Regulatory Reform

New regulatory trial grounds for FinTech firms in Hong Kong – Regulators announce additional FinTech sandboxes

Last Friday (29 September 2017), Hong Kong financial regulators announced new initiatives aimed at fintech firms, including several new regulatory sandboxes: The Hong Kong Monetary Authority announced plans to launch Fintech Supervisory Sandbox 2.0, an enhanced sandbox that follows on … Continue reading

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Filed under Hong Kong, Regulatory Reform, Sector Updates by Herbert Smith Freehills

Corporate Crime monthly update – September 2017

Welcome to the September 2017 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 … Continue reading

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Filed under Corporate Crime, Herbert Smith Freehills, Regulatory Reform, Sanctions and Money Laundering

Regulators around the world become more vocal regarding the potential risks associated with ICOs

The rapid rise of initial coin offerings (ICOs) this year has prompted heightened scrutiny by regulators globally. On 4 September 2017, seven major regulators governing the finance and technology sectors in China (collectively, the Chinese Regulators), jointly published an announcement … Continue reading

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Filed under Announcements, Asia, Regulatory Reform

Conclusions released on the revamp of Hong Kong’s regulatory structure for decision making in listing related matters

The Hong Kong Stock Exchange (Stock Exchange) and the Securities and Futures Commission (SFC) have jointly announced their consultation conclusions on proposals to revamp the regulatory structure for making decisions in listing related matters. The June 2016 consultation (summarised in … Continue reading

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Filed under Announcements, Hong Kong, Regulatory Reform

Spotlight on investor protection: The Hong Kong Financial Dispute Resolution Centre implements a more moderate package of reforms

The Financial Dispute Resolution Centre (FDRC) in Hong Kong has issued its conclusions to its consultation on proposals to significantly expand the jurisdiction of the Financial Dispute Resolution Scheme (FDRS), its alternative dispute resolution scheme for conflicts between financial institutions … Continue reading

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Filed under Hong Kong, Regulatory Reform

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

UK FCA ASSET MANAGEMENT MARKET STUDY – FINAL REPORT

On 28 June 2017, the FCA published the highly anticipated final findings of its Asset Management Market Study ("Final Report"), which can be accessed here. This follows the release of its interim report in November 2016 and the subsequent intensive … Continue reading

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Filed under Asset management, FCA, Funds, Regulatory Reform

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

PRA and FCA provide feedback on the implementation of the Senior Managers’ and Certification Regimes for banks and insurers, and propose adjustments to strengthen the regime

On 28 September 2016, the FCA and PRA (the Regulators) issued a suite of papers setting out their feedback on the implementation of the Senior Managers and Certification Regime (SMCR), together with new proposals for amending some of its provisions … Continue reading

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Filed under FCA, PRA, Regulatory Reform

Hong Kong SFC commences consultation on enhancing regulation of asset management industry and point-of-sale transparency

The Securities and Futures Commission (SFC) has announced the launch of a three-month consultation regarding proposed enhancements to the regulation of the asset management industry and other amendments aimed at enhancing point-of-sale transparency and addressing conflicts of interest in the … Continue reading

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Filed under Asia, Hong Kong, Regulatory Reform