FS+ Country Updates – December 2025

• EU: The International Organisation of Securities Commissions (“IOSCO”) has released a consultation report proposing updated valuation principles for Collective Investment Schemes (“CIS”), consolidating previous guidance and reflecting recent market developments. Comments are invited until 2 February 2026.
• Guernsey: The Guernsey Financial Services Commission has simplified the Private Investment Fund (“PIF”) regime, introduced a ‘limited POI licence’ for fiduciary firms, and published its annual fees consultation for 2026, including proposals to enhance competitiveness and encourage innovation.
• Canada: The Ontario Securities Commission (“OSC”) published updates to the dashboard on exempt market data and its long-term asset fund project. The Canadian Securities Administrators (“CSA”) launched a new online feedback tool and proposed amendments to liquidity risk management policies for investment funds.
• Australia: The Government introduced draft legislation to reform the financial services regulatory regime for foreign financial service providers (“FFSPs”), with existing licensing exemptions extended until 31 March 2027.
• Vietnam: The State Bank of Vietnam issued Circular 39/2025/TT-NHNN on opening and using overseas foreign-currency accounts by institutional residents, streamlining procedures and reducing documentation. New capital gains tax rules have also come into effect.

…and much more.

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