This newsletter is published every quarter or more frequently if the recent development needs immediate attention from the industry, and updates members on regulatory and tax changes in jurisdictions across the Asia Pacific region.

  • In March's issue, we have included:

    Australia

    • ASIC welcomes new International Sustainability Standards Board and updated climate related disclosure guidance
    • Australian Government consults on regulatory relief for foreign financial services providers

    Cayman Islands

    • Cayman Islands and the EU AML high risk third countries list

    Hong Kong

    • Circular to licensed corporations Updates to the reminder of business continuity planning in view of COVID 19 Vaccination Programme : Temporary Protection Measures for Business Tenants (COVID 19 Pandemic) Bill gazetted
    • Temporary Protection Measures for Business Tenants (COVID 19 Pandemic) Bill gazetted
    • Circular to Licensed Corporations and Associated Entities Anti Money Laundering / Counter Financing of Terrorism Updated AML/CFT Self Assessment Checklist
    • HKEX Publishes Net Zero Guide & Announces New ESG Data Display

    Japan

    • FSA consults on facilitating entry of foreign securities brokers, investment advisors and investment managers into Japanese market
    • JPX Publishes “Survey of TCFD Disclosure in Japan”

    Korea

    • Potential Comprehensive Real Estate Tax Bomb on Land for AMCs

    Singapore

    • Variable Capital Companies (Consequential Amendments to Other Acts) Order 2022 gazetted
    • MAS revises guidelines on licensing, registration and conduct of business for fund management companies

    United States

    • SEC Proposes Sweeping New Interventions in the Private Funds Market

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

    March 2022 - Regulatory and tax newsletterPDF
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  • In November's issue, we have included:     

    Australia

    • ASIC publishes report on state of competition in Australian funds management industry
    • Government consults on evaluation of 2021 foreign investment reforms

    British Virgin Islands (BVI)

    • British Virgin Islands introduces data protection act
    • Economic Substance reporting requirements

    China

    • China releases Personal Information Protection Law

    Hong Kong

    • Government responds to inclusion of Hong Kong in EU's watchlist on tax co-operation
    • SFC to introduce questionnaire on asset management activities regarding private funds and managed accounts
    • SFC concludes consultation on anti-money laundering guidelines
    • SFC concludes consultation on climate-related risks in funds
    • HKMA releases the guideline on fund certification for carried interest tax concession

    Japan

    • Japan Enacts Law Restricting Land Use Near Important Facilities and on Islands Near Borders

    Korea

    • FSC informs financial investment businesses about upcoming changes in PEF rules

    Malaysia

    • Malaysia is now added to the revised European Union’s List of Non-Cooperative Jurisdictions for Tax Purposes

    Singapore

    • Public consultation on proposed changes to the Limited partnership Act
    • SGX introduces listing framework for special purpose acquisition companies
    • SGX consults on mandatory climate reporting, board diversity disclosures and common set of core ESG metrics
    • MAS revises compliance toolkits for fund managers

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

    November 2021 - Regulatory and tax newsletterPDF
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  • In July's issue, we have included:     

    Australia

    • Government to consult on revisions to relief regime for foreign financial service providers
    • APRA releases guidance on managing the financial risks of climate change

    Cayman Islands

    • Economic Substance Regime Extended to Partnerships
    • FATCA and CRS Updates
    • AEOI Reporting Deadlines

    China

    • China releases draft implementation rules on cross boundary wealth management connect pilot scheme in Greater Bay Area for public comment.

    Hong Kong

    • SFC announces launch of grant scheme for open ended fund companies and real estate investment trusts. SFC previews new electronic licensing services
    • Government announces passage of Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021

    Japan

    • Clarification of taxation of carried interest for individuals as fund managers in Japan

    Korea

    • Authorities to Ease LTV Rules and Enhance Support for Rent to Help Strengthen Housing Ladder

    Singapore

    • MAS responds to feedback received on consultation on revisions to misconduct reporting requirements for representatives, and consults on proposals to mandate reference checks beyond representatives
    • Guide for climate related disclosures and framework for green trade finance

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

    July 2021 - Regulatory and tax newsletterPDF
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  • [Slides] Ireland-Luxembourg-Hong Kong-Singapore fund structure comparisonPDF
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    [Recording] Ireland-Luxembourg-Hong Kong-Singapore fund structure comparisonVIDEO
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  • In March’s issue, we have included:     
                  

    Australia

    • New foreign investment laws in place from 1 January 2021
    • CORIE framework launched to test cyber resilience of Australia's financial services industry
    • ASIC issues information sheet on managing conduct risk during LIBOR transition

    Cayman Islands

    • DITC Economic Substance update – January 2021
    • Cayman Islands and the FATF "Monitoring List"

    China

    • China and EU reach agreement in principle on investment

    Hong Kong

    • Bill providing tax concessions for carried interest distributed by eligible private equity funds operating in Hong Kong gazetted
    • SFC previews new electronic licensing services
    • SFC shares inspection findings of anti-money laundering/counter-financing of terrorism controls and compliance practices

    Japan

    • FSA announces publication of first report by Working Group on Capital Market Regulations of Financial System Council

    Korea

    • FSC to promote role of securities firms in corporate financing and venture capital market

    Singapore

    • Guidelines on Environmental Risk Management for Asset Managers
    • MAS announces launch of grant scheme to support green and sustainability-linked loans

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

    March 2021 - Regulatory and tax newsletterPDF
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  • In December's issue, we have included:     

    Australia

    • Government consults on permanent reforms in respect of virtual meetings and electronic document execution

    Cayman Islands

    • Cayman Islands Economic Substance Reporting and Notification
    • EU Removes the Cayman Islands from Annex I
    • Further Amendments to the Companies law, LLC law and SIBL.

    China

    • China releases draft Personal Information Protection Law for public comment

    European Union (EU)

    • Sustainable financial disclosures: Key Deadlines for Global Investment Managers

    Hong Kong

    • Consultation conclusions on proposed amendments to the Code on REITs
    • Abolition of Doubled Ad Valorem Stamp Duty on non-residential property transactions
    • SFC launches consultation on climate-related risks in funds
    • SFC launches consultation on anti-money laundering guidelines
    • SFC issues circular on implementation of changes to open-ended fund companies’ regime

    Korea

    • Government revises rules to facilitate accounting and audit reforms

    Singapore

    • COVID-19 (Temporary Measures) (Temporary Relief for Inability to Perform Contracts) (Amendment No. 3) Regulations 2020 gazetted
    • MAS publishes compliance toolkits for real estate investment trust managers and fund managers
    • MAS issues guidelines to strengthen culture of responsibility and ethical behavior in the financial industry
    • MAS and Financial Industry Extend Support for Individuals and SMEs who Need More Time to Resume Loan Repayments

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

    December 2020 - Regulatory and Tax newsletterPDF
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  • In September's issue, we have included:     

    Australia

    • Government consults on reforms to foreign investment review framework

    Cayman Islands

    • Economic Substance Guidance Notes V3.0 issued
    • Regulator issues new rules regarding regulated funds

    China

    • CSRC and PBOC launch connect scheme between CIBM and exchange bond market

    Hong Kong

    • SFC issues quarterly report
    • Government welcomes passage of Limited Partnership Fund Bill
    • Inland Revenue Department issues departmental interpretation and practice notes on profits tax exemption for funds
    • Prudential measures for mortgage loans on non residential properties

    Japan

    • FSA creates new permit system so that foreign managers can temporarily operate their business in Japan as a BCP
    • Bill introducing financial services intermediary business and classification of fund transfer services passed by National Diet

    Korea

    • New bill on supervision of financial conglomerates moves ahead for enactment
    • Government approves revisions to Financial Investment Services and Capital Markets Act

    Singapore

    • Variable Capital Companies (Amendment No. 2) Regulations 2020 and Variable Capital Companies (Consequential Amendments to Other Acts) Order 2020 gazetted
    • Additional loan and cashflow support for landlords and businesses affected by COVID 19
    • MAS consults on Environmental Risk Management Guidelines for Financial Institutions

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

    September 2020 - Regulatory and Tax newsletterPDF
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  • In June's issue, we have included:     

    Australia

    • Extending the instant asset write-off for eligible businesses
    • Relief for tenants and landlords

    British Virgin Islands

    • New regulatory regime for closed-ended funds in the British Virgin Islands.

    Cayman Islands

    • Registration Deadline Imminent for Private Funds

    Hong Kong

    • SFC proposes changes to the Code on Real Estate Investment Trusts
    • Hong Kong Quality Assurance Agency launches green finance certification scheme – ESG fund

    Japan

    • Ministry of Finance announces implementation of new foreign direct investment regulations from 8 May 2020

    Korea

    • FSC and FSS finalise measures to improve regulatory framework for private equity funds

    OECD

    • OECD issues analysis examining tax treaties and the impact of the COVID-19 crisis

    Singapore

    • Personal Data Protection (Amendment) Regulations 2020 come into effect
    • Securities and Futures (Offers of Investments) (Collective Investment Schemes) (Amendment No. 3) Regulations 2020 gazetted

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

    June 2020 - Regulatory and tax newsletterPDF
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  • In April's issue, we have included:     

    Australia

    • ASIC releases new regulatory framework for foreign financial services providers.

    British Virgin Islands

    • New regulatory regime for closed-ended funds in the British Virgin Islands.

    Cayman Islands

    • Cayman Islands Private Funds Law, 2020.
    • Cayman Islands and the EU's Annex I list of non-cooperative tax jurisdictions.
    • AEOI 2020 Amendments. 

    European Union

    • New EU ESG Disclosure requirements for Asset Managers.

    Hong Kong

    • Limited Partnership Fund Bill.
    • Hong Kong Budget 2020-2021: Carried Interest (Carry) Tax Concession.

    Japan

    • Green Bond Guidelines 2020 and Green Loan and Sustainability Linked Loan Guidelines 2020.

    Korea

    • Korea Government prepares to launch Asia Region Funds Passport in May.

    Singapore

    • MAS revises guidelines on licensing, registration and conduct of business for fund management companies.

    COVID-19 Library

    • ANREV members websites for country specific COVID-19 related regulatory guidance.

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

    April 2020 - Regulatory and tax newsletterPDF
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  • In February's issue, we have included:                   

    British Virgin Islands (BVI)

    • Private Investment Funds law
    • Economic Substance requirements for legal entities

    Cayman Islands

    • CIG publishes a draft Private Funds Bill, 2020

    Hong Kong

    • SFC proposes changes to the open-ended fund companies’ regime
    • New guidance on Hong Kong licenced corporations’ use of cloud services and other external electronic data storage 

    Japan

    • TCFD Consortium announces the release of the ‘Green Investment Guidance’

    Singapore

    • Variable Capital Companies Act 2018 comes into operation
    • New US$ 2 billion investment programme to support growth of Green Finance in Singapore
    • MAS issues updated guidelines on licensing, registration and conduct of business for fund management companies and related FAQs

    Taiwan

    • Executive Yuan proposes to repeal Stamp Duty Act

    United States

    • Treasury Department issues final rules implementing CFIUS regulations under FIRRMA

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

    February 2020 - Regulatory and Tax newsletterPDF
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