MAS Consultation Paper To Enhance Safeguards For Capital Market Investors

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "MAS Consultation Paper To Enhance Safeguards For Capital Market Investors"

Transcription

1 ::: AUTHOR ::: MAS Consultation Paper To Enhance Safeguards For Capital Market Investors On 21 July 2014, the Monetary Authority of Singapore (MAS) released a consultation paper seeking feedback on its proposals to enhance regulatory safeguards to protect investors in the capital markets (Consultation Paper). These proposals fall into three broad categories:- Terence LIN Partner Corporate (1) enhancing regulatory safeguards for investors in non-conventional investment products; (2) implementing a complexity-risk rating for investment products; and (3) refining the various investor classes under the existing regulatory framework. This article summarises and highlights the key changes proposed in the Consultation Paper. Enhancing regulatory safeguards for investors in non-conventional investment products The MAS observed that certain non-conventional products and schemes have been offered to consumers as alternative investments which fall outside the existing regulatory perimeters due to the manner in which they have been structured, notwithstanding that these products are similar to regulated capital markets products. Accordingly, MAS has proposed extending its regulatory perimeters to the following types of investments:- (1) buy-back arrangements involving gold, silver and platinum (Precious Metals); and (2) collectively-managed investment schemes, which are property arrangements with all the characteristics of a regulated collective investment scheme, save the pooling of investors contributions. Buy-back arrangements involving precious metals The MAS noted that certain Precious Metals buy-back arrangements are similar to collaterised debt arrangements and has proposed to prescribe and regulate as debentures any buy-back arrangements which involve:- (i) Party A purchasing Precious Metals from Party B for an agreed sum of money or money s worth; (ii) Party B being obligated to repurchase the Precious Metals from Party A at a time in the future; and (iii) the purpose or effect of the arrangement is to enable Party A to receive from Party B a financial benefit (the right to which must be agreed upon at the inception of the arrangement).

2 The MAS considers there to be a financial benefit if the effective re-purchase price to be paid by Party B (under paragraph (ii) above) is higher than the initial purchase price paid by Party A (under paragraph (i) above). The MAS has proposed to extend the existing debenture regulatory regime to Precious Metals buy-back arrangements with all the characteristics described in paragraphs (i) to (iii) above. Collectively managed investment schemes The MAS observed that certain investment arrangements have been offered to retail investors which are similar to collective investment schemes (CIS). However, such arrangements are not regulated as CIS because they fall outside the statutory definition of a CIS by offering investors direct interests in the underlying physical assets instead of pooling the investors contributions. Accordingly, the MAS proposed removing the requirement for the pooling of investors contributions for an arrangement to be regarded as a CIS. The Consultation Paper sets out, for illustration purposes, the following types of collectively managed investment schemes which are currently unregulated by the capital markets regulatory framework as examples of arrangements which would generally be regarded as CIS if the requirement for the pooling of investors contributions is removed:- (1) land investment schemes where investors acquire fractional interests in undeveloped land and are required to use the scheme operator s services to obtain planning permission for or disposing of the land as a whole (or both); (2) investment in land for forestry or harvesting purposes where: (a) investors acquire fractional interests in plantations or individual trees in a plantation; (b) the scheme operator is entrusted with day-to-day control over management of the forestry or harvesting operations for the entire plot of land; and (c) the purpose of the arrangement is for investors to receive rights to participate in profits arising from the forestry or harvesting operations; and (3) buy-to-let schemes where investors acquire units in real property (in the form of fractional interests or a room in a block of apartments) on the understanding that the investor will be entitled to participate in rental income generated from the scheme operator s management of properties as a whole. The investors will not have day-to-day control over the management of their units and the returns on the investment take the form of pooled rental income from the management of the real property as a whole by the scheme operator. Implementing a complexity-risk rating for investment products The MAS has proposed introducing a complexity-risk rating framework for investment products (CRRF) as a means of effectively highlighting the complexities and risks of investment products so that investors are sufficiently informed to choose investments that are suited to their level of understanding and risk appetite. The CRRF is meant to cover only investment products offered to retail investors (such as capital markets products, structured deposits, participating whole life and endowment policies and investment-linked policies) and does not include products

3 meant for savings or protection purposes (such as term life policies, nonparticipating whole life and endowment policies and annuities). Under the CRRF, investment products will be rated on their complexity based on four factors: (1) the number of structural layers; (2) the usage of derivatives; (3) the accessibility of valuation models; and (4) the number of return outcomes. Under the CRRF, investment products will be rated on their level of risk using a bucket-based approach, based solely on the likelihood that an investor would lose some, all, or even more than, the principal investment amount. Recognising that such an approach may only differentiate product risk at a reasonably high level, the MAS has also proposed for a historical price volatility indicator to be used alongside the CRRF for products in the medium, high and very high risk of loss buckets. The MAS was of the view that for products in the low risk of loss bucket, the costs of having a historical price volatility indicator would outweigh the benefits. The MAS proposed that issuers will rate their products based on the proposed CRRF and that these ratings must be disclosed in product offering documents for new and ongoing offers of investments to retail investors. Refining the various investor classes under the existing regulatory framework The MAS has reviewed the existing investor classes and has proposed making the changes summarised below. (1) Opt-in regime for accredited investors (AI) The MAS has proposed that all investors other than institutional investors (II) will be treated as retail investors by default. An investor who meets the criteria of an AI (Eligible Investor) will have the choice of electing for retail investor status or AI status, after being informed of the consequent reduction in regulatory safeguards. To ensure fair and consistent treatment of Eligible Investors, the opt-in regime will apply to non-natural persons such as corporations, trustees, limited liability partnerships and other types of entities as well. To provide flexibility to the investors, the determination of AI status will be on a per financial institution basis, which means that an investor may choose to be treated as a retail investor with the bank with which he maintains his savings account, but opt to be treated as an AI with the brokerage firm with which he maintains a securities trading account in order to access a wider range of investment products. An Eligible Investor will be able to change his classification as an AI or retail investor at any time by issuing a request in writing to the relevant financial institution (FI). A change from AI to retail investor status will not affect transactions entered into while the Eligible Investor was classified as an AI. The FI may choose whether to continue providing services to that client as a retail investor, unless the FI is licensed to serve a restricted clientele and is unable to continue serving the client as a retail investor, in which case the FI may be required to discontinue its business relationship with the client in order to comply with its licensing conditions.

4 FIs will be required to implement internal policies and procedures to classify clients, maintain proper records documenting the opt-in process and any written requests to change investor classification. FIs will also be required to review existing AI clients for eligibility for AI status periodically (at least once every two years). They must take appropriate action to verify their AI clients eligibility for AI status or re-classify their client as a retail investor if the client is no longer an Eligible Investor or if the FI becomes aware of any changes that would affect the AI classification of an existing client. The MAS has proposed a two-year transitional period for FIs to migrate their existing AI clients to the opt-in regime, during which FIs would be allowed to continue treating their existing AI clients as AIs. However, existing AI clients are not precluded from choosing to be re-classified as retail investors during the transitional period. (2) Amendments to eligibility criteria for accredited investors The MAS has proposed amending the existing criteria for AIs in the manner summarised below:- (a) the net equity in an individual s primary residence can only contribute up to S$1 million of the minimum net personal assets threshold of S$2 million used to determine eligibility for AI status. There are currently no restrictions on the net equity contributed by an individual s primary residence for the purpose of determining whether the individual is an AI; (b) any individual who holds a joint account at an FI with an individual who is an AI will be eligible for AI status, but only in respect of transactions entered into with or through the FI using the joint account. Currently, each joint account holder is treated according to his or her individual investor status; (c) currently, a corporation is considered an AI if: (i) it has net assets exceeding S$10 million in value; or (ii) its sole business is to hold investments and its entire share capital is owned by one or more persons, each of whom is an AI. With regards limb (ii), the MAS has proposed removing the restriction relating to the corporation s business and to allow any corporation to qualify for AI status as long as it is wholly owned by AIs; and (d) currently, the trustee of a trust is considered an AI if all property and rights held on trust for the beneficiaries of the trust exceed S$10 million in value. The MAS has proposed that the trustee of any trust in which all the beneficiaries are AIs should also be eligible for AI status. (3) Amendments to definition of institutional investors The MAS has proposed widening the definition of institutional investor to include the following types of investors:- (a) entities organised in foreign jurisdictions carrying on financial services activities similar to those for which MAS licences are granted and that

5 RODYK & DAVIDSON LLP SINGAPORE 80 Raffles Place #33-00 UOB Plaza 1 Singapore Tel Fax SHANGHAI Unit Ocean Towers No. 550 Yan An East Road Shanghai , China Tel +86 (21) Fax +68 (21) are authorised, licensed and/or regulated in one or more foreign jurisdictions; (b) central governments and central governmental agencies of foreign states; (c) supranational governmental organisations; and (d) sovereign wealth funds. The MAS has also proposed excluding certain statutory bodies from the definition of institutional investor by exhaustively listing the statutory boards covered by the definition of Institutional Investor in the Securities and Futures Act. (4) Removal of the expert investor class The MAS has proposed removing the expert investor class from the capital markets regulatory framework. Closing date for public consultation The closing date for public comments and feedback on the Consultation Paper was 1 September Our newsletter is for general information purposes only. Its contents are not intended to be legal or professional advice and are not a substitute for specific advice relating to particular circumstances. Rodyk & Davidson LLP does not accept responsibility for any loss or damage arising from any reliance on the c on ten ts of this article. If y ou requ ire specific adv ic e or h av e an y qu estion s, p lease c on tac t th e au th or(s) or ou r Editor. Rodyk & Davidson LLP Limited Liability Partnership Registration No. T07LL0439G.

LEGISLATION UPDATE 1 September 2014 PROPOSALS TO ENHANCE REGULATORY SAFEGUARDS FOR INVESTORS IN THE CAPITAL MARKETS INTRODUCTION PROPOSED ENHANCEMENTS

LEGISLATION UPDATE 1 September 2014 PROPOSALS TO ENHANCE REGULATORY SAFEGUARDS FOR INVESTORS IN THE CAPITAL MARKETS INTRODUCTION PROPOSED ENHANCEMENTS LEGISLATION UPDATE 1 September 2014 PROPOSALS TO ENHANCE REGULATORY SAFEGUARDS FOR INVESTORS IN THE CAPITAL MARKETS INTRODUCTION The Monetary Authority of Singapore ( MAS ) published a consultation paper

More information

CONSULTATION PAPER. P012-2014 Jul 2014. Consultation Paper on Proposals to Enhance Regulatory Safeguards for Investors in the Capital Markets

CONSULTATION PAPER. P012-2014 Jul 2014. Consultation Paper on Proposals to Enhance Regulatory Safeguards for Investors in the Capital Markets CONSULTATION PAPER P012-2014 Jul 2014 Consultation Paper on Proposals to Enhance Regulatory Safeguards for Investors in the Capital Markets TABLE OF CONTENTS PREFACE INTRODUCTION PART I: CAPITAL MARKETS

More information

More. www.rodyk.com. ::: AUTHORS ::: Revised Property Loan Rules - Guarantee No. Introduction

More. www.rodyk.com. ::: AUTHORS ::: Revised Property Loan Rules - Guarantee No. Introduction ::: AUTHORS ::: Revised Property Loan Rules - Guarantee No More Introduction Norman HO Partner Real Estate +65 6885 3663 norman.ho@rodyk.com The Monetary Authority of Singapore (MAS) announced on 28 June

More information

FUND MANAGERS & FINANCIAL ADVISERS - SINGAPORE REGULATORY AND TAX FRAMEWORK

FUND MANAGERS & FINANCIAL ADVISERS - SINGAPORE REGULATORY AND TAX FRAMEWORK FUND MANAGERS & FINANCIAL ADVISERS - SINGAPORE REGULATORY AND TAX FRAMEWORK 1. Regulatory Framework For Fund Managers Companies wishing to conduct fund management activities in Singapore are required by

More information

services system Reports Act 1988 (Cth) Australia has a sophisticated and stable banking and financial services system.

services system Reports Act 1988 (Cth) Australia has a sophisticated and stable banking and financial services system. FINANCIAL SERVICES Australia has a sophisticated and stable banking and financial services system Australia has a sophisticated and stable banking and financial services system. The banking system is prudentially

More information

RESPONSE TO FEEDBACK RECEIVED FACILITATING BOND OFFERINGS TO RETAIL INVESTORS

RESPONSE TO FEEDBACK RECEIVED FACILITATING BOND OFFERINGS TO RETAIL INVESTORS RESPONSE TO FEEDBACK RECEIVED FACILITATING BOND OFFERINGS TO RETAIL INVESTORS 1 INTRODUCTION 1.1 On 1 September 2014, MAS issued a consultation paper proposing changes to the regulatory regime for bond

More information

Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289)

Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) FREQUENTLY ASKED QUESTIONS ON THE SECURITIES AND FUTURES (LICENSING AND CONDUCT OF BUSINESS) REGULATIONS Disclaimer: The FAQs are meant

More information

London Metal Exchange. Jurisdictions

London Metal Exchange. Jurisdictions London Metal Exchange Jurisdictions United Kingdom The Exchange is a recognised investment exchange under the Financial Services and Markets Act 2000 and permitted to make electronic access to LME Select

More information

SECURITIES AND FUTURES ACT (CAP. 289)

SECURITIES AND FUTURES ACT (CAP. 289) Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) FREQUENTLY ASKED QUESTIONS (FAQs) ON THE LICENSING AND REGISTRATION OF FUND MANAGEMENT COMPANIES Disclaimer: These FAQs are meant to

More information

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee.

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee. International Accounting Standard 28 Investments in Associates and Joint Ventures Objective 1 The objective of this Standard is to prescribe the accounting for investments in associates and to set out

More information

RESPONSE TO FEEDBACK RECEIVED POLICY CONSULTATION ON REGULATORY REGIME FOR LISTED AND UNLISTED INVESTMENT PRODUCTS

RESPONSE TO FEEDBACK RECEIVED POLICY CONSULTATION ON REGULATORY REGIME FOR LISTED AND UNLISTED INVESTMENT PRODUCTS RESPONSE TO FEEDBACK RECEIVED POLICY CONSULTATION ON REGULATORY REGIME FOR LISTED AND UNLISTED INVESTMENT PRODUCTS On 28 January 2010, MAS issued a consultation paper ( January 2010 Consultation Paper

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 28 Investments in Associates and Joint Ventures This standard applies for annual periods beginning on or after 1 January 2013. Earlier application is

More information

Guidance Note Client Categorisation. Markets in Financial Instruments Directive [MiFID]

Guidance Note Client Categorisation. Markets in Financial Instruments Directive [MiFID] Markets in Financial Instruments Directive [MiFID] Issued : 01 November 2007 Table of Contents 1 Introduction... 3 1.1... 3 2 What is a client?... 3 3 Client Categories... 4 3.1 Definition of a retail

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET This Product Highlights Sheet is an important document. Prepared on: 18 March 2016 It highlights the key terms and risks of this investment product and complements the Prospectus 1. It is important to

More information

Guidance on investment business regulation for Funding Advisers for Small and Medium Enterprises (SMEs)

Guidance on investment business regulation for Funding Advisers for Small and Medium Enterprises (SMEs) Guidance on investment business regulation for Funding Advisers for Small and Medium Enterprises (SMEs) The SME Funding Adviser Scheme highlights a number of specialisms that firms may be offering to their

More information

TMLS Singapore Bond Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd.

TMLS Singapore Bond Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd. TMLS SINGAPORE BOND FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) This supplement forms part of the product summary. You should read this together with the relevant Product Summary. Description of the Fund

More information

Consultation Paper on the Evidential Requirements under the Securities and Futures (Professional Investor) Rules. October 2010

Consultation Paper on the Evidential Requirements under the Securities and Futures (Professional Investor) Rules. October 2010 Consultation Paper on the Evidential Requirements under the Securities and Futures (Professional Investor) Rules October 2010 Table of Contents Foreword 1 Personal Information Collection Statement 2 Introduction

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures International Accounting Standard 28 Investments in Associates and Joint Ventures In April 2001 the International Accounting Standards Board (IASB) adopted IAS 28 Accounting for Investments in Associates,

More information

GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS

GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. To whom does the SIB Law apply? 2 3. What is Securities Investment Business? 2 4. Excluded Activities

More information

CLSA ASIA-PACIFIC SECURITIES DEALING SERVICES: AUSTRALIA MARKET ANNEX

CLSA ASIA-PACIFIC SECURITIES DEALING SERVICES: AUSTRALIA MARKET ANNEX CLSA ASIA-PACIFIC SECURITIES DEALING SERVICES: AUSTRALIA MARKET ANNEX IMPORTANT NOTICE CLSA Singapore Pte Ltd (ARBN 125 288 271, a company incorporated in Singapore) is permitted to provide certain financial

More information

TMLS Singapore Cash Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd.

TMLS Singapore Cash Fund (the Fund ) is an investment-linked policy sub-fund offered by Tokio Marine Life Insurance Singapore Ltd. TMLS SINGAPORE CASH FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) This supplement forms part of the product summary. You should read this together with the relevant Product Summary. Description of the Fund

More information

RESPONSE TO FEEDBACK RECEIVED CONSULTATION ON REVIEW OF REGULATORY FRAMEWORK FOR UNLISTED MARGINED DERIVATIVES OFFERED TO RETAIL INVESTORS

RESPONSE TO FEEDBACK RECEIVED CONSULTATION ON REVIEW OF REGULATORY FRAMEWORK FOR UNLISTED MARGINED DERIVATIVES OFFERED TO RETAIL INVESTORS RESPONSE TO FEEDBACK RECEIVED CONSULTATION ON REVIEW OF REGULATORY FRAMEWORK FOR UNLISTED MARGINED DERIVATIVES OFFERED TO RETAIL INVESTORS 1 INTRODUCTION 1.1 On 28 May 2012, MAS issued a consultation paper

More information

IRAS e-tax Guide INCOME TAX IMPLICATIONS ARISING FROM THE ADOPTION OF FRS 39 FINANCIAL INSTRUMENTS: RECOGNITION & MEASUREMENT

IRAS e-tax Guide INCOME TAX IMPLICATIONS ARISING FROM THE ADOPTION OF FRS 39 FINANCIAL INSTRUMENTS: RECOGNITION & MEASUREMENT IRAS e-tax Guide INCOME TAX IMPLICATIONS ARISING FROM THE ADOPTION OF FRS 39 FINANCIAL INSTRUMENTS: RECOGNITION & MEASUREMENT Published by Inland Revenue Authority of Singapore Revised on 16 Mar 2015 First

More information

MALTA TYPES OF COLLECTIVE INVESTMENT SCHEMES

MALTA TYPES OF COLLECTIVE INVESTMENT SCHEMES MALTA TYPES OF COLLECTIVE INVESTMENT SCHEMES The Investment Services Act (Chapter 370 of the Laws of Malta) ( ISA ) defines the term collective investment scheme as follows: "collective investment scheme"

More information

SECURITIES AND FUTURES ACT (CAP. 289)

SECURITIES AND FUTURES ACT (CAP. 289) Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) NOTICE ON RISK BASED CAPITAL ADEQUACY REQUIREMENTS FOR HOLDERS OF CAPITAL MARKETS SERVICES LICENCES Monetary Authority of Singapore

More information

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS

STATUTORY INSTRUMENTS. CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS STATUTORY INSTRUMENTS. S.I. No. )04, of 2015 CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48(1)) CLIENT ASSET REGULATIONS 2015 FOR INVESTMENT FIRMS S.I. No. (74 of 2015 CENTRAL BANK (SUPERVISION

More information

AMENDMENTS TO DEFINITIONS OF ACCREDITED INVESTOR, INSTITUTIONAL INVESTOR AND EXPERT INVESTOR

AMENDMENTS TO DEFINITIONS OF ACCREDITED INVESTOR, INSTITUTIONAL INVESTOR AND EXPERT INVESTOR Annex 4 DRAFT LEGISLATIVE AMENDMENTS TO THE SECURITIES AND FUTURES ACT (CAP. 289) AND SECURITIES AND FUTURES (PRESCRIBED SPECIFIC CLASSES OF INVESTORS) REGULATIONS 2005 AMENDMENTS TO DEFINITIONS OF ACCREDITED

More information

Real Estate Related Assets: includes but is not limited to shares of real estate companies and higher rated real estate investment schemes.

Real Estate Related Assets: includes but is not limited to shares of real estate companies and higher rated real estate investment schemes. 508. Definitions of Real Estate & Real Estate Related Assets Real Estate: in these rules real estate means income generating property consisting of land, buildings. It also includes special purpose vehicle

More information

Promotion of unregulated collective investment schemes and close substitutes

Promotion of unregulated collective investment schemes and close substitutes Promotion of unregulated collective investment schemes and close substitutes The UK has long had a specific regime, which is both complex and restrictive, which has been designed to limit the scope for

More information

Self-Managed Superannuation Funds as wholesale clients Issues for accountants

Self-Managed Superannuation Funds as wholesale clients Issues for accountants Self-Managed Superannuation Funds as wholesale clients One of the means of classifying a client as a wholesale client for the purposes of the financial services laws is to obtain a certificate from an

More information

BOARD NOTICE.. OF 2013 FINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES CONTROL ACT, 2002

BOARD NOTICE.. OF 2013 FINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES CONTROL ACT, 2002 1 BOARD NOTICE.. OF 2013 FINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES CONTROL ACT, 2002 DETERMINATION OF SECURITIES, CLASSES OF SECURITIES, ASSETS OR CLASSES OF ASSETS THAT MAY BE INCLUDED IN

More information

THE OLD MUTUAL INTERNATIONAL investment account

THE OLD MUTUAL INTERNATIONAL investment account THE OLD MUTUAL INTERNATIONAL investment account investments pensions benefit from our strength and reputation The Investment Account is provided by Old Mutual International Isle of Man Limited Singapore

More information

Consultation Paper on the Proposed Amendments to the Professional Investor Regime and the Client Agreement Requirements. May 2013

Consultation Paper on the Proposed Amendments to the Professional Investor Regime and the Client Agreement Requirements. May 2013 Consultation Paper on the Proposed Amendments to the Professional Investor Regime and the Client Agreement Requirements May 2013 Table of contents Foreword 1 Personal Information Collection Statement 2

More information

The taxation treatment of Australian financial products is not the same as for New Zealand financial products.

The taxation treatment of Australian financial products is not the same as for New Zealand financial products. Overseas distribution No action has been taken to register or qualify the offer of Units under this PDS, or to otherwise permit a public offering of Units, in any jurisdiction outside Australia and New

More information

International Accounting Standard 32 Financial Instruments: Presentation

International Accounting Standard 32 Financial Instruments: Presentation EC staff consolidated version as of 21 June 2012, EN EU IAS 32 FOR INFORMATION PURPOSES ONLY International Accounting Standard 32 Financial Instruments: Presentation Objective 1 [Deleted] 2 The objective

More information

CAYMAN ISLANDS. Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION)

CAYMAN ISLANDS. Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION) CAYMAN ISLANDS Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part), 9 of 1998, 4 of

More information

Chapter 3 Financial Year

Chapter 3 Financial Year [PART 6 FINANCIAL STATEMENTS, ANNUAL RETURN AND AUDIT Chapter 1 Preliminary 269. What this Part contains and use of prefixes - Companies Act and IFRS. 270. Overall limitation on discretions with respect

More information

Indian Accounting Standard (Ind AS) 32 Financial Instruments: Presentation

Indian Accounting Standard (Ind AS) 32 Financial Instruments: Presentation Indian Accounting Standard (Ind AS) 32 Financial Instruments: Presentation Contents Paragraphs Objective 2 3 Scope 4 10 Definitions 11 14 Presentation 15 50 Liabilities and equity 15 27 Puttable instruments

More information

financial intelligence centre REPUBLIC OF SOUTH AFRICA

financial intelligence centre REPUBLIC OF SOUTH AFRICA financial intelligence centre REPUBLIC OF SOUTH AFRICA PUBLIC COMPLIANCE COMMUNICATION No. 25 (PCC 25) SCOPE OF ITEM 12 OF SCHEDULE 1 TO THE FINANCIAL INTELLIGENCE CENTRE ACT, ACT NO. 38 OF 2001, AS AMENDED

More information

Response to Feedback: Consultation on Credit Bureau Regulatory Framework And Credit Bureau Bill

Response to Feedback: Consultation on Credit Bureau Regulatory Framework And Credit Bureau Bill Consultation on Credit Bureau Regulatory Framework And Credit Bureau Bill 2015 May CONSULTATION PAPER P006-2014 May 2015 Response to : Consultation on Credit Bureau Regulatory Framework and Credit Bureau

More information

Marketing and Sale of Securities to Cayman Islands Investors

Marketing and Sale of Securities to Cayman Islands Investors Marketing and Sale of Securities to Cayman Islands Investors Author: Jonathan R. McLean, Associate The Cayman Islands is recognised as one of the world's premier financial and banking centers. The Cayman

More information

Sixteenth Meeting of the IMF Committee on Balance of Payments Statistics Washington D.C., December 1 5, 2003

Sixteenth Meeting of the IMF Committee on Balance of Payments Statistics Washington D.C., December 1 5, 2003 BOPCOM-03/23 Sixteenth Meeting of the IMF Committee on Balance of Payments Statistics Washington D.C., December 1 5, 2003 The Statistical Treatment of Unit Trusts Prepared by the South African Reserve

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET September 2011 IAS 7 Statement of Cash Flows (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International

More information

SECURITIES AND FUTURES ACT (CAP. 289)

SECURITIES AND FUTURES ACT (CAP. 289) Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) GUIDELINES ON LICENSING, REGISTRATION AND CONDUCT OF BUSINESS FOR FUND MANAGEMENT COMPANIES Guideline No : SFA 04-G05 Issue Date :

More information

technical factsheet 175

technical factsheet 175 technical factsheet 175 Guidance on audit exemption for companies and LLPs CONTENTS 1. Introduction 1 2. Articles of association 1 3. Members right to require audit 2 4. Non-group companies and LLPs 2

More information

CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS

CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for

More information

Mauritius Investment Funds

Mauritius Investment Funds Mauritius Investment Funds Foreword This memorandum has been prepared for the assistance of those who are considering the formation and regulation of Mauritius investment funds. It deals in broad terms

More information

(refer AGN 112.1 Standardised Approach to Credit Risk: Riskweighted

(refer AGN 112.1 Standardised Approach to Credit Risk: Riskweighted Guidance Note AGN 112.2 Standardised Approach to Credit Risk: Risk-weighted Off-balance Sheet Credit Exposures 1. This Guidance Note and its Attachments set out the procedures and requirements for calculating

More information

GUIDE TO INVESTMENT FUNDS IN BERMUDA

GUIDE TO INVESTMENT FUNDS IN BERMUDA GUIDE TO INVESTMENT FUNDS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Principal Regulatory Framework 2 3. Investment Fund Structures and Forms 4 4. Segregated Accounts Companies and the Segregation

More information

PRIMARY DISCLOSURE STATEMENT AUTHORISED FINANCIAL ADVISER

PRIMARY DISCLOSURE STATEMENT AUTHORISED FINANCIAL ADVISER PRIMARY DISCLOSURE STATEMENT AUTHORISED FINANCIAL ADVISER Name and Registration Number of Authorised Financial Adviser: Martin Wisler Poulsen, FSP46183. Address: C/- First NZ Capital Securities Limited,

More information

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope

More information

Statement of Cash Flows

Statement of Cash Flows STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 7 Statement of Cash Flows This version of SB-FRS 7 does not include amendments that are effective for annual periods beginning after 1 January 2014.

More information

Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013. Cambridge University Endowment Fund

Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013. Cambridge University Endowment Fund Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013 Cambridge University Endowment Fund Reports and financial statements 30 June 2013 IMPORTANT NOTICE The Cambridge

More information

Update. SEBI introduces REIT in India- issues draft SEBI (Real Estate Investment Trusts) Regulations, 2013. CS Vinita Nair vinita@vinodkothari.

Update. SEBI introduces REIT in India- issues draft SEBI (Real Estate Investment Trusts) Regulations, 2013. CS Vinita Nair vinita@vinodkothari. SEBI introduces REIT in India- issues draft SEBI (Real Estate CS Vinita Nair vinita@vinodkothari.com Date: October 16, 2013 Check at: http://india-financing.com/staff-publications.html for more write ups.

More information

International Accounting Standard 28 Investments in Associates

International Accounting Standard 28 Investments in Associates International Accounting Standard 28 Investments in Associates Scope 1 This Standard shall be applied in accounting for investments in associates. However, it does not apply to investments in associates

More information

QUANTUM WARRANTS PTY LTD

QUANTUM WARRANTS PTY LTD QUANTUM WARRANTS PTY LTD submission made to the Corporations and Financial Services Division The Treasury with respect to the proposed Corporations Amendment Regulations 2010 (No.) (proposed Regulations)

More information

CLIENT CATEGORIZATION

CLIENT CATEGORIZATION CLIENT CATEGORIZATION 1. Fidelisco Capital Markets Ltd ( Fidelisco or the Company ) is an investment firm regulated by the Cyprus Securities and Exchange Commission under license no. 181/12. 2. The Client

More information

Collective Investment Schemes

Collective Investment Schemes Collective Investment Schemes Collective Investment Schemes Introduction A collective investment scheme ( CIS ) is defined by law. According to section 235(1) of The Financial Services and Markets Act

More information

RESPONSE TO FEEDBACK RECEIVED INDUSTRY CONSULTATION ON ACCEPTABLE COLLATERAL & CONTRACTS FOR DIFFERENCES

RESPONSE TO FEEDBACK RECEIVED INDUSTRY CONSULTATION ON ACCEPTABLE COLLATERAL & CONTRACTS FOR DIFFERENCES RESPONSE TO FEEDBACK RECEIVED INDUSTRY CONSULTATION ON ACCEPTABLE COLLATERAL & CONTRACTS FOR DIFFERENCES 1 General Comments 1.1 MAS issued a consultation paper last year to seek public comment on proposed

More information

Sri Lanka Accounting Standard LKAS 28. Investments in Associates

Sri Lanka Accounting Standard LKAS 28. Investments in Associates Sri Lanka Accounting Standard LKAS 28 Investments in Associates CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 28 INVESTMENTS IN ASSOCIATES paragraphs SCOPE 1 DEFINITIONS 2 12 Significant influence 6 10 Equity

More information

T. Rowe Price Wholesale Plus Global Equity Fund

T. Rowe Price Wholesale Plus Global Equity Fund T. Rowe Price Wholesale Plus Global Equity Fund Product Disclosure Statement ( PDS ) Issued 10 August 2015 ARSN 602 109 357 APIR BTA0538AU Contents 1. About BT Funds Management Limited 2 2. How the Fund

More information

Dear Valued Client, NEW REQUIREMENTS ON SALE OF SPECIFIED INVESTMENT PRODUCTS (SIPs)

Dear Valued Client, NEW REQUIREMENTS ON SALE OF SPECIFIED INVESTMENT PRODUCTS (SIPs) Dear Valued Client, NEW REQUIREMENTS ON SALE OF SPECIFIED INVESTMENT PRODUCTS (SIPs) The Monetary Authority of Singapore ( MAS ) had introduced new requirements effective 1 January 2012 for financial institutions

More information

Note: This sectoral guidance is incomplete on its own. It must be read in conjunction with the main guidance set out in Part I of the Guidance.

Note: This sectoral guidance is incomplete on its own. It must be read in conjunction with the main guidance set out in Part I of the Guidance. 13: Private Equity Overview of the sector Note: This sectoral guidance is incomplete on its own. It must be read in conjunction with the main guidance set out in Part I of the Guidance. 13.1 Private equity

More information

CITY OF SASKATOON DEFINED CONTRIBUTION PENSION PLAN FOR SEASONAL AND NON-PERMANENT PART-TIME EMPLOYEES

CITY OF SASKATOON DEFINED CONTRIBUTION PENSION PLAN FOR SEASONAL AND NON-PERMANENT PART-TIME EMPLOYEES DRAFT Financial Statements of CITY OF SASKATOON DEFINED CONTRIBUTION PENSION PLAN FOR SEASONAL AND NON-PERMANENT PART-TIME Deloitte LLP 122 1st Ave. S. Suite 400, PCS Tower Saskatoon SK S7K 7E5 Canada

More information

PENSION FUND OF THE PENSION PLAN FOR NON-PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH. For the Year Ended September 30, 2011

PENSION FUND OF THE PENSION PLAN FOR NON-PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH. For the Year Ended September 30, 2011 PENSION FUND OF THE PENSION PLAN FOR NON-PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH March 8, 2012 Independent Auditor s Report To the Board of Governors We have audited the accompanying financial statements

More information

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy.

CGWM Bond Fund. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014. Investment Objective. Investment Policy. CGWM Bond Fund To us there are no foreign markets. TM Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 This Supplement contains specific information in relation to the CGWM Bond

More information

Enriching knowledge series: Learn more about stock listing, bonds and funds investment

Enriching knowledge series: Learn more about stock listing, bonds and funds investment Enriching knowledge series: Learn more about stock listing, bonds and funds investment June 2012 External Relations Rundown Part 1: New stock listing methods Break Part 2: Credit ratings and ibonds Part

More information

Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. MUTUAL FUNDS LAW. (2009 Revision)

Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. MUTUAL FUNDS LAW. (2009 Revision) Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. Mutual Funds Law (2009 Revision) MUTUAL FUNDS LAW (2009 Revision) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part),

More information

Key features of the M&S Investment ISA and Investment Plan

Key features of the M&S Investment ISA and Investment Plan M&S INVESTMENT ISA AND INVESTMENT PLAN Key features of the M&S Investment ISA and Investment Plan INTRODUCING THE HSBC WORLD SELECTION PORTFOLIOS The Financial Conduct Authority is the independent financial

More information

THE PENSION PLAN FOR PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH. For the Year Ended September 30, 2005

THE PENSION PLAN FOR PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH. For the Year Ended September 30, 2005 THE PENSION PLAN FOR PROFESSIONAL STAFF OF THE UNIVERSITY OF GUELPH December 9, 2005 PricewaterhouseCoopers LLP Chartered Accountants 55 King Street West, Suite 900 Kitchener, Ontario Canada N2G 4W1 Telephone

More information

Invitation to Comment November 2005 Policyholder Equity of Friendly Societies and AASB 1038 Life Insurance Contracts

Invitation to Comment November 2005 Policyholder Equity of Friendly Societies and AASB 1038 Life Insurance Contracts Invitation to Comment November 2005 Policyholder Equity of Friendly Societies and AASB 1038 Life Insurance Contracts Prepared by the Australian Accounting Standards Board Commenting on this Invitation

More information

Charity reporting and accounting: the essentials

Charity reporting and accounting: the essentials Charity reporting and accounting: the essentials January 2013 Contents 1. The accounting framework at a glance 2 2. Introduction 4 3. Preparing the trustees annual report and the accounts 7 4. Specific

More information

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND

CANACCORD GENUITY INVESTMENT FUNDS PLC. Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND CANACCORD GENUITY INVESTMENT FUNDS PLC Supplement dated 11 November 2014 to the Prospectus dated 11 November 2014 CGWM SELECT INCOME FUND This Supplement contains specific information in relation to CGWM

More information

State Revenue Legislation Further Amendment Act 2005 No 111

State Revenue Legislation Further Amendment Act 2005 No 111 New South Wales State Revenue Legislation Further Amendment Act 2005 No 111 Contents Page 1 Name of Act 2 2 Commencement 2 3 Amendment of Acts 2 Schedule 1 Amendment of Duties Act 1997 No 123 3 Schedule

More information

Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions

Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions For Momentum Retail (excluding Momentum Wealth International) General FATCA questions 1. What is FATCA? FATCA is the acronym for the

More information

Objectives and key requirements of this Prudential Standard

Objectives and key requirements of this Prudential Standard Prudential Standard LPS 001 Definitions Objectives and key requirements of this Prudential Standard This Prudential Standard defines key terms referred to in other Prudential Standards applicable to life

More information

CONSULTATION PAPER Ministry of Law: LAW 06/011/016 MAS: P009-2006 August 2006. Unsecured Credit Rules

CONSULTATION PAPER Ministry of Law: LAW 06/011/016 MAS: P009-2006 August 2006. Unsecured Credit Rules CONSULTATION PAPER : LAW 06/011/016 MAS: P009-2006 August 2006 Unsecured Credit Rules TABLE OF CONTENTS 1. Introduction 4 2. Proposed amendments to unsecured credit rules for financial institutions 2.1

More information

Sri Lanka Accounting Standard-LKAS 28. Investments in Associates

Sri Lanka Accounting Standard-LKAS 28. Investments in Associates Sri Lanka Accounting Standard-LKAS 28 Investments in Associates -690- Sri Lanka Accounting Standard-LKAS28 Investments in Associates Sri Lanka Accounting Standard LKAS 28 Investments in Associates is set

More information

201 CMR: OFFICE OF CONSUMER AFFAIRS AND BUSINESS REGULATION 201 CMR 12.00 THE MASSACHUSETTS DO NOT CALL REGISTRY

201 CMR: OFFICE OF CONSUMER AFFAIRS AND BUSINESS REGULATION 201 CMR 12.00 THE MASSACHUSETTS DO NOT CALL REGISTRY 201 CMR: OFFICE OF CONSUMER AFFAIRS AND BUSINESS REGULATION 201 CMR 12.00 THE MASSACHUSETTS DO NOT CALL REGISTRY Section 12.01 Definitions 12.02 General Telephone Solicitation Regulations 12.03 Maintaining

More information

29 Accounting for investments in associates IAS 28

29 Accounting for investments in associates IAS 28 29 Accounting for investments in associates IAS 28 A Key points An associate is a significant or material investment but it is not controlled by the investor. This Standard sets out how an investment in

More information

INVESTMENT BUSINESS (CLIENT MONEY) REGULATIONS 2004 BR 73/2004 INVESTMENT BUSINESS ACT 2003 1998 : 34

INVESTMENT BUSINESS (CLIENT MONEY) REGULATIONS 2004 BR 73/2004 INVESTMENT BUSINESS ACT 2003 1998 : 34 BR 73/ INVESTMENT BUSINESS ACT 2003 1998 : 34 THE INVESTMENT BUSINESS (CLIENT MONEY) REGULATIONS ARRANGEMENT OF REGULATIONS Part I Introduction 1 Citation and commencement 2 Interpretation 3 Application

More information

Accounting for Investments

Accounting for Investments 133 Accounting Standard (AS) 13 Accounting for Investments Contents INTRODUCTION Paragraphs 1-3 Definitions 3 EXPLANATION 4-25 Forms of Investments 4-6 Classification of Investments 7-8 Cost of Investments

More information

Cayman Islands Investment Funds

Cayman Islands Investment Funds Cayman Islands Investment Funds Introduction The Cayman Islands are becoming increasingly popular as a jurisdiction for the establishment of offshore investment funds. While these primarily involve institutional

More information

BERMUDA INVESTMENT FUNDS ACT 2006 2006 : 37

BERMUDA INVESTMENT FUNDS ACT 2006 2006 : 37 QUO FA T A F U E R N T BERMUDA INVESTMENT FUNDS ACT 2006 2006 : 37 TABLE OF CONTENTS 1 2 2A 3 4 5 6 6A 6B 7 8 8A 9 9A 10 Short title and commencement PART I PRELIMINARY Interpretation Interpretation Meaning

More information

Securities Trading Policy

Securities Trading Policy Securities Trading Policy Chalice Gold Mines Limited ACN 116 648 956 (Company) 1 Purpose The purpose of this policy is to: assist those persons covered by the policy to comply with their obligations under

More information

CHAPTER 26. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey:

CHAPTER 26. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: CHAPTER 26 AN ACT concerning the standards for prudent investing by fiduciaries of certain trust estates and of certain funds by the Director of the Division of Investment and revising parts of the statutory

More information

Corporate Governance Code for Collective Investment Schemes and Management Companies

Corporate Governance Code for Collective Investment Schemes and Management Companies Corporate Governance Code for Collective Investment Schemes and Management Companies Corporate Governance Code Page 1 Transitional Arrangements Whilst this Code is voluntary in nature, its adoption is

More information

RULE 1 INTERPRETATION AND EFFECT

RULE 1 INTERPRETATION AND EFFECT INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA DEALER MEMBER MARGIN RULES PLAIN LANGUAGE RULES 5100 THROUGH 5800 TABLE OF CONCORDANCE RULE 1 INTERPRETATION AND EFFECT 1.1. In these Rules unless

More information

Singapore Real Estate Investment Trusts (S-REITs): September 2012 A 10 year success story

Singapore Real Estate Investment Trusts (S-REITs): September 2012 A 10 year success story Helvetic Investments Pte. Ltd. 6 Battery Road, #23-04, Singapore 049909 DID: +65 6438 0383, Fax: +65 6438 3430 Reg. No. 200912670W Singapore Real Estate Investment s (S-REITs): September 2012 A 10 year

More information

Bermuda s National Pension Scheme

Bermuda s National Pension Scheme Bermuda s National Pension Scheme Foreword This Memorandum has been prepared for the assistance of anyone who is considering issues relating to pensions in Bermuda. It deals in broad terms with the requirements

More information

Auditing Derivative Instruments, Hedging Activities, and Investments in Securities 1

Auditing Derivative Instruments, Hedging Activities, and Investments in Securities 1 Auditing Derivative Instruments 1915 AU Section 332 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities 1 (Supersedes SAS No. 81.) Source: SAS No. 92. See section 9332 for

More information

CLIENT CATEGORIZATION POLICY

CLIENT CATEGORIZATION POLICY CLIENT CATEGORIZATION POLICY According to the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007), icfd Limited, formerly known as iforex Cyprus Limited, operating under

More information

A closer look Transition to FRS 102 for financial instruments

A closer look Transition to FRS 102 for financial instruments GAAP: Clear vision A closer look Transition to FRS 102 for financial instruments The accounting for financial instruments will be one of the biggest challenges for entities adopting FRS 102 for the first

More information

Open-ended Fund Companies New Initiative to Further Develop HK s Asset Management Industry

Open-ended Fund Companies New Initiative to Further Develop HK s Asset Management Industry Open-ended Fund Companies New Initiative to Further Develop HK s Asset Management Industry Introduction Asset management has become increasingly prominent in the international financial landscape, and

More information

Reporting requirements for non-reporting entities

Reporting requirements for non-reporting entities REGULATORY GUIDE 85 Reporting requirements for non-reporting entities July 2005 What this guide is about 1 This guide provides guidance on application of the reporting entity test and the reporting obligations

More information

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ---------------------------------------------------------------------------------------------- COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ----------------------------------------------------------------------------------------------

More information

FINANCIAL SERVICES GUIDE

FINANCIAL SERVICES GUIDE FINANCIAL SERVICES GUIDE A GUIDE TO OUR RELATIONSHIP WITH YOU AND OTHERS This Financial Services Guide (FSG) is designed to assist you in deciding whether to use the services of Entrust Private Wealth

More information

Consolidated Financial Statements

Consolidated Financial Statements AASB Standard AASB 10 August 2011 Consolidated Financial Statements Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. Alternatively, printed

More information

NOTICE ON OUTSOURCING

NOTICE ON OUTSOURCING CONSULTATION PAPER P018-2014 SEPTEMBER 2014 NOTICE ON OUTSOURCING PREFACE 1 MAS first issued the Guidelines on Outsourcing in 2004 1 ( Guidelines ) to promote sound risk management practices for the outsourcing

More information

NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES

NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES NAS 25 NEPAL ACCOUNTING STANDARDS ON INVESTMENT IN ASSOCIATES CONTENTS Paragraphs SCOPE 1-2 DEFINITIONS 3-13 Significant influence 7-11 Equity method 12-13 APPLICATION OF THE EQUITY METHOD 14-33 Impairment

More information