This article goes into the details of a highly anticipated draft practical compliance guideline (PCG 2021/D3) released by the Australian Taxation Office (ATO). PCD 2021/D3 provided clarity on the two primary issues: (1) what are the reasonable enquiries required to demonstrate compliance with the imported hybrid mismatch rule (IHMR); and (2) the Australian Taxation Office’s approach to risk assessment for the application of the IMHR to taxpayer’s circumstances.
This article delves into the Consultation Conclusions on Proposed Enhancements to the Open-ended Fund Companies Regime (OFC) and Further Consultation on Customer Due Diligence Requirements, published by Hong Kong’s Securities and Futures Commission. Issued on 2 September 2020, the Consultation Conclusion, the Consultation Conclusion highlights different enhancements to be made to private OFCs.
This resource provides an overview on the recently passed legislation by the Financial Services Royal Commission. The specific legislation is the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020. In particular, this summary examines the differences between this Bill and previous legislation and how it affects insurers.
New Zealand – in a world first – introduced a bill requiring companies in the financial sector to disclose the impact of climate change on their businesses and how they plan to manage climate-related risks and opportunities. This resource takes a look at how the climate impact disclosure bill could impact businesses based in Australia.
In December 2020, the Financial Services and the Treasury Bureau (FSTB) of the government of Hong Kong issued a proposal to provide tax concession for interest distributed by eligible private equity funds which operate in Hong Kong. This proposal summarised and addressed comments and feedback from a prior response issued by the government of Hong Kong in August 2020. This article is a detailed submission on the August 2020 proposal.
On 8 February 2021, the Securities and Futures Commission (SFC) of Hong Kong (SFC) issues a consultation paper, which if successfully enacted as it was proposed, would have an impact on the way in which public offerings of equity and debt securities are made in Hong Kong. The following article provides an overview on the provisions of the consultation paper and the specific effects of its inaction.
In light of the news that 2020 has been an exciting year for Hong Kong’s asset and wealth management industry, this article provides an overview of the of a recent proposal issued by the Hong Kong government’s Financial Service and The Treasury Bureau. This proposal provides a framework and procedures involves in the redomiciling process of an offshore fund to Hong Kong.