Exploring the legal and regulatory issues affecting the worldwide asset management community.
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.
Read MoreBy: Carolyn Sng and 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 and Ke Jia Lim
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: 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.
Read MoreBy: 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.
Read MoreBy: Gayle Bowen and Shane Geraghty
On 1 November 2023, the Central Bank of Ireland, published its European Long Term Investment Fund (ELTIF) consultation paper (the “CP”) which is now open for industry feedback for an expedited six week period until 13 December 2023. The CP relates to the proposed standalone ELTIF chapter set to be introduced into the Central Bank’s Alternative Investment Fund Rulebook, which will facilitate ELTIFs becoming a standalone regulated product in Ireland as discussed in our previous blog here.
Read MoreBy: 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.
Read MoreBy: 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.
Read MoreBy: Carolyn Sng and Tan Choo Lye
The Securities and Futures Commission (SFC) of Hong Kong is consulting on new guidelines to regulate market soundings in advance of transactions such as private placements and block trades. Market soundings are the communication of non-public information (whether price-sensitive or not) with potential investors prior to the announcement of the transaction to gauge investor interest or assist in determining the specifications of the potential transaction. It can be an integral part of price discovery, but the process may be open to abuse if parties trade on the back of non-public information obtained.
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