6 Key Updates on Regulatory Reforms in Asia and Australia

Need to catch up on regulatory changes announced across Asia and Australia over the summer? Here are just a few key updates our subscribers have already been alerted to.

1. Philippines – SEC proposes amendments to public offering exemptions

The draft circular:

• applies to firms relying on the de minimis exemption or QIB exemption to the public offering of securities restriction
• proposes that the firm would need to file a notice of exemption with the SEC
• proposes applying a fee for firms seeking SEC confirmation that an exemption applies

2. Macao – SAR passes new Investment Funds Law

With the aim of attracting more foreign institutions to Macao, the legislative assembly approved a new draft law coming into force on 1 January 2026, which:

• permits a wide range of fund structures
• improves investor protection
• removes economic obstacles e.g. minimum requirement for establishment/supervision fees
• assists with the re-domiciliation of overseas funds and permits private placement of overseas funds
• permits use of foreign regulated depositories

3. Australia – numerous consultations launched by different regulators

In the past few months, the following consultations have been launched covering:

• proposals aimed at improving licencing of authorised deposit-taking institutions released by the Australian Prudential Regulation Authority
• sustainable finance product labelling by the Australian Treasury
• 3 consultations by ASIC on (i) disclosure relief for offers of foreign securities and interests in managed investment schemes; (ii) relief to facilitate electronic delivery of disclosures; and (iii) updating of the regulatory guide on product disclosure statements

4. Kazakhstan – proposed changes to capital markets framework in financial hub Astana

The proposals are aimed at enhancing the effectiveness, proportionality and international alignment of the Astana International Financial Centre regulatory framework for capital markets by:

• streamlining disclosure and approval processes
• applying corporate governance requirements solely to issuers of equity securities
• expanding membership eligibility of an authorised market institution
• aligning client classification with the broader AIFC framework

5. Singapore – consultation on Product Highlights Sheets and complex products framework

The MAS published a consultation seeking feedback on proposed:

• enhancements to Product Highlights Sheets requirements including revised templates
• changes to the complex products framework, including introducing an alternative “product knowledge assessment”  and imposing safeguards for investors who require additional protection

6. India – India’s IFSC revamped regulatory framework for global access

The IFSCA announced its revamped regulatory framework (which takes immediate effect) for global access to India’s International Financial Services Centre, including information on:

• authorisation of a Global Access Provider
• Global Access Provider disclosure requirements
• types of clients permitted to deal in global access
• permitted products through global access