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News Centre
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New Zealand's Financial Markets Authority Reminds Market Of Inside Information Restrictions
Date 22/04/2020
COVID-19 has caused increased volatility in financial markets, both in New Zealand and globally. Concerns have been raised in some offshore markets regarding potential misconduct by information insiders.
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The 10th Shanghai Stock Exchange General Meeting Held Successfully
Date 22/04/2020
On April 18, also the 30th anniversary of the development and opening up of Pudong New Area, the Shanghai Stock Exchange (SSE) successfully held the tenth general meeting. The meeting was convened by the SSE Board of Governors. Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC), delivered a video speech to the meeting. Huang Hongyuan, Party Chief and Chairman of the SSE, presided over the meeting. Attending the meeting were the representatives of 120 members and special members of the SSE, officials of relevant CSRC departments, members of the leadership of the SSE and heads of relevant SSE departments.
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ASIC Notes financial Reporting Changes
Date 22/04/2020
ASIC notes the decisions by the following companies:
- Authorised Investment Fund Limited – The decision to write down investment assets by $9.36 million in its financial report for the half-year ended 31 December 2019. ASIC had raised questions about the company’s assessment of the value of investment assets in its financial report for the year ended 30 June 2019.
- Ovato Limited – The decision to write down goodwill by $35.2 million in its financial report for the half-year ended 31 December 2019. ASIC had raised questions about the company’s impairment assessment for its non-current assets at 30 June 2019, given negative free cash flows and losses from operations for the year then ended.
- Teaminvest Private Group Limited – The decision to derecognise $14.4 million of goodwill and recognise a share-based payment expense of $2.2 million in restated figures for the year ended 30 June 2019 in its financial report for the half-year ended 31 December 2019. ASIC had raised questions about Teaminvest Private Group Limited being treated as the accounting acquirer of Teaminvest Private Pty Limited in the financial report for the year ended 30 June 2019. The transaction has now been treated as a reverse acquisition.
- Trimantium GrowthOps Limited – The decision to write down goodwill by $10.3 million in its financial report for the half-year ended 31 December 2019. ASIC had raised questions about the value of the company’s intangibles assets in its financial report for the year ended 30 June 2019.
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Resolutions At The 10th Shanghai Stock Exchange General Meeting
Date 22/04/2020
The 10th General Meeting of the Shanghai Stock Exchange (SSE) was held on April 18, 2020 in the form of video conference. The meeting was convened by the Board of Governors and chaired by Huang Hongyuan, with the attendance of the representatives of 117 members.
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SEC Proposes To Modernize Framework For Fund Valuation Practices
Date 22/04/2020
The Securities and Exchange Commission today announced that it has voted to propose a new rule that would establish a framework for fund valuation practices. The rule is designed to clarify how fund boards can satisfy their valuation obligations in light of market developments, including an increase in the variety of asset classes held by funds and an increase in both the volume and type of data used in valuation determinations.
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ISDA SwapsInfo First Quarter Of 2020 Review: Summary
Date 21/04/2020
The ISDA SwapsInfo Quarterly Review provides analysis of interest rate derivatives (IRD) and credit derivatives trading activity. The report provides a breakdown of cleared and non-cleared activity, swap execution facility (SEF) and off-SEF traded notional, product taxonomy and currency information. This summary provides a high-level overview of key trends in the first quarter of 2020. The full report will be published by the end of the month.
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NZX Addressing Technical Issues Following A Four-Fold Jump In Share Trading Volumes
Date 21/04/2020
NZX has experienced several technical issues in the last six trading days. The root cause of these issues appears to stem from a significant increase in trading volumes – up around four-fold since early 2020 – along with an associated increase in trade messaging within the market ecosystem’s IT infrastructure.
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Emerging Market Investments Entail Significant Disclosure, Financial Reporting And Other Risks- Remedies Are Limited - SEC Chairman Jay Clayton, PCAOB Chairman William D. Duhnke III, SEC Chief Accountant Sagar Teotia SEC Division of Corporation Finance Director William Hinman, SEC Division of Investment Management Director Dalia Blass - The PCAOB's Inability To Inspect Audit Work Papers In China Continues
Date 21/04/2020
Introduction
Over the past several decades, the portfolios of U.S. investors have become increasingly exposed to companies that are based in emerging markets or that otherwise have significant operations in emerging markets. This exposure includes investments in both U.S. issuers and foreign private issuers (“FPIs”) that are based in emerging markets or have significant operations in emerging markets. During this time, China has grown to be the largest emerging market economy and the world’s second largest economy.
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CFTC Chairman Tarbert Discusses Crude Oil Futures On CNBC’s Squawk Alley
Date 21/04/2020
Commodity Futures Trading Commission Chair Heath Tarbert joins “Squawk Alley” to discuss the moves in the oil futures market.
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IIROC: COVID-19 And Cybersecurity – Tips For Advisors And Employees
Date 21/04/2020
On March 30, we issued a notice to IIROC Dealer Members alerting them to the increased risk of cybersecurity attacks related to the COVID-19 pandemic. Cyber criminals are focusing now on individuals particularly people who are working remotely.
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