Hong Kong: SFC concludes consultation on code amendments for professional investors and launches further consultation regarding client agreement requirements

The Securities and Futures Commission (SFC) has concluded its consultation on proposals to enhance the professional investor regime in Hong Kong. Continue reading

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Filed under Asia, Hong Kong

UK: ‘Dialogue with the Regulator’ – CEDR financial services event on 9 October 2014

At a breakfast session on 9 October at Herbert Smith Freehills’ London office, the Centre for Effective Dispute Resolution (CEDR) will convene a debate exploring the role for facilitative discussion and negotiation between regulated firms and their regulators.  The debate, led by Dr Karl Mackie CBE (CEDR Chief Executive), will involve a lively discussion among leading stakeholders in the financial services industry, including -

From the regulators:

  • Tracey McDermott, Director of Enforcement and Financial Crime, Financial Conduct Authority
  • Robert Dedman, Chief Counsel, Regulatory Action Division, Bank of England Continue reading

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Filed under Commercial Litigation, FCA, PRA

UK consults on bringing seven new benchmarks within the regulatory framework

The Government has launched a consultation on bringing additional financial benchmarks into the regulatory framework originally implemented for LIBOR.  The consultation is based on recommendations by the Fair and Effective Markets Review, a joint review by HM Treasury, the Bank of England and the FCA. Continue reading

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Filed under Banking, FCA, Regulatory Reform, UK, UK Government, UK Legislation

Australia: ASIC focus on briefing of sell-side analysts, may seek product intervention powers

In a speech to the G100 held in Aust this week, ASIC Commissioner Price provided a short update on topics of ASIC focus.  These include: Continue reading

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UK: Senior Managers, certification and conduct rules: a new regulatory framework for individuals in banking

The final report of the Parliamentary Committee on Banking Standards criticised not just the “firewall of accountability” around senior individuals within banks but also the regime designed to regulate them.  

The joint Consultation Paper “Strengthening accountability in banking: a new regulatory framework for individuals” (FCA CP14/13/PRA CP14/14) sets out the Regulators’ proposals for new rules governing individuals, which extend both the depth and breadth of regulation.  Senior individuals will be regulated more closely, with the Senior Managers regime requiring a granular analysis and record of their responsibilities.  Meanwhile the Conduct Rules and Certification Regime significantly extend the range of individuals who are directly accountable to the Regulators.  Continue reading

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Filed under Bank of England, Banking, FCA, Investment banking, PRA, Retail Banks, UK, UK Parliamentary Committees, UK Regulations

Hong Kong: former responsible officer of SHKI suspended for sponsor-related failures

The Securities and Futures Commission (SFC) has suspended Mr. Eric Shum Kam Chi as a representative in all regulated activities and withdrawn approval for him to act as a responsible officer for 3 years.   As responsible officer and sponsor principal of SHKI at the relevant time, Mr. Shum was found to be responsible for deficiencies in the sponsor work of Sun Hung Kai International Limited (SHKI) relating to the listing of Sino-Life Group Limited. Continue reading

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Filed under Hong Kong


Monday 22 September 2014
2.00pm – 3.00pm BST
3.00pm – 4.00pm CEST
9.00am – 10.00am EDT

The international sanctions landscape has continued to develop in response to the situation in Ukraine.  On 12 September, the EU and US both published details of expansions to their existing sanctions against Russia, Continue reading

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Filed under Americas, EU, Europe, Russia, Ukraine

U.S. Treasury announces expansion of Ukraine-related sanctions

The US Office of Foreign Assets Control (“OFAC”) has implemented extensive new sectoral sanctions in response to the situation in Ukraine and added additional entities to the Specially Designated Nationals (“SDN”) list.  In summary, the new measures: Continue reading

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Filed under Americas, Ukraine, US

EU publishes legislation expanding sectoral sanctions against Russia

The EU has today published new legislation expanding its existing sanctions against Russia.  This briefing provides an overview of the new measures, namely:

  • an expansion of the restrictions on dealing in transferable securities issued by listed Russian banks;
  • the application of these restrictions to listed Russian companies in the military and oil sectors;
  • additional trade restrictions, including in relation to dual use goods and certain services necessary for particular oil projects; and
  • an expansion of the existing asset freeze.

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Filed under Australia, EU, Russia, Sanctions and Money Laundering, UK Legislation

Corporate Crime Update – September 2014

Welcome to the September 2014 edition of our corporate crime update – our round-up of developments in relation to corruption, money laundering, fraud, sanctions and related matters.  Our update now covers a number of jurisdictions.  For the full update on each jurisdiction, please click on the name of the jurisdiction below.  Continue reading

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Filed under Asia, Australia, China, Corporate Crime, Dubai, HM Treasury, Hong Kong, India, Indonesia, Japan, Middle East, Myanmar, Pakistan, Russia, Sanctions and Money Laundering, Thailand, Ukraine, Vietnam