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Consultations

consultBusinessIFC provides an up-to-the-minute guide to all current funds sector consultations on technical and regulatory issues.

The section also features report back where it is supplied by the various regulatory agencies. We present a short summary of the objective of the consultation exercise, its key constituent parts and the closing date. 

Contained within the summary is the key contact at the issuing authority.

 

LATEST CONSULTATIONS 

Monetary Authority of Singapore introduces complex investment product review 

March 12, 2009 - A new complex investment product regime will be introduced in Singapore following a consultation exercise announced today by the Monetary Authority of Singapore (MAS). 

The MAS says: “The current global financial crisis has led regulators to re-examine aspects of their regulatory and supervisory approach. MAS announced in October 2008 that we would undertake a review of the sale and marketing of structured products. 

“MAS is proposing enhancements to the current regulatory framework to enable us to achieve our supervisory objectives. The proposals focus on the regulatory regime for unlisted investment products that are commonly sold to retail investors." 

These aim to: 
  • promote more effective disclosure by improving the quality of information available to investors;
  • strengthen fair dealing in the sale and advisory process; and
  • enhance MAS’ powers under the Financial Advisers Act.

“We propose to introduce the concept of complex investment product. Such products will be subject to an enhanced sale and marketing regulatory regime,” says the authority.  MAS is inviting interested parties to forward their views and comments on the issues outlined in the policy consultation paper by April 23.

Written comments should be submitted to: 

Market Conduct Policy Division, Capital Markets Department, Monetary Authority of Singapore,10 Shenton Way, MAS Building, Singapore 079117. Email: investmentpdts_review@mas.gov.sg. Fax: (65) 6225 4063.

Jersey regulator plans increase to investment business fees

March 9, 2009 – The regulatory fees charged by the Jersey Financial Services Commission (JFSC) for work done by its investment services division are schedule to rise. In a consultative paper issued today, the JFSC says the increase is the first for three years and will take effect when licence renewals next fall due, which is May 1, 2009.In recognition of the difficult trading environment that investment businesses are currently operating in, the consultation paper sets out two alternative approaches by which the increase in fees may be implemented. One of these options allows for the increase in fees to be phased in gradually over the next three years.

Responses to the consultation paper are invited and should be provided in writing to either the Commission or Jersey Finance in line with the timescale stated in the paper.

Comments to:

Robert Kirkby, technical director, Jersey Finance, 4th Floor, Sir Walter Raleigh House, 48/50 Esplanade, St Helier, JERSEY JE2 3QB. Telephone: +44 (0) 1534 836004. Fax: +44 (0) 1534 836001. Email: robert.kirkby@jerseyfinance.je 

Chris Jordan, senior manager, investment business, Jersey Financial Services Commission, PO Box 267, 14-18 Castle Street, St Helier, JERSEY JE4 8TP. Telephone: +44 (0) 1534 822127. Fax: +44 (0) 1534 822047. Email: c.jordan@jerseyfsc.org

Manx FSC reviews supervisory approach 

March 9, 2009 – In the light of the global economic, the Isle of Man Financial Supervision Commission has decided to re-examine its supervisory approach across all market sectors. 

It says: “The past 18 months have been a period of turmoil in financial markets worldwide. The market instability and failures of major international banks have led to scrutiny of regulatory structures and of regulatory approaches. 

“Like other jurisdictions, the Isle of Man will need to address these issues and the commission will contribute to that debate. In the meantime, it is conducting its own review of its supervisory approach. The supervisory approach sets out the commission's approach to the supervision of the parts of the financial services industry that it regulates. The last edition of the document was published in January 2007."

Its new consultation document is available HERE.  

Contact:  

Paul de Weerd, senior manager - supervision, Financial Supervision Commission, PO Box 58, Finch Hill House, Bucks Road,Douglas, Isle of Man, IM99 1DT. Telephone: 01624 689337. Fax: 01624 689398. Email: paul.deweerd@fsc.gov.im 

Cyprus seeks views on UCITS funds events 

March 2, 2009 – The Cyprus Securities and Exchange Commission has issued a consultative document on procedures for the notification of significant events which which relate to foreign harmonised UCITS funds.  

The paper outlines proposals for the implementation into Cypriot law of European directive DI200-2004-06.

The type of events which the Commission has identified includes: 

(a) Changes in the documents of the UCITS.

(b) Merger/absorption of a UCITS.
(c) Marketing new shares classes of UCITS’units.
(d) Appointing new UCITS distributor.
(e) Closing of the offering period of a UCITS launch.
(f) Termination of the UCITS’ operation.
(g) Termination of the marketing of the UCITS in the Republic.
(h) Suspension of the issue / redemption of UCITS units.