On 1 April 2020, EU ESMA issued advice on inducements, costs, charges disclosures. EU CMSN is encouraged to conduct some further analysis on the topic of inducements. Changes proposed to regime mainly at improving client understanding of inducements. Regarding costs and charges disclosure, ESMA found the MiFID II disclosure regime generally works well, and that…
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China – CSRC Increased Limits on Foreign Investment.
On 1 April 2020, CHI SAC updated on securities industry changes after limits lifted. Currently 15 joint venture securities firms with foreign shares or holdings; the first 100% foreign-invested securities firms are expected to emerge from among them. CSRC approved increase in Morgan Stanley's shareholding in Morgan Stanley Huaxin Securities; Goldman Sachs' shareholding in Goldman…
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Hong Kong – SFC Fine China Rise Short Selling
On 31 March 2020, HK SFC banned former CEO/RO of China Rise until 29 July 2022. Former RO and ex-head of dealing of China Rise also suspended until 29 October 2020. Disciplinary action follows CEO's earlier convictions in 2017 for illegal short selling. Both had failed to discharge duties as members of China Rise’s senior…
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Saudi Arabia – CMA Delayed Disclosures
On 31 March 2020, CMA delayed ETFs, REITs, listed companies' disclosures. CMA extended deadlines for disclosing annual financial information and board reports. Annual Financial Information Securities of listed companies, REITs will not be suspended if unable to disclose annual financial information by 31 March due date, provided entities disclose by 29 April 2020. ETF securities…
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