Singapore
Proposed Amendments to the Securities & Futures (Reporting of Derivatives Contracts) Regulations
MAS has published proposed amendments that aim to facilitate the aggregation of OTC derivatives data through standardisation and harmonisation of data elements by incorporating CPMI-IOSCO’s technical guidance on the harmonisation of the unique transaction identifier, unique product identifier, and other critical data elements.
China
China has established its new National Financial Regulator (NAFR)
On May 18th, 2023, China inaugurated its new national financial regulator, the National Administration of Financial Regulation (NAFR). The new regulator absorbs CBIRC and assumes certain functions from PBOC and CSRC. NAFR will oversee all sectors of the financial industry, except securities.
Australia
China has established its new National Financial Regulator (NAFR)
On May 19th, 2023, APRA updated the consultation roadmap for Phase 2 of the Superannuation Data Transformation project.
Thailand
Regulatory Reminder: Preparing for FATCA Compliance
The US IRS will open the IDES system for Thai Financial Institutions to try receiving and sending simulated data to the IRS from June 5th to 30th, 2023.
Previously registered in the IDES system can register to the IRS by June 1, 2023.
India
FATCA Reporting: Published Clarification on FAQ 6 (reporting) and FAQ 3 (reporting) issued by U.S. IRS in respect of FATCA reportable accounts.
In the case of calendar year 2022 reports, for missing US TINs, RFIs can use either:
– TIN Codes issued by the IRS in May 2021; or
– Updated TIN Codes to be issued by the IRS in early 2023
For 2023 and 2024, RFIs must use the 2023 updated TIN Codes issued by the IRS.