Asia

Singapore: consultation on regulations for the provision of digital advisory services

In line with its recognition of the rapid expansion of, and new products within, the FinTech sphere, the Monetary Authority of Singapore (MAS) issued a consultation paper on 7 June 2017 on the provision of digital advisory services (i.e. advice … Continue reading

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Filed under Asia, Singapore

China Cyber Security Law: Latest Developments

China's Cyber Security Law (CSL) came into force on 1 June 2017. To read the summary of the key systems required to be implemented and their current status prepared by our teams in China and Sydney, click here.  The bulletin … Continue reading

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Filed under Asia, China

Herbert Smith Freehills leads ASIFMA member working group to formulate Best Practices for Effective Development of Fintech

The Asia Securities Industry & Financial Markets Association (ASIFMA) released on Friday afternoon its guide, Best Practices for Effective Development of Fintech. Its press release can be accessed here.  The guide was developed by a member working group at ASIFMA led by … Continue reading

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Filed under Asia, Non-UK regulation

HK SFC launches consultation on Proposed Guidelines on online distribution and advisory platforms and proposes to extend Suitability Requirement

On 5 May 2017, the Hong Kong SFC launched a three-month consultation in relation to proposed guidelines on online distribution and advisory platforms (Proposed Guidelines). The aim of the Proposed Guidelines is to provide tailored guidance and clarity on the … Continue reading

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Filed under Asia, Hong Kong

China’s Draft Data Localisation Measures: what you should watch out for

The Cyberspace Administration of China (CAC) has published its Measures for the Security Assessment for Personal Information and Important Data Exported Abroad (Draft for Comments) (Draft Measures) on 11 April 2017. The Draft Measures, if enacted, will become the first … Continue reading

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Filed under Asia, China, Corporate Crime

Indonesia: New OJK rules on registration requirements for public offerings

On 14 March 2017, the Indonesian Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) issued OJK Rule No. 7/POJK.04/2017 on registration statement documents in public offerings of equity securities, debt securities or sukuk (“OJK Rule No.7”). OJK rule No.7 replaces … Continue reading

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Filed under Asia, Indonesia

SFC and HKMA continue to prioritise AML/CFT compliance with six new disciplinary actions in Hong Kong

Since early March 2017, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) in Hong Kong have collectively taken disciplinary actions against five regulated entities and an individual relating to breaches of anti-money laundering (AML) and … Continue reading

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Filed under Asia, Hong Kong, Sanctions and Money Laundering

Hong Kong Court of Final Appeal quashes conviction of TVB manager in high profile bribery case

The Court of Final Appeal has handed down an important judgment regarding bribery charges against former TVB general manager and TV presenter, Stephen Chan and his assistant, Tseng Pei-kun. In a case spanning seven years, Chan and Tseng were twice … Continue reading

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Filed under Asia, Bribery and Corruption, Hong Kong

Bank win in mis-selling case confirmed by Hong Kong’s highest court

On 17 February 2017, the Hong Kong Court of Final Appeal brought to a close the long-running case of DBS Bank (Hong Kong) Limited v Sit Pan Jit (FAMV 45/2016). The dispute concerned a claim by DBS Bank (Hong Kong) … Continue reading

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Filed under Asia, Hong Kong

Hong Kong court convicts and sentences former Chief Executive

Last Friday, the former chief executive of Hong Kong, Donald Tsang Yam-kuen, was convicted by a criminal court on a charge of misconduct in public office. This is a first-of-its-kind conviction and again signals the willingness of Hong Kong's Department … Continue reading

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Filed under Asia, Bribery and Corruption, Corporate Crime, Hong Kong