Hong Kong SFC confirms enforcement priorities and approach following strategic review

In its recently relaunched Enforcement Reporter newsletter (see first issue), the Securities and Futures Commission (SFC) has confirmed that corporate fraud and misfeasance, anti-money laundering, Growth Enterprise Market companies and multiple intra-group failings are issues high on its agenda and will be pursued as a priority, as part of its shift towards a more targeted … Read more

Singapore: SGX reprimands oilfield services firm for failure to provide a balanced and fair announcement to the market

The Singapore Exchange (SGX) issued a public reprimand to Swiber Holdings Limited (Swiber), an oilfield services firm, on 31 October 2016 (Regulatory Announcement) for failing to provide a balanced and fair project announcement to the market. SGX was of the view that Swiber had presented more favourable possibilities as certain, or as more probable than … Read more

Singapore: MAS withdraws second merchant bank status in AML push

In line with its increased commitment to combat money laundering and terrorist financing in Singapore, the Monetary Authority of Singapore (MAS) has ordered the closure of Falcon Private Bank Ltd, Singapore Branch (Falcon Bank). On 11 October 2016, the MAS stated that it was withdrawing the merchant bank status of Falcon Bank for serious failures … Read more

Herbert Smith Freehills sponsors and contributes chapters to the recently published First Edition of Getting the Deal Through – Financial Services Litigation 2016

In the light of the global growth of litigation in the financial sector following the financial crisis, Herbert Smith Freehills has sponsored 'Getting The Deal Through' for the launch of the first edition of the guide to Financial Services Litigation 2016.  The guide charts the growth of litigation in the financial sector worldwide and answers … Read more

New SFC guidance on client agreement requirements

In the light of the queries raised by Herbert Smith Freehills following industry consultation, the Securities and Futures Commission (SFC) has issued guidance (FAQs) on the application of new paragraph 6.2(i) of the client agreement requirements under the Code of Conduct for Persons Licensed by or Registered with the SFC (Code), i.e. the mandatory suitability … Read more

Bank wins again after investor’s unsuccessful appeal in mis-selling case

The Hong Kong Court of Appeal has dismissed an appeal in DBS Bank (Hong Kong Limited) v Sit Pan Jit (CACV 91/2015), a recent case dealing with mis-selling of financial products by a bank. The Court of Appeal upheld the first instance decision, where DBS Bank (Hong Kong) Limited (DBS) succeeded in its monetary claim … Read more