Retail Investor Funds – Page 5 – Global Investment Law Watch

ICMA’s Code of Conduct for ESG Ratings and Data Products Providers – A Step Towards Consistent Global Standards

Dec 18 2023

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.

Australia: Proposed Licensing Exemptions for Foreign Financial Services Providers (FFSPs) Before Parliament

Dec 15 2023

By: Jim Bulling and Laura McFadzean

On 30 November 2023, the Australian Government tabled a Bill proposing Australian Financial Services Licence (AFSL) exemptions for FFSPs in Australia.

Australia: ASIC to Focus on Net Zero Statements and Targets

Dec 04 2023

By: Lisa Lautier and Dhivya Kalyanakumar

On 21-22 November 2023, the Australian Securities & Investments Commission (ASIC) hosted the ASIC Annual Forum with a focus on ‘navigating disruption’. With heightened geopolitical uncertainty and market volatility, ASIC outlined its key focus areas for 2024:

Europe: Final SDR rules published by FCA – Time to label your funds (maybe)

Dec 01 2023

The FCA has published its final rules on the UK’s Sustainability Disclosure Requirements (SDR) regime. The key features include:

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

Nov 27 2023

By: 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:

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.

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 and Rebecca Mangos

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.

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

Nov 02 2023

By: Carolyn Sng and 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.

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