By: Gayle Bowen and Shane Geraghty
On 19 December, the European Securities and Markets Authority (ESMA) published its final report setting out draft Regulatory Technical Standards under the amended European Long-Term Investment Funds Regulation.
Read MoreBy: Sook Young Yeu
The International Capital Market Association (ICMA) has released a voluntary code of conduct for ESG ratings and data products providers (the Code), reflecting recommendations by the International Organization of Securities Commissions (IOSCO). The Code is intended to be internationally interoperable and may be used by jurisdictions where no local code or regulation is in place.
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: 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).
Read MoreBy: 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.
Read MoreBy: Jennifer Klass and Wiley Cole
On 16 October 2023, the Division of Examinations (the Division) of the US Securities and Exchange Commission (SEC) released its examination priorities for the 2024 fiscal year. In an interesting twist, the SEC released the examination priorities early, changing the timing to correspond to the beginning of its new fiscal year.
Read MoreBy: 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.
Read MoreBy: Ken Holston, TJ Bright, Pablo Man, Matthew Mangan, Chris Phillips-Hart, Annabelle North
On August 23, 2023, the SEC adopted sweeping new rules that will impose substantial regulation on the management and operation of private funds by investment advisers. The rules appear to be somewhat less burdensome than the rules originally proposed in February 2022.
Read MoreBy Kane Barnett and Bernard Sia
The Australian Government has released the long awaited consultation paper on the review of the regulatory framework for managed investment schemes. The consultation paper comes on the back of the Government’s announcement of the review earlier in March this year (see our previous update). The current regulatory regime for managed investment schemes commenced in 1998.
Read MoreBy: Richard Kerr and Matthew Rogers
On July 26, 2023, the Securities and Exchange Commission (“SEC”) proposed new rules (“Proposal”) intended to address certain conflicts of interests associated with the use of “Covered Technology” (defined below) by broker-dealers and investment advisers (“firms”) in investor interactions. If adopted as proposed, firms will be required to (i) identify conflicts of interests when using Covered Technology in interactions with investors, and (ii) adopt policies and procedures to eliminate or neutralize those conflicts of interests.
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