Non-UK regulation

Asset managers and their senior management (including MICs) warned of action for regulatory non-compliance in Hong Kong

Boards and senior management (including Managers-in-Charge of Core Functions (MICs)) of asset managers have been called on by the Hong Kong Securities and Futures Commission (SFC) (31 July 2017 circular) and the Hong Kong Monetary Authority (2 August 2017 circular) … Continue reading

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Filed under Hong Kong, Regulatory Reform

US PRESIDENT SIGNS IRAN, NORTH KOREA AND RUSSIA SANCTIONS BILL – WITH TWO SIGNING STATEMENTS

H.R. 3364 (the “Countering America’s Adversaries Through Sanctions Act”) overwhelmingly passed the House and Senate and has now been signed into law by the US President, albeit with two partly critical signing statements (here and here). The law represents significant … Continue reading

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Filed under Sanctions and Money Laundering, US

HKMA and PWMA in Hong Kong collaborate to develop a Treat Customers Fairly Charter for the PWM industry

On 8 June 2017, the Hong Kong Monetary Authority (HKMA) announced that it has been working together with the Private Wealth Management Association to develop a Treat Customers Fairly Charter (the Charter) to further promote a customer-centric culture in the … Continue reading

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Filed under Hong Kong

Hong Kong SFC consults on new rules and code for open-ended fund company structure

On 28 June 2017, the Securities and Futures Commission (SFC) launched a two-month consultation (Consultation) on the detailed legal and regulatory requirements applicable to the new open-ended fund company (OFC) structure. Currently, investment funds in Hong Kong are established only … Continue reading

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Filed under Hong Kong

US PRESIDENT RECERTIFIES IRAN NUCLEAR DEAL AND EXTENDS REVIEW OF SUDAN SANCTIONS

Iran Nuclear Deal Recertified with New Sanctions Imposed On July 17, the US President certified Iranian compliance with the Iran nuclear deal, the Joint Comprehensive Plan of Action (JCPOA). Under the JCPOA, Iran is reducing its nuclear capacity in exchange … Continue reading

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Filed under Sanctions and Money Laundering, US

INDONESIAN AUTHORITIES INVOKE CORPORATE LIABILITY PROVISIONS FOR THE FIRST TIME

Indonesia's Corruption Eradication Commission (KPK) has named a corporate suspect, publicly listed PT Duta Graha Indah (DGI), concerning alleged corruption in the construction of a state university hospital in Bali in 2010. This is a first for the KPK, acting … Continue reading

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Filed under Bribery and Corruption, Indonesia

SFC and AMF sign MOU on mutual recognition of funds between Hong Kong and France

Last week, the Securities and Futures Commission (SFC) of Hong Kong announced that it had signed a Memorandum of Understanding (MOU) with the Autorité des Marchés Financiers (AMF) of France on mutual recognition of funds (MRF) between Hong Kong and France. … Continue reading

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Filed under Hong Kong

Hong Kong SFC closes consultation on proposed guidelines to reduce and mitigate hacking risks related to internet trading

On 7 July 2017, the consultation by the Securities and Futures Commission (SFC) on proposals to reduce and mitigate hacking risks associated with internet trading closed. The consultation follows on from the SFC’s thematic review of the resilience to hacking … Continue reading

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Filed under Hong Kong

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

New Insurance Authority in Hong Kong commences regulation of insurers with enhanced powers

With effect from 26 June 2017, the independent Insurance Authority (IA) assumed its regulatory responsibilities and replaced the Office of the Commissioner of Insurance (OCI) in regulating insurers. The IA will be a much more powerful regulator than its predecessor, … Continue reading

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Filed under Hong Kong, Insurance, Regulatory Reform