Singapore Country Report 2015

Size: px
Start display at page:

Download "Singapore Country Report 2015"

Transcription

1 Singapore Country Report 2015 International Investment Funds Association

2 Economic and Financial Background Demographic Data Population (as at end 2014) Total Population ( 000) 5,469.8 Annual Growth (%) 1.3 Resident population (as at end of 2014) Singapore Residents ( 000) 3,870.8 Annual Growth (%) 0.7 Singapore Citizens ( 000) 3,343.0 Annual Growth (%) 0.9 Permanent Residents ( 000) Annual Growth (%) -0.7 Land Area (as at end 2014) Population Density (Per Sq Km) 7,615 Land Area (Sq Km) Economic Indicators Gross Domestic Product (GDP) (as at end 2014) At Current Market Prices (S$m) 390,089.1 Per Capita GDP (as at end 2014) 71,318 Per Capita GNI (as at end 2014) 69,168 Productivity and Inflation (as at end 2014) Annual Growth in Labour Productivity (%) -0.8 Annual Inflation Rate (%) 1.0 Manufacturing (as at end 2014) Total Output (S$m) 303,889 Investment Commitments in Manufacturing and Services (Fixed Assets Investments) (S$m) 11,840.2 Foreign Investment (S$m) 9,898.0 Finance (as at end 2014) Money Supply (M1) (S$m) 160,228.3 Official Foreign Reserves at End of Year (S$m) 340,438.1 External Trade at Current Prices (as at end 2014) Total Trade (S$m) 982,701.9 Exports 518,922.7 Imports 463,779.1 Transport and Communications (as at end 2014) Sea Cargo Handled (Million Freight Tonnes) Air Cargo Handled ( 000 Tonnes) 1,843.8 Services and Tourism (as at end 2014) Annual Growth in Retail Sales at Constant Prices (%) 3.2 Visitor Arrivals (excluding Malaysian arrivals by land) 15,095.2 Hotel Occupancy Rate (%)

3 Singapore has established a financial centre of international repute, serving not only its domestic economy, but also the wider Asia Pacific region. Singapore's financial centre offers a wide range of financial services including banking, insurance, investment banking and treasury services. A broad range of both Singapore government securities and foreign corporate bonds available provides investors a good range of investment opportunities. Singapore is also the largest REIT market in Asia ex-japan and there is an extensive offering of business trust listings on Singapore Exchange (SGX) of shipping, aviation and infrastructure assets. A key aspect of Singapore s financial centre is its strong capital markets; the SGX is a preferred listing location of close to 800 companies, which about 40% of SGX s listings are foreign, spanning the Asia Pacific, particularly in South East Asia, and further afield in Europe and America. Also being one of the top 5 most active foreign exchange trading centres in the world, Singapore is also one of the world s largest offshore market for Asian equity futures market, as well as a leading commodities derivatives trading hub. Singapore has a high level of transparency and reliability in business, economic and regulatory affairs. It has a stable political structure of parliamentary democracy, well-establish judicial system, and the presence of strong domestic institutions with good corporate governance practices. Singapore is the first regional financial centre outside of China to have a RMB clearing bank, providing financial institutions in Singapore and the region with increased opportunities to intermediate the growing trade and investment flows between China and the rest of the world. Singapore also has a skilled and cosmopolitan workforce to meet industry demand. Besides grooming the local workforce to meet the demands of the industry, Singapore also continues to attract international talent and expertise. Singapore is located in the heart of Southeast Asia, which allows Singapore to serve the fast-growing markets of Asia-Pacific region. Financial institutions in Singapore trade around-the-clock with the world financial centres, making Singapore a significant hub for 24-hour trading in foreign exchange and securities, with its highly developed telecommunications network. International travel is convenient as the Singapore airport serves more than 100 airlines flying to over 320 cities in about 80 countries and territories worldwide. Singapore with its Free Trade Agreements (FTAs) is connected to major economies and new markets which includes United States, Australia, New Zealand, China, India, Japan, Korea, Panama, Peru, Jordan, Switzerland, Liechtenstein, Norway, Iceland and Costa Rica. 2

4 Data on Funds under Management and Portfolios AUM (in SGD billion), of Singapore Registered Unit Trust Funds for Sales 2013 (as at 31 Dec 2013) 2014 (as at 31 Dec 2014) Bonds Equities Mixed Assets Money Market Others (e.g. commodity funds, currency funds, etc.) Total *AUM data is based on the fund flows of a sample size of 25 fund management companies in Singapore Total number of licensed fund management companies (as of 15 September 2015): 347 Fund flows in Singapore a. From January 1, 2014 through to December 31, 2014 The Singapore unit trusts market registered a net inflow of S$817 million, with a net outflow of S$1,241 million in Q1 2014, net inflow of S$732 million in Q2 2014, net inflow of S$1,195 million in Q3 2014, and net inflow of S$131 million in Q The market in 2014 had been quite volatile due to various events happening around the world, from quantitative easing by the European Central Bank in January 2014 to the drop in oil prices in July These major events had wavered investor confidence. In Q1 2014, bond funds continued its third consecutive quarter s net outflow of S$ million, while equity funds was the only asset type which posted a positive net inflow of S$ million. The total inflow of capital soared 25.59% to S$5, million and the total outflow of capital also increased by 47.00% to S$7, million. This volatility could be attributed to the alteration of conditions for the U.S. to increase its interest rates as its GDP was far below what was expected. Thereby, implying that the rates would likely remain near zero for a considerable time even after the asset purchase programme ends. Moreover, the crisis in Ukraine also threatened the peace in Europe, causing global markets to fluctuate. In Q2 2014, fund flows reversed where equity funds suffered the biggest net outflow of S$ million, while bond funds attracted the largest capital inflow by asset-type as it ended its third consecutive quarter s net outflow with a net inflow of S$ million. The total inflow of capital for this quarter soared 15.22% to S$6, million, while the total outflow of capital plunged 15.22% to S$5, million. The Fed has decided to end its asset purchase programme in October 2014 if the U.S. economy stays on track to fulfil the committee s inflation and employment targets. On the other hand, there had also been an increase in geopolitical risk in Russia and Israel, which had continued to affect capital flows. In Q3 2014, the total inflow of capital rose 3.74% to S$6, million, while the total outflow of capital slightly fell 3.58% to S$5, million where most asset-types suffered a net outflow but with equity having a positive net inflow of S$ million along with Mixed-Assets. Even with the Fed s announcement of ending its quantitative easing programme, the uncertainties in U.S. economy continued to affect the global markets and capital flows. 3

5 In Q4 2014, the net position of asset-types remained the same with mixed-asset and equity types having a net inflow of S$ and S$85.50 million respectively. The total inflow of capital in this quarter slid 19.84% to S$5, million, while the total outflow of capital fell 5.41% to S$5, million. b. From January 1, 2015 through to June 30, 2015 In Q1 2015, Singapore s unit trust markets registered a net inflow of S$ million, an increase in % compared to last quarter. Furthermore, equity funds attracted the largest capital inflow but bond funds were still suffering with a net outflow of S$ million in that period. U.S. s trade deficit surged in March 2015 to its highest level since late 2008, causing a slower decision on the Fed s interest rate. Along with the looming Greece issue and the progress of Eurozone economic recovery, global markets had become more uncertain. In Q2 2015, the total net inflow of capital increased by 8.73% to S$7, million where equity funds continued to have a positive net inflow, but bond funds have a net outflow of S$ million. This could be attributed to the agreement on Greece s debt crisis, and a positive outlook of the U.S. economy, where the Fed is finally closer to increasing interest rates in nearly a decade. Regulatory and Self-Regulatory Developments In Singapore, the Monetary Authority of Singapore (MAS) is the regulatory body responsible for supervision over money, banking, insurance, securities, and the financial sector in general. It is the central bank of Singapore. The MAS has been given powers to act as a banker to, and financial agent of, the Government. It has also been entrusted to promote monetary stability, and credit and exchange policies conducive to the growth of the economy, which is in line with its mission to promote sustained non-inflationary economic growth, and a sound and progressive financial centre. Functions of MAS To act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems and serving as banker to and financial agent of the Government To conduct integrated supervision of financial services and financial stability surveillance To manage the official foreign reserves of Singapore To develop Singapore as an international financial centre The regulator also plays an important part in building investor confidence by maintaining the integrity of the financial sector including the asset management industry. The MAS along with other regulatory agencies perform regular checks and monitors activities of the entire financial sector. Rules and Regulations The MAS administers the Securities and Futures Act (SFA) and the Financial Advisers Act (FAA) which governs the fund management companies and the intermediaries selling collective investment schemes in Singapore. The FAA regulates all activities which advise others, directly or indirectly through publication or writings, by issuing or promulgating research analyses or research reports, whether in electronic, print or other forms, concerning any investment products, other than in the manner set out or advising on corporate finance within the meaning of the SFA. It includes the marketing of collective investment schemes and arranging of contracts of insurances in respect of life policies, other than a contract of reinsurance. SFA regulates activities which include dealing in securities, trading futures contract, leveraged foreign exchange trading, advising on corporate finance, fund management, real estate investment trust management, securities financing and providing custodial services for securities. The Act covers licensing criteria, forms and fees, fit and proper criteria, entry and examination requirements, anti-money laundering and combating financing of terrorism requirements, lending of money, Internet, outsourcing and business continuity, as well as cooling period for Collective Investment Schemes (CIS) constituted as unit trusts and procedures for retail and restricted funds. 4

6 In Singapore, fund assets are to be kept by a custodian, and the fund trustee must be independent of the fund manager. In practice, most funds use independent custodians, but a few exceptions exist where the custodian and the fund manager are separate business entities that belong to the same parent holding company. Fund management companies in Singapore must also publish semi-annual and annual reports. The annual report must be audited by an independent auditor. The annual report must be made available within three months after the fiscal year ends, and the semi-annual report is required to be published within two months after the period ends. The MAS Code on Collective Investment Scheme sets out best practices on the management, operation, and marketing of funds pursuant to the SFA. The code restricts the use and requires the disclosure of soft dollars received from each broker in the semi-annual and annual reports. The Code also requires that the semi-annual and annual reports to show the total expense ratios (TER) for the period under review and a year ago. Representatives who advise and sell mutual funds in Singapore must be licensed. In order to be licensed, one must pass examinations which are conducted regularly by the Institute of Banking and Finance. It is mandated that the advisor fully discloses the distribution fee and other fees that a client may incur. The regulation requires that the sale of funds be accompanied by a prospectus and a product highlight sheet published by the fund management company. There are advertising codes for unit trusts performance. Under the SFA and the IMAS Code of Past Practices in Advertising Collective Investment Schemes & Investment-Linked Life Insurance Policies, advertisements must be fair, unambiguous and not misleading. It could be deemed an offence if this is not followed. Distribution/Choice Currently, unit trusts in Singapore are distributed and sold through banks, licensed independent financial advisory firms, insurance firm, Internet platform, fund management companies and other licensed firms. Singapore has a fairly open architecture system where a majority of the funds are sold through an open platform. An investor can purchase multiple fund offerings at most distribution platforms. However, even though funds from multiple fund families are offered at most platforms, in-house funds are highly represented in the choices given. All unit trusts in Singapore require a minimum investment. The typical minimum investment is $1,000 (approximately US$ as of 30 th June 2015). Fees and Expenses The majority of funds in Singapore charge a front-end load, and a few charge a back-end load The front-end load (FEL) ranges from 1% to 5% of the investment. Annual management fees range between 0.5 and 2% of the fund s Net Asset Value (NAV). 5

7 Recent Regulatory Development Over the last 18 months, the MAS has been looking at the following regulatory enhancements: Strengthening regulatory framework to combat money laundering and terrorism financing (ML/TF) Improving regulations and supervision of foreign exchange derivatives Enhancing regulatory framework for outsourcing arrangements Enforcing Financial Advisory Industry Review (FAIR) Improving prospectuses readability and understandability Facilitating securities-based crowdfunding Exempting remote clearing members to hold Capital Market Services (CMS) License Enhancing resolution regime for financial institutions (FIs) Making simple investment funds accessible Other Major Issues Major issues over the past 18 months include: Promoting international use of Renminbi (RMB) through Singapore Strengthening Sino-Singapore economic and financial linkages Strengthening the United Kingdom (UK) and Singapore s financial cooperation Facilitating cross-border capital raising in ASEAN Sources: Monetary Authority of Singapore, CPF Board, Singapore Department of Statistics, and Lipper. 6

Hong Kong: Gateway to China for Estonian Businesses

Hong Kong: Gateway to China for Estonian Businesses Hong Kong: Gateway to China for Estonian Businesses Mrs Agnes ALLCOCK, Director-General Hong Kong Economic and Trade Office (London) 2 June 2011 1 Hong Kong: The Latest Economic Situation Real GDP Growth:

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

Busiest ports. Asian Tiger. Business friendly. Highest Trade/GDP Ratio. 4 th biggest financial centre

Busiest ports. Asian Tiger. Business friendly. Highest Trade/GDP Ratio. 4 th biggest financial centre Busiest ports Business friendly Asian Tiger Highest Trade/GDP Ratio 4 th biggest financial centre Singapore economy at a glance: Singapore is a global trading power. Its strategic geographical location,

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

The Center Cannot Hold:

The Center Cannot Hold: The Center Cannot Hold: Singapore to overtake Switzerland as leading Offshore Hub by 2020 April, 2013 Offshore Centers: 2012 Private Banking Handbook The global private banking industry has AuM of $19.3

More information

Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges

Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Zhang Ying, Senior Economist In recent years, as the internationalization of the RMB has been steadily carrying out,

More information

Equity Sell-off Continues, Bonds Affected

Equity Sell-off Continues, Bonds Affected Equity Sell-off Continues, Bonds Affected Executive Summary Portfolio Performance So Far The 1-month performance of all model portfolios have been affected by the recent sell-off in equities, with returns

More information

Current account deficit -10. Private sector Other public* Official reserve assets

Current account deficit -10. Private sector Other public* Official reserve assets Australian Capital Flows and the financial Crisis Introduction For many years, Australia s high level of investment relative to savings has been supported by net foreign capital inflow. This net capital

More information

Benchmarking Travel & Tourism Global Summary

Benchmarking Travel & Tourism Global Summary Benchmarking Travel & Tourism Global Summary How does Travel & Tourism compare to other sectors? Sponsored by: Summary of Findings, November 2013 Outline Introduction... 3 Summary of research structure..

More information

The Edge-Lipper Singapore Awards 2004 24.02.05

The Edge-Lipper Singapore Awards 2004 24.02.05 The Edge-Lipper Singapore Awards 2004 24.02.05 Lipper A Reuters Company Robin Thurston Vice President Global Director of Research, Media, and Marketing Lipper What we believe in Independence Objectivity

More information

How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business

How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business Llinks Asset Management Bulletin October 2012 How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business By Sandra Lu and Lily Luo China Insurance Regulatory Commission ( CIRC

More information

Santander Asset Management Focus on LATAM. Sao Paulo, May 2011

Santander Asset Management Focus on LATAM. Sao Paulo, May 2011 Santander Asset Management Focus on LATAM Sao Paulo, May 2011 2 Santander Asset Management advise that this presentation contains representations regarding forecasts and estimates. Said forecasts and estimates

More information

MONETARY AUTHORITY OF SINGAPORE 2014 SINGAPORE ASSET MANAGEMENT SURVEY SINGAPORE GLOBAL CITY, WORLD OF OPPORTUNITIES

MONETARY AUTHORITY OF SINGAPORE 2014 SINGAPORE ASSET MANAGEMENT SURVEY SINGAPORE GLOBAL CITY, WORLD OF OPPORTUNITIES 0 MONETARY AUTHORITY OF SINGAPORE 2014 SINGAPORE ASSET MANAGEMENT SURVEY SINGAPORE GLOBAL CITY, WORLD OF OPPORTUNITIES 1 MONETARY AUTHORITY OF SINGAPORE Contents Foreword 2 About the Survey 5 Survey Findings

More information

Global Markets Update Signature Global Advisors

Global Markets Update Signature Global Advisors SIGNATURE GLOBAL ADVISORS MARKETS UPDATE AUGUST 3, 2011 The following comments come from an internal interview with Chief Investment Officer, Eric Bushell. They represent Signature s current market views

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

Morningstar is shareholders in

Morningstar is shareholders in Media Contact: Andy Seunghye Jung, +82 2 3771 0730 or andy.jung@morningstar.comm FOR IMMEDIATE RELEASE Morningstar A Grade Announces Findings from Fourth Global Fund Investor Experience Report; Korea Scores

More information

Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank

Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration

More information

ZIMELE PERSONAL PENSION PLAN

ZIMELE PERSONAL PENSION PLAN ZIMELE PERSONAL PENSION PLAN ABRIDGED REPORT TO THE SCHEME MEMBERS FOR THE YEAR ENDED 31 ST DECEMBER 2015 TABLE OF CONTENTS Advisors To The Fund... 3 Trustee s Report... 4 Statement Of Trustee s Responsibilities...

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

Singapore Company Registration Statistics

Singapore Company Registration Statistics Singapore Company Registration Statistics Q1, 2012 16 Raffles Quay, Suite 33-03 Singapore, 048581 www.guidemesingapore.com +65 6222 7445 Singapore Company Registration Statistics Report About the Report

More information

Scotia Aria Moderate Pay Portfolio

Scotia Aria Moderate Pay Portfolio Scotia Aria Moderate Pay Portfolio Semi-Annual Management Report of Fund Performance For the period ended, 2015 This semi-annual management report of fund performance contains financial highlights but

More information

Hong Kong Regulation

Hong Kong Regulation Hong Kong Regulation FUNDS AND FUND MANAGEMENT 2010 2.1 Type of funds Collective investment schemes (CISs) can be organized in Hong Kong either as unit trusts or as mutual funds, both open and closed ended.

More information

Seizing Opportunities in Asia and Beyond

Seizing Opportunities in Asia and Beyond Seizing Opportunities in Asia and Beyond Asia, the region of growth opportunities 30% Projected contribution from Asia (excluding Japan) to global GDP in 2020. Today, Asia is the world s fastest growing

More information

American Funds Target Date Retirement Series

American Funds Target Date Retirement Series American Funds Target Date Retirement Series Semi-annual report for the six months ended April 30, 2016 Depending on the proximity to its target date, the fund will seek to achieve the following objectives

More information

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong Important Risk Disclosure for PAIF: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit

More information

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges Where

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

The Economic Benefits of Aviation and Performance in the Travel & Tourism Competitiveness Index

The Economic Benefits of Aviation and Performance in the Travel & Tourism Competitiveness Index CHAPTER 1.4 The Economic Benefits of Aviation and Performance in the Travel & Tourism Competitiveness Index JULIE PEROVIC International Air Transport Association (IATA) The aviation industry supports tourism

More information

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative

More information

Asset Management Industry Development in Hong Kong, Singapore and China

Asset Management Industry Development in Hong Kong, Singapore and China Asset Management Industry Development in Hong Kong, Singapore and China by Terence Chong Vivian Wong Working Paper No. 7 March 2012 Institute of Global Economics and Finance The Chinese University of Hong

More information

A guide to investing in cash alternatives

A guide to investing in cash alternatives A guide to investing in cash alternatives What you should know before you buy Wells Fargo Advisors wants to help you invest in cash alternative products that are suitable for you based on your investment

More information

Building a Logistics/Supply Chain Hub The Singapore Experience. Hum SinHoon NUS Business School National University of Singapore

Building a Logistics/Supply Chain Hub The Singapore Experience. Hum SinHoon NUS Business School National University of Singapore Building a Logistics/Supply Chain Hub The Singapore Experience Hum SinHoon NUS Business School National University of Singapore BACKGROUND Singapore Rankings World Business Environment Rank Country Total

More information

Development of the government bond market and public debt management in Singapore

Development of the government bond market and public debt management in Singapore Development of the government bond market and public debt management in Singapore Monetary Authority of Singapore Abstract This paper describes the growth of the Singapore Government Securities (SGS) market.

More information

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May 2015. A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

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 CRITERIA FOR THE GRANT OF A CAPITAL MARKETS SERVICES LICENCE OTHER THAN FOR FUND MANAGEMENT Guideline No : SFA 04-G01

More information

INSURANCE DEVELOPMENT PLAN Volume II (2010-2014)

INSURANCE DEVELOPMENT PLAN Volume II (2010-2014) INSURANCE DEVELOPMENT PLAN Volume II (2010-2014) 1 PREFACE The Insurance industry plays a significant role in the social and economic development of a nation, serving as a contributing source of long-

More information

Diversify your wealth internationally

Diversify your wealth internationally ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why

More information

SUBMISSION BY THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

SUBMISSION BY THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION SUBMISSION BY THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION Executive Summary ASIC has responsibility for the regulation of securities and some derivatives markets in Australia. These markets are

More information

Monetary policy, fiscal policy and public debt management

Monetary policy, fiscal policy and public debt management Monetary policy, fiscal policy and public debt management People s Bank of China Abstract This paper touches on the interaction between monetary policy, fiscal policy and public debt management. The first

More information

Think Asia Think Hong Kong, Paris Hong Kong: Asia s Premier Asset and Wealth Management Centre 28 October 2014

Think Asia Think Hong Kong, Paris Hong Kong: Asia s Premier Asset and Wealth Management Centre 28 October 2014 Think Asia Think Hong Kong, Paris Hong Kong: Asia s Premier Asset and Wealth Management Centre 28 October 2014 Keynote Address by the Hon Mrs Laura Cha Chairman of Financial Services Development Council,

More information

Elite LJ Active Portfolio Fund

Elite LJ Active Portfolio Fund Elite LJ Active Portfolio Fund Short Report for the year ended 30 April 2015 Investment Objective and Policy The objective of the Fund is to achieve a total positive return in all market conditions, over

More information

Colombia Regulation. 2.1 Type of funds. Collective portfolios. According to the Colombian legislation, the main types of investment funds are:

Colombia Regulation. 2.1 Type of funds. Collective portfolios. According to the Colombian legislation, the main types of investment funds are: Colombia Regulation FUNDS AND FUND MANAGEMENT 2010 2.1 Type of funds According to the Colombian legislation, the main types of investment funds are: Collective portfolios A collective portfolio is a mechanism

More information

Diversify your wealth internationally

Diversify your wealth internationally ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why

More information

Asset Management in the UK 2014-2015

Asset Management in the UK 2014-2015 ASSET MANAGEMENT SURVEY 214-15 INDUSTRY OVERVIEW Asset Management in the UK 214-215 The Investment Association Annual Survey SUMMARY September 215 i THE INVESTMENT ASSOCIATION CONTENT ENQUIRIES Ruth Meade,

More information

Legislative Council Panel on Financial Affairs. Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong

Legislative Council Panel on Financial Affairs. Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong CB(1)870/14-15(04) For discussion on 1 June 2015 Legislative Council Panel on Financial Affairs Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong PURPOSE In his 2015-16

More information

U.S. Trade Overview, 2013

U.S. Trade Overview, 2013 U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the

More information

Haltvetia Insurance - Review

Haltvetia Insurance - Review Helvetia Switzerland Operative Account 2014 Collective life insurance. Your Swiss Insurer. 2014: reforms are needed and so is transparency! Dear Readers, It is undisputed that our social security system

More information

Monthly European ETF Market Trends MAR 2015 in brief

Monthly European ETF Market Trends MAR 2015 in brief LYXOR ETF BAROMETER APR 215 1 THIS DOCUMENT IS FOR THE EXCLUSIVE USE OF INVESTORS ACTING ON THEIR OWN ACCOUNT AND CATEGORIZED EITHER AS ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS WITHIN THE MEANING

More information

Why Credit Suisse? Private Banking & Wealth Management 3Q2014

Why Credit Suisse? Private Banking & Wealth Management 3Q2014 Why Credit Suisse? Private Banking & Wealth Management 3Q2014 October 2014 Disclaimer Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements that

More information

Research. What Impact Will Ballooning Government Debt Levels Have on Government Bond Yields?

Research. What Impact Will Ballooning Government Debt Levels Have on Government Bond Yields? Research What Impact Will Ballooning Government Debt Levels Have on Government Bond Yields? The global economy appears to be on the road to recovery and the risk of a double dip recession is receding.

More information

Fritz Zurbrügg: The Swiss National Bank s investment policy some topical issues

Fritz Zurbrügg: The Swiss National Bank s investment policy some topical issues Fritz Zurbrügg: The Swiss National Bank s investment policy some topical issues Speech by Mr Fritz Zurbrügg, Member of the Governing Board of the Swiss National Bank, at the Money Market Event, Geneva,

More information

Mutual Fund Expense Information on Quarterly Shareholder Statements

Mutual Fund Expense Information on Quarterly Shareholder Statements June 2005 Mutual Fund Expense Information on Quarterly Shareholder Statements You may have noticed that beginning with your March 31 quarterly statement from AllianceBernstein, two new sections have been

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

In 2012, GNP in constant prices increased by 1.8% compared with 2011.

In 2012, GNP in constant prices increased by 1.8% compared with 2011. 8 Economy In 2012, GNP in constant prices increased by 1.8% compared with 2011. The building and construction sector fell by 7.7% in value added terms in 2012 compared to 2011. Manufacturing industry decreased

More information

Personal Accident and Health Insurance in Malaysia, Key Trends and Opportunities to 2016

Personal Accident and Health Insurance in Malaysia, Key Trends and Opportunities to 2016 Personal Accident and Health Insurance in Malaysia, Key Trends and Opportunities to 2016 Market Intelligence Report Reference code: IS0055MR Published: September 2012 www.timetric.com Timetric John Carpenter

More information

Financial Repression: A Driving Force for Mergers and Acquisitions?

Financial Repression: A Driving Force for Mergers and Acquisitions? Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past

More information

SUN LIFE GLOBAL INVESTMENTS (CANADA) INC.

SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the financial year ended December 31, 2014 Sun Life BlackRock Canadian Universe Bond Fund This annual management

More information

Pioneer Bond Fund. Performance Analysis & Commentary September 2015. Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.

Pioneer Bond Fund. Performance Analysis & Commentary September 2015. Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments. Pioneer Bond Fund COMMENTARY Performance Analysis & Commentary September 2015 Fund Ticker Symbols: PIOBX (Class A); PICYX (Class Y) us.pioneerinvestments.com Third Quarter Review Pioneer Bond Fund s Class

More information

The Bermuda Stock Exchange

The Bermuda Stock Exchange The Bermuda Stock Exchange Foreword This Memorandum has been prepared for the assistance of anyone who requires information about the Bermuda Stock Exchange. It deals in broad terms with the Bermuda Stock

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

Recognition of Funds (MRF) A new era for asset management in China and Hong Kong

Recognition of Funds (MRF) A new era for asset management in China and Hong Kong www.pwchk.com Mainland and Hong Kong Mutual Recognition of Funds (MRF) A new era for asset management in China and Hong Kong Getting ready to access the China and Hong Kong asset management markets Foreword

More information

Global Client Group The Gateway to AWM

Global Client Group The Gateway to AWM Global Client Group The Gateway to AWM January 2013 For professional investors only Content 1 2 3 Deutsche Bank and Asset Global Client Group Our product and service offering 1 Deutsche Bank A global partner

More information

Jarle Bergo: Monetary policy and the outlook for the Norwegian economy

Jarle Bergo: Monetary policy and the outlook for the Norwegian economy Jarle Bergo: Monetary policy and the outlook for the Norwegian economy Speech by Mr Jarle Bergo, Deputy Governor of Norges Bank, at the Capital markets seminar, hosted by Terra-Gruppen AS, Gardermoen,

More information

Capital Market Integration and Stock Exchange Consolidation in the Asia-Pacific

Capital Market Integration and Stock Exchange Consolidation in the Asia-Pacific Joint Statement Asian Shadow Financial Regulatory Committee and Australia-New Zealand Shadow Financial Regulatory Committee Queenstown, New Zealand 6 April, 2011 * Capital Market Integration and Stock

More information

Speech Speech by SFST at Hong Kong Investment Funds Association 9th Annual Conference (English only) Friday, October 30, 2015

Speech Speech by SFST at Hong Kong Investment Funds Association 9th Annual Conference (English only) Friday, October 30, 2015 Speech Speech by SFST at Hong Kong Investment Funds Association 9th Annual Conference (English only) Friday, October 30, 2015 Following is the speech by the Secretary for Financial Services and the Treasury,

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

A REGIONAL GATEWAY FOR RMB. Singapore

A REGIONAL GATEWAY FOR RMB. Singapore A REGIONAL GATEWAY FOR RMB Singapore GROWING INTERNATIONAL AND REGIONAL ROLE OF THE RMB Rising Potential for International use of RMB China accounts for more than 10% of global trade and investment flows

More information

Consultation Paper on Liquidity Coverage Ratio Disclosure Requirements

Consultation Paper on Liquidity Coverage Ratio Disclosure Requirements CONSULTATION PAPER P018-2015 Consultation Paper on Disclosure Requirements October 2015 i TABLE OF CONTENTS TABLE OF CONTENTS... ii 1 Preface... 1 2 Specific Areas for Comment... 3 2.1 Scope of Application...

More information

AIMS AMP Capital Industrial REIT s 3QFY2010 1 financial results

AIMS AMP Capital Industrial REIT s 3QFY2010 1 financial results AIMS AMP CAPITAL INDUSTRIAL REIT MANAGEMENT LIMITED (formerly known as MacarthurCook Investment Managers (Asia) Limited) As Manager of AIMS AMP Capital Industrial REIT (formerly known as MacarthurCook

More information

Forecasting Chinese Economy for the Years 2013-2014

Forecasting Chinese Economy for the Years 2013-2014 Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn

More information

FLEXIBLE EXCHANGE RATES

FLEXIBLE EXCHANGE RATES FLEXIBLE EXCHANGE RATES Along with globalization has come a high degree of interdependence. Central to this is a flexible exchange rate system, where exchange rates are determined each business day by

More information

for Fund Management Companies and Exempt Financial Intermediaries

for Fund Management Companies and Exempt Financial Intermediaries CONSULTATION PAPER P008-2010 April 2010 Review of the Regulatory Regime for Fund Management Companies and Exempt Financial Intermediaries REVIEW OF THE REGULATORY REGIME FOR FUND MANAGEMENT COMPANIES TABLE

More information

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE.

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE. Fidelity Funds Société d Investissement à Capital Variable 2a, Rue Albert Borschette B.P. 2174 L-1021 Luxembourg R.C.S. B34036 Tél: +352 250 404 (1) Fax: +352 26 38 39 38 THIS DOCUMENT IS IMPORTANT AND

More information

Hong Kong The Gateway to China. Steve Barclay Director, HKETO May 2012

Hong Kong The Gateway to China. Steve Barclay Director, HKETO May 2012 Hong Kong The Gateway to China Steve Barclay Director, HKETO May 2012 Hong Kong Economic & Trade Office (HKETO) Representative office of the Government of the HKSAR Assists companies to expand and explore

More information

Russia. How does Travel & Tourism compare to other sectors? GDP. Size. Share. Russia GDP Impact by Industry. Russia GDP Impact by Industry

Russia. How does Travel & Tourism compare to other sectors? GDP. Size. Share. Russia GDP Impact by Industry. Russia GDP Impact by Industry Russia Izmaylovo Kremlin in Moscow Agriculture Automotive Manufacturing Banking Chemicals Manufacturing Communications Education Financial Services Mining Other Service Exports Retail (without wholesale)

More information

Financial Markets Authority Website: www.fma.govt.nz

Financial Markets Authority Website: www.fma.govt.nz Financial Markets Authority Website: www.fma.govt.nz Auckland Office Level 5, Ernst & Young Building 2 Takutai Square, Britomart PO Box 106 672 AUCKLAND 1143 Wellington Office Level 2 1 Grey Street PO

More information

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

Reading the balance of payments accounts

Reading the balance of payments accounts Reading the balance of payments accounts The balance of payments refers to both: All the various payments between a country and the rest of the world The particular system of accounting we use to keep

More information

Factors affecting the inbound tourism sector. - the impact and implications of the Australian dollar

Factors affecting the inbound tourism sector. - the impact and implications of the Australian dollar Factors affecting the inbound tourism sector - the impact and implications of the Australian dollar 1 Factors affecting the inbound tourism sector - the impact and implications of the Australian dollar

More information

hong kong offi ce Latitude N 22 16' 42" Longitude E 114 9 32"

hong kong offi ce Latitude N 22 16' 42 Longitude E 114 9 32 hong kong offi ce 22 Latitude N 22 16' 42" Longitude E 114 9 32" Hong Kong Luxembourg, your entry point to Europe Ideally situated at the cross-roads between France, Belgium and Germany, Luxembourg is

More information

Jersey: for Trusts. Jersey s finance industry provides the highest standards of administration for trust structure

Jersey: for Trusts. Jersey s finance industry provides the highest standards of administration for trust structure Jersey: for Trusts Jersey s finance industry provides the highest standards of administration for trust structure Jersey for Trusts Jersey A leading international financial centre Jersey is a leading international

More information

Combating Tax Evasion through Transparency and Exchange of Information

Combating Tax Evasion through Transparency and Exchange of Information Combating Tax Evasion through Transparency and Exchange of Information BSEC 23 November 2012 Simon Knott Global Forum Secretariat OECD What s at stake NO LEVEL PLAYING FIELD tax fraud and evasion lack

More information

Mutual Funds in Pakistan

Mutual Funds in Pakistan Mutual Funds in Pakistan Investors Education Seminar arranged by SECP and ICAP held on 29th January 2015 Presented By First Capital Investments Limited Definition of Mutual Fund A mutual fund is a collective

More information

As of July 1, 2013. Risk Management and Administration

As of July 1, 2013. Risk Management and Administration Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.

More information

Invesco Funds Series 1-5 Consolidated Prospectus

Invesco Funds Series 1-5 Consolidated Prospectus Invesco Funds Series 1-5 Consolidated Prospectus 26 November 2010 Invesco Funds Series 1 Invesco Funds Series 2 Invesco Funds Series 3 Invesco Funds Series 4 Invesco Funds Series 5 Each an open-ended umbrella

More information

PRUDENTIAL PLC 2002 NEW BUSINESS RESULTS. Total Group insurance and investment sales of 27.6 billion, an increase of 29 per cent on 2001.

PRUDENTIAL PLC 2002 NEW BUSINESS RESULTS. Total Group insurance and investment sales of 27.6 billion, an increase of 29 per cent on 2001. Embargo: 07.00 hrs Thursday 23 January 2003 PRUDENTIAL PLC 2002 NEW BUSINESS RESULTS Total Group insurance and investment sales of 27.6 billion, an increase of 29 per cent on 2001. Group insurance sales

More information

International Education in the Comox Valley: Current and Potential Economic Impacts

International Education in the Comox Valley: Current and Potential Economic Impacts International Education in the Comox Valley: Current and Potential Economic Impacts FINAL REPORT March 2012 Prepared by: Vann Struth Consulting Group Inc. Vancouver, BC www.vannstruth.com Prepared for:

More information

Investment in Gold Exchange Traded Funds (Gold ETF): A Safe and Novel Approach to Investment in Gold

Investment in Gold Exchange Traded Funds (Gold ETF): A Safe and Novel Approach to Investment in Gold Investment in Gold Exchange Traded Funds (Gold ETF): A Safe and Novel Approach to Investment in Gold Dr. Joshy Andrews Assistant Professor, St.Aloysius College Edathua, Alapuzha Mail: andrewsjoshy@gmail.com

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

Volume 9: January June 2014

Volume 9: January June 2014 BIST TRENDS REPORT by TUYID TURKISH INVESTOR RELATIONS SOCIETY & MKK CENTRAL REGISTRY AGENCY Volume 9: January June July 11, 1 / 19 July 11, Dear Readers, We proudly present Volume IX of Borsa Istanbul

More information

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis

More information

South East Asia: Data Protection Update

South East Asia: Data Protection Update Data Privacy and Security Team To: Our Clients and Friends September 2013 South East Asia: Data Protection Update Europe has had data protection laws in place for over a decade. Such laws regulate how

More information

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International

More information

Consumer Credit Worldwide at year end 2012

Consumer Credit Worldwide at year end 2012 Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international

More information

January 29, 2009. Testimony of. Brad Setser Fellow, Geoeconomics Council on Foreign Relations 1. Before the Senate Budget Committee

January 29, 2009. Testimony of. Brad Setser Fellow, Geoeconomics Council on Foreign Relations 1. Before the Senate Budget Committee January 29, 2009 Testimony of Brad Setser Fellow, Geoeconomics Council on Foreign Relations 1 Before the Senate Budget Committee The Global Outlook 1 The Council on Foreign Relations takes no institutional

More information

List of tables. I. World Trade Developments

List of tables. I. World Trade Developments List of tables I. World Trade Developments 1. Overview Table I.1 Growth in the volume of world merchandise exports and production, 2010-2014 39 Table I.2 Growth in the volume of world merchandise trade

More information