Daily News Headlines

  • News Headlines – 4-8 Dec 2020

    [Hong Kong] Amendments to the Code on Real Estate Investment Trusts take effect

    SFC News, 4 Dec 2020

    The SFC announces that amendments to the Code on Real Estate Investment Trusts (REIT Code) have taken effect. For connected party transactions which were entered into before today, a transitional period of six months will be allowed for REITs to comply with the revised requirements.

    Full text: click here; FAQ: click here; Circular: click here

    [Hong Kong] Circular to management companies of SFC-authorised real estate investment trusts - Streamlined approach for vetting and approval of announcements and circulars

    SFC Circulars, 4 Dec 2020

    The SFC informs management companies of SFC-authorised real estate investment trusts (REITs) of the streamlined approach for vetting and approval of announcements and circulars under 10.2 of the Code on Real Estate Investment Trusts (REIT Code) with effect from 4 December 2020.

    Full text: click here

    [Hong Kong] Circular in relation to the clearing and record keeping rules for the OTC derivatives regime – changes to the list of persons designated as financial services providers

    SFC Circulars, 4 Dec 2020

    The revised list of persons designated as financial services providers (FSPs) for the purposes of the Securities and Futures (OTC Derivative Transactions—Clearing and Record Keeping Obligations and Designation of Central Counterparties) Rules (Clearing Rules) is gazetted today, and becomes effective on 1 January 2021.

    Full text: click here

    [Hong Kong] SFC consults on investor identification

    SFC News, 4 Dec 2020

    The SFC launched a consultation on proposals to introduce investor identification for the securities market in Hong Kong. Under the proposed investor identification regime, licensed corporations and registered institutions would submit clients’ names and identity document information to a data repository. This will allow the SFC to identify investors who place securities orders. The proposed requirements would apply at the trading level to on-exchange orders for securities listed or traded on the Stock Exchange of Hong Kong as well as reportable off-exchange trades of these securities.

    Full text: click here; Consultation: click here

    [Singapore] MAS Announces Successful Applicants of Licences to Operate New Digital Banks in Singapore

    MAS News, 4 Dec 2020

    The MAS announced four successful digital bank applicants in the area of Digital Full Bank and Digital Wholesale Bank, which are:

    Digital Full Bank (DFB)

    • A consortium comprising Grab Holding Inc. and Singapore Telecommunications Ltd.
    • An entity wholly-owned by Sea Ltd.

    Digital Wholesale Bank (DWB)

    • A consortium comprising Greenland Financial Holdings Group Co. Ltd, Linklogis Hong Kong Ltd, and Beijing Co-operative Equity Investment Fund Management Co. Ltd.
    • An entity wholly-owned by Ant Group Co. Ltd.

    Full text: click here

    [Singapore] Guidelines to Notice VCC-N01 on Prevention of Money Laundering and Countering the Financing of Terrorism – Variable Capital Companies

    MAS Regulation, 4 Dec 2020

    The MAS issued Guidelines for variable capital companies on Notice VCC-N01 on the prevention of money laundering and countering the financing of terrorism. These Guidelines provide guidance to all variable capital companies (“VCCs”) incorporated under the Variable Capital Companies Act (Act 44 of 2018)on some of the requirements in MAS Notice VCC-N01 on Prevention of Money Laundering and Countering the Financing Of Terrorism – Variable Capital Companies.

    Full text: click here

    [Hong Kong] SFC issues quarterly report

    SFC News, 7 Dec 2020

    The SFC published its latest Quarterly Report which summarises key developments from July to September 2020. Highlights of the report include the release of consultation conclusions on proposals to enhance the open-ended fund companies regime and provide more flexibility for Hong Kong real estate investment trusts as part of the SFC’s ongoing effort to support the development of Hong Kong as a full-service international asset management centre.

    Full text: click here; Quarterly report: click here

    [Singapore] Digital Infrastructure to Enable More Effective Financial Planning by Singaporeans

    MAS News, 7 Dec 2020

    The MAS and the Smart Nation and Digital Government Group (SNDGG) launched the Singapore Financial Data Exchange (SGFinDex) , which will enable Singaporeans to consolidate their financial information for more effective financial planning. SGFinDex is the world's first public digital infrastructure to use a national digital identity and centrally managed online consent system to enable individuals to access, through applications, their financial information held across different government agencies and financial institutions.

    Full text: click here

    [Mainland China] Regulator fines Bank of China over loss-making product

    Business Times, 7 Dec 2020

    State-owned Bank of China (BoC) has been fined 50.5 million yuan over irregularities in a loss-making product linked to crude oil, the banking regulator said on Saturday. The China Banking and Insurance Regulatory Commission began an investigation after BoC settled trades for its product at negative prices following April's crash in US crude futures, leaving many retail investors facing losses.

    Full text: click here

    [Singapore] Form 23A - Notice of Change of Particulars for a Registered Fund Management Company or a Venture Capital Fund Manager

    MAS Regulation, 8 Dec 2020

    The MAS issued a form for registered fund management companies and venture capital fund managers to notify MAS of changes to their particulars and particulars of their directors, representatives, relevant professionals or shareholders. This form must be submitted within 14 days after the date of the change.

    Full text: click here