Bennett

The Monetary Authority of Singapore (MAS) has recently introduced new guidelines for Single Family Offices (SFOs) applying for tax incentives under the Section 13O and Section 13U schemes. The changes aim to expand tax incentives for family offices to promote investment in environmental and social causes.

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Asia: S$2.8 Billion Money Laundering Case Threatens Singapore’s Reputation

By: Edward Bennett

Singapore, known for its fiercely guarded reputation as a global financial hub and growing asset management centre, is currently entangled in one of the most substantial money laundering scandals globally, with a staggering S$2.8 billion (US$2 billion) in seized assets. Ten suspects, originally from China but residing in Singapore, face money laundering charges linked to scams and illegal online gambling.

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Global: SEC Adopts Amendments to Beneficial Ownership Reporting

By: Jennifer Gonzalez

On 10 October 2023, the SEC adopted amendments to beneficial ownership reporting requirements under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934. The amendments shorten deadlines for Schedule 13D and 13G filers, clarify Schedule 13D disclosure requirements for derivatives, and require filers to use machine readable data language.

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Asia: Japan Will Create Special Business Zones for Asset Managers

By: Yuki Sako

On 21 September 2023, the Prime Minister of Japan Kishida unveiled his new policy initiatives to support new entry of managers to Japan. In his speech at the Economic Club of New York, the Prime Minister announced his plan to (i) establish programs to support emerging managers, (ii) seek for legislative and regulatory changes necessary to allow outsourcing of back-office operations, and (iii) launch special business zones targeted for overseas asset managers in which all the regulatory processes are conducted in English and other business and living supports are provided.

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