FCA Dear CEO letter blasts poor ESG disclosure   

The FCA has issued a Dear CEO letter with details of its preliminary review on disclosures made by a sample of firms. 

The findings indicate “the potential for widespread failings”, with the regulator concluding disclosures of ESG factors were generally not up to scratch. The letter states: “This [preliminary review] assessed the quality of disclosures made by a sample of UK benchmark administrators. In general, this was poor. There were often instances where benchmark administrators did not provide sufficient detail and description of the ESG factors considered in their benchmark methodologies.” 

MAS announces COSMIC as part of Financial Services and Markets (Amendment) Bill 2023    

The Monetary Authority of Singapore (MAS) has outlined the key features of the he Financial Services and Markets (Amendment) Bill, particular regarding the establishment and maintenance of a new secure digital platform for FIs to share information on customers that exhibit multiple red flags indicative of potential illicit activities with each other. This platform, named COSMIC (Collaborative Sharing of ML/TF Information & Cases) will be developed by MAS and six major banks. 

SFC publishes new guidance on Takeover and Share Buy-back Codes  

On 17^th February 2023, the State Council of the People’s Republic of China (PRC) and the China Securities Regulatory Commission (CSRC) announced the implementation of new PRC Regulations for overseas listings of Mainland enterprises. The New PRC Regulations become effective on 31^st March 2023 and replace the Special Regulations and the Mandatory Provisions. 

The Hong Kong Securities and Futures Commission (SFC) has now published Practice Note 25 to provide guidance to PRC H Share Issuers (overseas listed foreign shares which are denominated in foreign currencies, such as being denominated in HK$) and market practitioners on the application of a number of provisions from both the Takeovers and Mergers and Share Buy-backs codes following the PRC rule change. 

Under the Australian Legislation Act 2003, legislative instruments cease automatically, or ‘sunset’, after 10 years, unless action is taken to preserve them by remaking them. The Australian Securities and Investments Commission has now published CP368 which proposes that Class Orders 13/519, Changing the responsible entity, and 13/656, Equality of treatment impacting on the acquisition of interests, are both remade. 

The orders relate to changing the responsible entity of a listed scheme and equal treatment obligations of a responsible entity and corporate director. Both will expire in October 2023 if not remade. 

The deadline for feedback is 11^th April. 

Dominique Laboureix, Chair of the SRB, the central resolution authority within the Banking Union (20 eurozone countries and Bulgaria) has outlined future plans including the undertaking of a strategic review this year followed by a new action plan to take the SRB from 2024 until 2028. 

Laboureix said: “Together, we must tackle new challenges and realities, such as cyber risks, digital finance, climate change and the current macro-economic outlook. The time is right for the SRB to enter into its second phase of existence. So, naturally, the time is right for a new vision for the SRB and how it operates.” 

FCA Dear CEO letter blasts poor ESG disclosure   

The FCA has issued a Dear CEO letter with details of its preliminary review on disclosures made by a sample of firms. 

The findings indicate “the potential for widespread failings”, with the regulator concluding disclosures of ESG factors were generally not up to scratch. The letter states: “This [preliminary review] assessed the quality of disclosures made by a sample of UK benchmark administrators. In general, this was poor. There were often instances where benchmark administrators did not provide sufficient detail and description of the ESG factors considered in their benchmark methodologies.” 

MAS announces COSMIC as part of Financial Services and Markets (Amendment) Bill 2023    

The Monetary Authority of Singapore (MAS) has outlined the key features of the he Financial Services and Markets (Amendment) Bill, particular regarding the establishment and maintenance of a new secure digital platform for FIs to share information on customers that exhibit multiple red flags indicative of potential illicit activities with each other. This platform, named COSMIC (Collaborative Sharing of ML/TF Information & Cases) will be developed by MAS and six major banks. 

SFC publishes new guidance on Takeover and Share Buy-back Codes  

On 17^th February 2023, the State Council of the People’s Republic of China (PRC) and the China Securities Regulatory Commission (CSRC) announced the implementation of new PRC Regulations for overseas listings of Mainland enterprises. The New PRC Regulations become effective on 31^st March 2023 and replace the Special Regulations and the Mandatory Provisions. 

The Hong Kong Securities and Futures Commission (SFC) has now published Practice Note 25 to provide guidance to PRC H Share Issuers (overseas listed foreign shares which are denominated in foreign currencies, such as being denominated in HK$) and market practitioners on the application of a number of provisions from both the Takeovers and Mergers and Share Buy-backs codes following the PRC rule change. 

Under the Australian Legislation Act 2003, legislative instruments cease automatically, or ‘sunset’, after 10 years, unless action is taken to preserve them by remaking them. The Australian Securities and Investments Commission has now published CP368 which proposes that Class Orders 13/519, Changing the responsible entity, and 13/656, Equality of treatment impacting on the acquisition of interests, are both remade. 

The orders relate to changing the responsible entity of a listed scheme and equal treatment obligations of a responsible entity and corporate director. Both will expire in October 2023 if not remade. 

The deadline for feedback is 11^th April. 

Dominique Laboureix, Chair of the SRB, the central resolution authority within the Banking Union (20 eurozone countries and Bulgaria) has outlined future plans including the undertaking of a strategic review this year followed by a new action plan to take the SRB from 2024 until 2028. 

Laboureix said: “Together, we must tackle new challenges and realities, such as cyber risks, digital finance, climate change and the current macro-economic outlook. The time is right for the SRB to enter into its second phase of existence. So, naturally, the time is right for a new vision for the SRB and how it operates.”