Asia – Page 2 – Global Investment Law Watch

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

Nov 13 2023

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.

Singapore: MAS Consults on Simplified Regulatory Framework for Fund Managers

Nov 05 2023

By: 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).

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.

Japan Shareholder Reporting Reform

Oct 31 2023

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.

Hong Kong Proposes Guidelines for Market Soundings

Oct 30 2023

By: 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.

Singapore: Updates to Tax Incentives for Single Family Offices

Oct 20 2023

By: Edward Bennett and Ke Jia Lim

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.

$2 Billion Money Laundering Case Threatens Singapore’s Reputation

Oct 20 2023

By: Edward Bennett and Ke Jia Lim

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.

SEC Adopts Amendments to Beneficial Ownership Reporting

Oct 11 2023

By: Jennifer Gonzalez, Trayne Wheeler, and Megan Clement

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.

Japan Will Create Special Business Zones for Asset Managers

Oct 04 2023

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.

People’s Republic of China: State Council Issued New Policy for Attracting Foreign Investment

Aug 28 2023

By: Chloe Duan and Grace Ye

On 13 August 2023, the central government of China issued Opinions of the State Council on Further Optimizing the Environment for Foreign Investment and Increasing Efforts to Attract Foreign Investment (New Policy). The New Policy covers broad range of aspects in relation to incentivizing foreign investors to make investments in China.

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