PASLA was incorporated in Hong Kong in 1995 and is an association of firms that are active in the business of borrowing and/or lending securities in Asian markets.
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PASLA provides a collective voice and an industry consensus on issues that affect the development of the securities lending business.
PASLA works with regional regulators and exchanges to assist in the further development of the securities lending business.
We are excited to share the fifth episode in our current podcast series hosted by Matt MacArthur with Gold Sponsor EquiLend.
In this episode we explore the Japanese and Australian markets with Emiko Ida and Robert Nichols. The impacts of offshore vs onshore status are explored as are the nuances of franking credits, proxy recalls and the future prospects of the markets.
Once again, we are joined by a legend from the industry - Jack Chang.
The podcast can be listened to on our website, apple podcasts or Spotify.
As per our earlier announcement, the Financial Supervisory Service (FSS) has been planning to revise the Investment Registration Certificate (IRC) Application Form and the Net Holding Position Report in addition to the requirement of a new Stock Lending and Borrowing Transaction Report.
The new templates are now available and have the following effective dates:
· IRC: from 30th November 2022
· Net Holding Position Report: from 31st March 2023
· SLB Transaction Report: from 2nd January 2023 (Q4 2022 data in scope of report)
The FSC has announced plans to further open the Taiwan market to foreign investors by reviewing the current rules surrounding FINI’s (Foreign Institutional Investors) usage of overseas capital as collateral.
A review will be undertaken by the Taiwan Stock Exchange and The Taiwan Central Depository Clearing House to consider details with new measures expected in the near future.
Members of the relevant PASLA Working Groups will remain in contact with the relevant authorities and provide further updates when available.
PASLA and ISLA continue to work together with our respective Legal Working Groups to develop industry standard documentation to benefit market participants across the region.
We aim to release a template for an addenda to the Thai market before the year end. Other standard templates for regional markets can be found at https://www.paslaonline.com/members/documentation.aspx.
As part of this cooperation PASLA members were offered complimentary access to the ISLA website for a 12 month period - an offer that expires at the end of 2022. As of the 1st of January 2023, ISLA will continue to offer access to PASLA members at a significant discount to their regular membership fees. If you are interested in this opportunity, please contact support@islaemea.org directly.
Korea Securities Depository (KSD) has announced that they will revise the Detailed Enforcement for Regulations on Intermediation of Securities Borrowing and Lending Transactions to improve risk management of their SBL intermediary business.
The revisions include adding rationale to adjust SBL participant levels, specifying the method of termination request for Customized SBL Transactions and adjusting eligible collateral and valuation ratio.
Effective date is 2 January 2023 while the adjusted collateral and valuation ratio will be effective on 3 April 2023.
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Membership is open to any organisation that is a regular borrower or lender of securities or regularly enters into repo transactions. The Board may decide to confer honorary member status on institutions that do not meet this definition.
Membership includes access to country profiles, summaries of Executive Committee meetings, country updates and much more.