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China plans sweeping economic change in Five-Year Plan
February 28, 2011--China’s leadership is promising to steer the economy in a new direction in its blueprint for the next five years that would empower consumers and narrow a yawning wealth gap but require politically contentious reforms.
The latest Five-Year Plan -- a throwback to central planning but a useful roadmap of party goals -- calls for creating self-sustaining growth based on domestic consumption and reducing China’s reliance on exports and investment. That will require a cut in subsidies to state industries and curbs on local development plans that could provoke a backlash among some in the ruling Communist Party.
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Source: Todays Zaman
India’s Iron Ore Duty to Quadruple
February 28, 2011--India, the world’s third-largest exporter of iron ore, is to quadruple export duties on the commodity in a move that could push up prices from near-record levels.
Pranab Mukherjee, finance minister, announcing the rise in a national budget on Monday, said iron ore was a “natural resource which needs to be conserved”.
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Source: FT.com
New Asian Hedge Funds Raise $3.8 bln in 2010
February 25, 2011--Assets raised by new hedge funds in Asia surged nearly 50 percent to $3.84 billion in 2010 from a year earlier, yet another sign that investor interest in regional funds has been on the mend since a tough 2008.
The number of fund launches increased to 95 last year from 78 in 2009 while the average launch size rose to $40 million from $33 million, according to a survey by AsiaHedge. "Despite a slightly lacklustre second half, new Asian hedge fund launches continued to see sustained interest," said AsiaHedge editor Aradhna Dayal in Hong Kong. "Anecdotal evidence suggests that U.S. allocators were probably the largest contributors to start-up capital last year."
Source: Reuters
Vietnam's woes spell big bucks for frontier investors
February 24, 2011--Vietnam's underperforming stock market has thrown the spotlight on investment opportunities in the country, where sectors from banking to retail to insurance are on the radar of private equity firms and fund investors with an appetite for frontier market risk.
The risks to investing are significant, and include this month's 8.5 percent currency devaluation, as well as sovereign downgrades from Moody's and Standard & Poor's in December. The country's main stock index .VNI has dropped 10 percent in the past week after the government announced new measures to curb double-digit inflation.
Source: Reuters
Asia's Cash-Starved Small Hedge Funds Vulnerable to Dodd-Frank
February 25, 2011--Asia’s smaller hedge funds may be hardest hit by new rules in the U.S. making it costlier to raise and manage funds from the world’s biggest investment market.
Overseas hedge funds with more than 15 U.S. clients and investors managing more than $25 million for them will have to register for the first time with the Securities and Exchange Commission by July 21 as part of the Dodd-Frank regulatory overhaul. That means higher costs as managers have to keep the SEC up to date with assets and trading positions, and comply with U.S. securities laws. For smaller managers, such as Solaris Asset Management, registration and monitoring costs are prohibitive. A decision not to register may shut the door on a region that contributes about 40 percent of assets for Asia’s hedge funds, exacerbating a capital shortage since the financial crisis.
Source: Bloomberg
The Commencement Date, etc. of "Indicative Net Asset Value" for Exchange Traded Funds
February 25, 2011--Tokyo Stock Exchange (TSE) will begin calculating and publishing real-time Indicative Net Asset Value (Indicative NAV) per share for Exchange Traded Funds (ETFs) in order to improve investor convenience as announced on December 29, 2010.
Currently each ETF sponsor discloses Net Asset Value (NAV) for ETFs once a day, but through the calculation and release of Indicative NAV investors are provided with an understanding of NAV in real time, thus improving transparency and comparability with market price when buying and selling ETFs.
TSE has decided upon the commencement date, etc for calculating and publishing. Indicative NAV as follows.
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Source: Tokyo Stock Exchange
Lyxor to launch five sectoral ETFs in Singapore
January 25, 2011--Lyxor will cross-list five Asian equity sector-based ETFs in Singapore from February 28. These are believed to be the first Asian sectoral ETFs in the region.
Lyxor, an asset management unit of Société Générale, has received regulatory approval to list five sectoral exchange-traded funds (ETFs) that track the MSCI Asia ex-Japan benchmark index, and comprise financials, IT, consumer stables, resources and energy and infrastructure in the Singapore market.
"This is a good new tool for asset managers - when they see trends on sectors, they can use these to implement the strategy," says Christine Huang, vice-president responsible for sales and marketing of ETFs at Lyxor. "Before, they would have to go to Korea or Taiwan and maybe a company in Singapore to complete their exposure to technology, for example, but now it's just one trade."
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Source: Risk Net
FTSE an HKIFA announce changes to the FTSE MPF Index Series following 2010 market consultation
February 24, 2011--: FTSE Group (“FTSE”), the award winning global index provider and Hong Kong Investment Funds Association (“HKIFA”) today announce changes to the FTSE MPF Index Series, resulting from the market consultation held in late 2010. The consultation, part of a three-year regular cycle, is designed to ensure the FTSE MPF Index Series continues to meet the requirements of the market and provides the most accurate and relevant benchmarks for the Hong Kong investment community.
In response to market feedback from the consultation, FTSE will continue to align the FTSE MPF Index Series with the updated framework set out by the Mandatory Provident Fund Schemes Authority. As a result, stapled securities and those Real Estate Investment Trusts (REITs) not authorised by the Hong Kong’s Securities and Futures Commission (“SFC”) will be removed from the index series. Additionally and as a result of the consultation findings, FTSE will create a hedged version of the FTSE MPF Emerging Markets Index. The changes will continue to reflect the investable universe set out within the MPF framework, and take effect from the start of business on 21 March 2011. The next market consultation will be conducted in 2013.
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Source: FTSE
11-31AD ASIC invites feedback on proposals to improve disclosure for hedge funds
February 24, 2011--ASIC has released a consultation paper that outlines proposals to improve disclosure requirements for retail investors who invest in hedge funds. Consultation Paper 147 Hedge funds: Improving Disclosure for retail investors (CP 147) seeks feedback on enhancements aimed at ensuring retail investors and their advisers have the information they need to make an informed investment decision about the risks posed by hedge funds.
ASIC Commissioner, Greg Medcraft said, ‘Hedge funds, because of their diverse investment strategies, complex structures and use of leverage, short selling and derivatives can pose more diverse and complex risks for investors than traditional funds. Investors need the knowledge to assess factors such as how their money is to be invested, who makes key decisions for the fund, how the assets will be valued, and how investors can withdraw their money as well as details relating to leveraging, derivatives and short selling.’
CONSULTATION PAPER 147
Hedge funds: Improving disclosure for retail investors
Source: ASIC
FSA publishes English translations of laws related to “Introduction of Consolidated Regulation and Supervision of Securities Companies
February 24, 2011--Financial Services Agency (FSA) introduced the consolidated regulation and supervision of securities companies, which will come into effect on April 1st, 2011, based on the 2010 amendment of the Financial Instruments and Exchange Act, etc. Today, the FSA publishes English translations of the Financial Instruments and Exchange Act, Order for Enforcement of the Financial Instruments and Exchange Act, and Cabinet Office Ordinance on Financial Instruments Business, etc. related to “Introduction of Consolidated Regulation and Supervision of Securities Companies.”
Please note that these are unofficial translations. Only the original Japanese texts of laws and regulations have legal effect. The translations are to be used solely as reference material to aid in understanding of Japanese laws and regulations. The Government of Japan shall not be held responsible for the accuracy, reliability or currency of the legislative material posted on this website, or for any consequences resulting from use of the information on this website. For all purposes of interpreting and applying laws and regulations to any legal issue or dispute, users should consult with the original Japanese texts published in the official gazette.
view the Financial Instruments and Exchange Act related to “Introduction of Consolidated Regulation and Supervision of Securities Companies
Source: FSA.go.jp
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