In July's issue, we have included:

Australia

• ASIC consults on modified AFSL regime for foreign financial services providers
• Government consults on corporate collective investment vehicle bill
• Government releases exposure draft to improve integrity of stapled structures

Cayman Islands

• Important changes to the Cayman Islands Anti-Money Laundering regime

China

• Governor Yi Gang announced measures and timetable for further financial sector opening-up in Bo’ao Forum for Asia
• SAFE increases QDLP and QDIE quotas to USD 5 billion for each programme
• State Council announces reduction to VAT rates and other significant VAT changes

Hong Kong

• Open-ended fund company structure to be introduced on 30 July 2018
• SFC concludes consultation on new OFC Rules and OFC Code
• Proposed changes to the tax bill on privately offered Hong Kong open-ended fund companies
• Ordinance to extend profits tax exemption to privately offered open-ended fund companies in Hong Kong gazetted
• Amendment Ordinance implementing minimum standards of Base Erosion and Profit Shifting package and codifying transfer pricing principles gazetted
• Hong Kong SFC provides update on Manager-in-Charge (MIC) regime
• Two-tiered profits tax rates regime to be implemented from April 1 this year

Indonesia

• Real estate investment funds gain regulatory clarity in Indonesia

Japan

• FSA consults on corporate disclosure

Malaysia

• Abolishment of GST & introduction of SST post General Election

Mauritius

• Review of Taxation of Global Business Companies
• Amendment on Financial Services Act

Singapore

• Singapore government raises additional buyer’s stamp duty rates and tightens loan-to-value limits for residential properties
• MAS Issued Consultation Paper on Guidelines on Provision of Financial Advisory Service
• MAS to strengthen individual accountability of senior managers in financial institutions
• Stamp Duties (Agreements for Sale of Equity Interests) (Remission) Rules 2018 come into effect

South Korea

• Regulatory reform on entry barriers to financial services industry

Europe

• Enforcement of EU General Data Protection Regulation (GDPR)
• Proposed changes to AIFMD on Pre-marketing

Lastly, we would like to thank our committee who helped putting together the Newsletter. Details about this committee can be found here.