Saudi Arabia
Consultation on offering foreign funds to retail clients
The proposed amendments include a prohibition on the private offering of a foreign fund to retail investors until total cash subscriptions from qualified clients and institutional clients in Saudi Arabia are equal to or greater than the total cash subscriptions intended to be collected from retail investors. Note that the SAR 200,000 maximum per retail investor is still applicable.
Hong Kong
New FASTrack authorisation process in Hong Kong
This applies to simple funds domiciled in jurisdictions where the SFC has a mutual recognition of funds arrangement (e.g. Australia, Luxembourg, Malaysia, Switzerland, UK) and which seek authorisation for public offering in Hong Kong. Where certain conditions are satisfied, the SFC aims to grant authorisation within 15 business days of receipt of complete and quality submissions.
Singapore
Singapore updates FAQs on Accredited Investor definition to include holdings of digital token
The MAS FAQs on the definition of Accredited Investor now include guidance on the treatment of an individual’s holdings of digital payment tokens when assessing eligibility. For assessments conducted pre-4 October 2024, financial institutions are required to reassess the client’s eligibility based on the new methodology by 4 July 2025.
Taiwan
Taiwan issues draft regulation amending the rules on offering funds pursuant to the Special Mechanism
In relation to the Special Mechanism (i.e. using a SITE or SICE to market funds in Taiwan), the draft regulation confirms the 99-person limit per fund when offering to high-net-worth investors and adds to the services that may be offered pursuant to the Qualified Bank Approach.
GCC
Approval of fund passporting framework
The UAE SCA has announced the approval of the GCC fund passporting framework, which will allow funds to be registered and promoted across the GCC states (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates). Funds are the first financial products to be regulated under a unified framework at the GCC level. Passporting regulations are being drafted to cover the fund registration procedures and the terms and conditions that funds are required to meet. The regulations are scheduled to take effect in early 2025 in the GCC states that have completed the legislative procedures.
India
Indian consultation proposing changes to scope of regulated advice and research service
Proposed amendments to the regulatory framework for investment advisers and research analysts include:
- widening the scope of regulated research services caught by the requirement to register with SEBI as a research analyst
- clarifying that investment advice and research in relation to ‘global’ securities fall outside the regulatory perimeter
- relaxation of eligibility criteria
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