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.
Read MoreBy 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.
Read MoreBy 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.
Read MoreVersion 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.
Read MoreOn 24 January 2023, the ECON Committee of the EU Parliament adopted its report on proposed amendments to the EU’s main fund rules, AIFMD and the UCITS Directive, ahead of trilogue negotiations with the EU Council and Commission set to begin in March. When agreed, the revised Directives are expected to come into force in 2025 in light of the 24 months transposition period. Notable proposals include:
Read MoreBy Robert Lloyd, Maya Ffrench-Adam and Philip Morgan
On 20 February 2023, the FCA published a discussion paper (DP23/2) on improving the UK asset management regime. Key themes include:
Alignment with Relevant International Standards
The FCA does not want to create unnecessary complexity for firms operating in multiple jurisdictions. It aims to develop the regime to interact effectively with international requirements, while promoting the international competitiveness of the UK economy.
Read MoreBy Jim Bulling, Anabelle Weinberg and Oliver Herrmann
The Australian Government has released Michelle Levy’s Quality of Advice Review Final Report (Final Report) after a year-long consultation process that includes 22 recommendations across 13 areas to improve the regulatory framework of financial advice.
Read MoreBy Matthew Watts and Rebecca Mangos
The Australian Securities and Investments Commission (ASIC) has revealed its key enforcement priorities for 2023. This year, ASIC has signalled an expanded focus on enforcement activity targeting:
By: Eden L. Rohrer, Raymond F. Jensen
On February 15, 2023, the SEC adopted rule amendments and new rules to reduce risk in clearance and settlement of securities transactions. The amendments to Rules 15c6-1(a) and 15c6-1(c) will shorten the standard settlement cycle for most securities transactions from two business days after the trade date (T+2) to one (T+1) and shorten the standard settlement cycle for firm commitment offerings priced after 4:30 p.m. from four business days after trade date (T+4) to T+2.
Read MoreBy Daniel Knight and Oliver Herrmann
New licensing requirements for crypto service providers are coming, following a series of consultations launched last week by Treasurer, Jim Chalmers. The Government approach focuses on strengthening enforcement, bolstering consumer protection and ultimately establishing a new licensing framework.
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