ABMI Group of Experts Report - Personal File Sharing

More documents

Recommendations

Info

Table of contents1. Overview of legal and regulatory information ..................................................... 21.1 General ....................................................................................................... 21.2 Asian ICSD Model ....................................................................................... 21.2.1 Settlement – Overview ......................................................................... 21.2.2 Barriers ................................................................................................ 3People’s Republic of China ............................................................................ 3Hong Kong, China ......................................................................................... 4Indonesia ....................................................................................................... 5Japan............................................................................................................. 6Republic of Korea .......................................................................................... 6Malaysia ........................................................................................................ 7Philippines ..................................................................................................... 7Singapore ...................................................................................................... 8Thailand ......................................................................................................... 8Viet Nam ........................................................................................................ 91.3 CSD Linkage Model .................................................................................... 91.3.1 Pre -requisites ...................................................................................... 91.3.2 Barriers .............................................................................................. 10People’s Republic of China .......................................................................... 10Hong Kong, China ....................................................................................... 10Indonesia ..................................................................................................... 10Japan........................................................................................................... 10Republic of Korea ........................................................................................ 11Malaysia ...................................................................................................... 11Philippines ................................................................................................... 11Singapore .................................................................................................... 11Thailand ....................................................................................................... 12Viet Nam ...................................................................................................... 122. Target information to be checked per market ................................................... 12People’s Republic of China .......................................................................... 13Hong Kong, China ....................................................................................... 13Indonesia ..................................................................................................... 13Japan........................................................................................................... 13Republic of Korea ........................................................................................ 14Malaysia ...................................................................................................... 14Philippines ................................................................................................... 14Singapore .................................................................................................... 14Thailand ....................................................................................................... 14Viet Nam ...................................................................................................... 151
1. Overview of legal and regulatory information1.1 GeneralThe purpose of this report is to provide a high level review of the legal and regulatoryissues associated with establishing an Asian ICSD or of establishing a CSD Linkagefor the ASEAN+3 markets. This report focuses on potential impediments or aspectsof market mechanics that might either prevent an ICSD from providing its full range ofservices or make the possibility of a CSD Linkage feasible. It highlights legal barriersthat have already been identified in the Group of Experts RSI report (the “originalreport”) issued in April 2010 and indicates changes or evolutions of regulations orlaws noticed on each market.This document is intended to:provide an overview of the legal and regulatory changes noticed in theASEAN+3 markets and already identified in the legal feasibility study of theGoE RSI report for each market.where possible, highlight the evolution of laws and regulations per marketduring the year 2010 since the compilation of the GoE RSI report.support interpretation of the target information table.This document does not represent a legal opinion regarding any of the laws orregulations cited herein or that have been referred to implicitly.This document does not make any assumptions regarding the nature of the solution(either Asian ICSD or linkage of existing CSDs) that is envisaged. Neither does thisdocument seek to anticipate the specific requirements that the implementation ofeither one of these solutions might demand.For your reference, please refer to the barriers list table in excel file for each marketas attachment 1.1.2 Asian ICSD Model1.2.1 Settlement – OverviewIn the original Legal Feasibility Study, it appears that in respect of establishing asettlement link with a specific market, and to permit an Asian ICSD to provide its corefunction there are 2 requirements: (1) acceptance of omnibus accounts, which wouldenable the Asian ICSD to provide its full range of services such as internalsettlement; and (2) acceptance or recognition of an intermediated or multi-tieredholding structure – which recognises the concept of nominee ownership - where thebeneficial owner (the ultimate end investor) does not need to be specificallyidentified. This is because the ICSD does not act for its own account. Whereintermediated holding are recognized, it ensures that the beneficial owners receivethe full set of rights of any investor.2
Page 1: Re-assessment of ABMI Group of Expe
Page 5 and 6: demonstrated in the development of
Page 7 and 8: exceed IDR 500 million, supporting
Page 9 and 10: and time deposits (with at least a
Page 11 and 12: 1.3.2 BarriersPeople’s Republic o
Page 13 and 14: A positive precedent has been set b
Page 15 and 16: As indicated under barrier D2, the

ABMI Group of Experts Report - Personal File Sharing

Create successful ePaper yourself

Delete template?

Save as template?