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.

  • [Slides] Ireland-Luxembourg-Hong Kong-Singapore fund structure comparisonPDF
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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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  • In October's issue, we have included:

    Australia

    • Board of Taxation issues consultation paper on corporate tax residency rules
    • ASIC extends relief for foreign financial services providers
    • ATO releases draft guidance on risk assessment and arm’s length debt test
    • APRA responds to submissions on proposed changes to reporting consolidation for securitisation special purpose vehicles

    Hong Kong

    • Circular to licensed corporations on managing the liquidity risk of funds
    • FSTB consults on limited partnership regime for funds
    • Hong Kong Court of Final Appeal rules that receipts from disposition of land are not chargeable to profits tax

    India

    • Corporate tax rates slashed and fiscal relief announced
    • India Budget 2019 - Partial roll back of higher surcharge

    Ireland

    • AML policy enhancements required for investment funds

    Korea

    • Korea announces 2019 tax reform proposals

    Luxemburg

    • Luxembourg publishes draft law on DAC 6

    Singapore

    • Consultation Paper on Proposed Amendments to the Requirements for REITs
    • Singapore to launch Variable Capital Company framework by end of 2019

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

    October 2019 - Regulatory and tax newsletterPDF
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  • In June's issue, we have included:

    Australia

    • Victorian stamp duty
    • Income tax measures aimed at foreign investment

    British Virgin Island

    • Draft Economic Substance Code published
    • Regulatory obligations and filing deadlines 2019

    Cayman Islands

    • Cayman Islands amends Securities Investment Business Law (Additional SIBL reporting requirements to be submitted by 15 August 2019)
    • The Data Protection Law, 2017 comes into force on 30 September 2019

    Hong Kong

    • SFC issues further guidance on regulatory requirements for sale of complex products
    • HKMA introduces key measures on sustainable banking and green finance

    Japan

    • Task Force on Climate-related Financial Disclosures (TCFD) consortium launched

    Singapore

    • MAS updates FAQs on licensing and registration of fund management companies
    • MAS launches second consultation on proposed framework for variable capital companies
    • Singapore fund tax incentives – circular of Budget 2019 issued

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

    June 2019 - Regulatory and tax newsletterPDF
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  • In May's issue, we have included:

    British Virgin Island

    • Guidance notes for country by country reporting available

    Cayman Island

    • Economic substance requirements for certain entities

    China

    • China introduced new Foreign Investment Law

    Hong Kong

    • SFC publishes guidance on enhanced disclosures for green or ESG funds

    • IRD issues circular and explanatory notes on stamp duty exemptions for securities transfers under open ended fund company structure

    Luxemburg

    • Luxembourg ratifies the BEPS Multilateral Instrument

    Malaysia

    • Finance Bill 2018: Review of real property gains tax (“RPGT”) rates

    Singapore

    • Developers (Anti Money Laundering and Terrorism Financing) Act 2018 passed

    • Public consultation on proposed legislative amendments for the corporate income tax treatment of Variable Capital Companies (“VCCs”)

    • Singapore Budget 2019: extend and refine tax incentive schemes for funds managed by Singapore-based fund manager companies

    • Singapore Budget 2019: recovery of GST for qualifying funds

    • Singapore Budget 2019: lapse of the Property Tax (Tourist Projects) Order

    South Korea

    • National pension service adopts the Stewardship Code

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

    May 2019 - Regulatory and tax newsletterPDF
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