Tag Archives: Consultation

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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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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The UK Government announces consultation on sanctions post-Brexit

The two year process of the UK's exit from the EU formally began on 29 March 2017 with notice being given under Article 50 of the Treaty on the European Union of the UK's intention to leave the EU. One … Continue reading

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Filed under Announcements, EU, Sanctions and Money Laundering

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 … Continue reading

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

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 … Continue reading

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

EU: MiFID Review – phase two begins

The European Securities and Markets Authority (ESMA) is consulting on the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).  MiFID II and MiFIR are expected to come into application by end 2016/early 2017, and will apply across … Continue reading

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Filed under Asset management, Banking, Client Money, EU, Europe, European Regulation, Retail Banks

Government gives green light to Deferred Prosecution Agreements

In our earlier briefing we reported on the Government’s consultation to introduce Deferred Prosecution Agreements (“DPAs”) – a new mechanism for addressing criminal conduct by commercial organisations. On 23 October, the Ministry of Justice published its Response to that Consultation … Continue reading

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Filed under Bribery and Corruption, Corporate Crime, Herbert Smith Freehills, JURISDICTIONS, Middle East, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, UK Legislation

Deferred Prosecution Agreements consultation – one week to go!

On 17 May 2012 the Ministry of Justice published a consultation paper ‘Consultation on a new enforcement tool to deal with economic crime committed by commercial organisations: Deferred prosecution agreements‘.  The paper proposes – as an alternative to the current … Continue reading

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Filed under Bribery and Corruption, Corporate Crime, JURISDICTIONS, Sanctions and Money Laundering, UK

Consultation on the review of MiFID: inducements

The European Commission published a wide ranging consultation (the Consultation) on its review of the Markets in Financial Instruments Directive (MiFID) in December 2010. The Consultation, which closed on 2 February 2011, sought views of market participants, regulators and other … Continue reading

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Filed under China, Europe, European Regulation, JURISDICTIONS

The MiFID Review: “Execution-only” business

More than three years after its implementation, the European Commission published its consultation on the review of the Markets in Financial Instruments Directive (“MiFID”) on 8 December 2010. In light of lessons learnt from the recent financial crisis, it was … Continue reading

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Filed under Europe, European Regulation, JURISDICTIONS