Hong Kong Securities and Futures Commission seeks to bolster investor compensation remedies as part of a package of enforcement-related reforms

24 June, 2022
The Hong Kong Securities and Futures Commission’s (SFC) proposal for sweeping enforcement-related reforms would significantly impact the regulatory landscape in Hong Kong.  If the proposals are adopted as drafted, firms and individuals will need to prepare themselves for the more aggressive enforcement action and potentially greater financial consequences. Our detailed e-bulletin on the proposed reform … Read more

Launch of Asia Pacific Guide to Privilege 2019

23 July, 2019
Please click here to access a preview of the Guide. We are pleased to launch the 2019 edition of our Asia Pacific Guide to Privilege. Businesses are increasingly faced with multi-jurisdictional disputes where evidence rarely falls within the borders of a single country and complex legal privilege issues often surface when dealing with communications across multiple … Read more

HKMA turns up the heat and announces consultation on IBOR transition

22 February, 2019
On 12 February 2019, the Hong Kong Monetary Authority (HKMA) announced in a briefing to the Legislative Council Panel on Financial Affairs that the Treasury Markets Association (TMA) will hold a long-awaited consultation this quarter on alternative reference rates. The announcement follows signals from regulators globally that firms should transition away from the London Interbank … Read more

Herbert Smith Freehills edits and contributes chapters to Getting the Deal Through – Financial Services Litigation 2018

12 September, 2018
There has been a significant rate of global growth of litigation in the financial services sector following the 2008 global financial crisis. While the existence of financial services litigation is truly a global phenomenon, it has become apparent that the law and procedures in relation to such disputes have evolved in different ways across the … Read more

Latest bank victory – Hong Kong High Court dismisses mis-selling claim

14 August, 2018
The Hong Kong Court of First Instance has recently handed down its judgment in Shine Grace Investment Ltd v. Citibank, N.A. and Another (HCCL 28/2008), a case relating to alleged mis-selling of equity accumulator contracts by Citibank. In dismissing the plaintiff’s claim, Mr Justice Peter Ng applied the Hong Kong Court of Appeal’s (CA’s) reasoning … Read more

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

12 September, 2017
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 and their individual customers. The FDRC’s consultation met with mixed responses, with respondents from the … Read more

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

27 April, 2017
Since early March 2017, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have collectively taken disciplinary actions against five regulated entities and an individual relating to breaches of anti-money laundering (AML) and counter financing of terrorism (CFT) regulatory requirements. The entities were fined amounts ranging from HK$2.6 million to HK$7 … Read more