• Daily News Headlines – 8 Jun 2020

    ESMA announces new methodology for peer reviews

    ESMA News, 5 Jun 2020

    Peer reviews contribute significantly to supervisory convergence, and ESMAR aims at increasing the independence of the peer review process and its outcome, giving more weight to recommendations to NCAs and introducing mandatory and time-bound follow-up to peer reviews. The ESMA Strategic Orientation 2020-22 also stresses the key role that peer reviews plays in achieving convergence across all EU supervisors.

    Full Text: Click Here

    ESMA provides guidance on the compliance function under MiFID II

    ESMA News, 5 Jun 2020

    These guidelines replace the ESMA guidelines on the same topic issued in 2012 and include updates that enhance clarity and foster greater convergence in the implementation, and supervision, of the new MiFID II compliance function requirements.

    Full Text: Click Here

    FCA sets out next steps to improve defined benefit pension transfer market

    FCA News, 5 Jun 2020

    The Financial Conduct Authority (FCA) has today set out a package of measures designed to address weaknesses across the defined benefit (DB) transfer market. It includes steps to reduce conflicts of interest by banning contingent charging, as well as help for advisers who want to do the right thing and provide good quality advice to their customers.

    Full Text: Click Here

    MAS' Response to Queries on Fund Flows

    MAS News, 7 Jun 2020

    The Monetary Authority of Singapore (MAS) said today that media reports suggesting that there were large flows of deposits from Hong Kong to Singapore were incorrect. While foreign currency deposits in Singapore have grown substantially since the beginning of this year, the order of magnitude is much less than cited in some media reports. The growth in foreign currency deposits has come from diverse sources and for varied reasons.

    Full Text: Click Here

    Reply to Parliamentary Question on convertible bonds

    MAS News, 5 Jun 2020

    Issuers have introduced non-conventional convertible bonds with features that retail investors may not be familiar with. For example, certain bonds may not have a fixed maturity date or may be converted to equity upon the occurrence of certain trigger events which are beyond the investor’s control. MAS is therefore reviewing the classification of these products and other hybrid securities. MAS expects to issue a public consultation paper by the end of the year.

    Full Text: Click Here

    Consultation Paper on Proposed Revisions to the Exemption Framework for Cross-Border Business Arrangements of Capital Markets Intermediaries

    MAS News, 5 Jun 2020

    On 4 December 2018, MAS issued a consultation paper to seek comments on the proposal to streamline the exemption framework for business arrangements between financial institutions in Singapore and their foreign related corporations (the “FRC Framework”), by moving from the current ex-ante approval approach, to an ex-post notification approach, for such business arrangements. The consultation period closed on 31 January 2019. Comments that are of wider interest, together with MAS’ responses, are set out in this paper.

    Consultation feedback: Click Here; Annexes: Click Here

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