UK Court of Appeal allows private LIBOR claims to proceed

An issue which has in recent years been on the agenda of financial regulators globally is the potential manipulation or fixing of the London InterBank Offered Rate (“LIBOR”) and similar rates, by financial institutions.  Given that the LIBOR and similar rates are used as interest rate benchmarks for a broad range of financial instruments, the … Read more

English & Hong Kong Courts refuse to infer common law duty of care in mis-selling claims involving non-advisory contracts

An English Court of Appeal case heard recently confirmed that the English courts will be unwilling to infer a common law duty into non-advisory contracts between banks and private individuals, by virtue of the Conduct of Business (“COB”) rules issued by the Financial Conduct Authority. This mirrors and reinforces the approach taken by the Hong … Read more

The Hong Kong Government refines its key legislative proposals on the establishment of an Independent Insurance Authority after consultation

On 26 June 2013 the Government published the consultation conclusions on its key legislative proposals for the establishment of an independent Insurance Authority (IIA).  The establishment of the IIA and the provision for a new statutory licensing regime for insurance intermediaries are described by the Government as “the most significant reform initiative for the insurance … Read more

Securities and Futures (Amendment) Bill gazetted proposing a regulatory framework for Hong Kong’s over-the-counter derivatives market

The Securities and Futures (Amendment) Bill 2013 (the “Bill”) was gazetted on 28 June 2013 following a joint consultation exercise conducted by the Hong Kong Monetary Authority (“HKMA”) and the Securities and Futures Commission (“SFC”) which commenced in October 2011. The Bill aims to provide for a regulatory framework for the over-the-counter (“OTC”) derivatives market … Read more

June 2013 Corporate Crime Update

This June 2013 edition of our Corporate Crime Update was published on our FSR blog and covers developments in relation to corruption, money laundering, fraud, sanctions and related matters across a number of jurisdictions, including China and Japan.  For the full update on each jurisdiction, please click on the name of the country.  A brief … Read more

Upcoming Webinars

There are a number of upcoming webinars which are likely to be of particular interest to clients from across the Asian region. Negotiating the challenges of Myanmar – Thursday, 27 June 2013 In this webinar Herbert Smith Freehill’s Myanmar practice group looks at the opportunities and challenges for companies investing in Mynamar. The speakers will discuss, … Read more

Herbert Smith Freehills publishes new Asia-Pacific employment law guide and new edition of the Guide on financial services regulation in Asia Pacific

Last month saw two publications in our popular series of Asia-Pacific guides. Our new Asia-Pacific employment law guide provides a detailed summary of the ‘need-to-know’ elements of employment law in 18 jurisdictions across the Asia-Pacific region.  This guide will be of particular interest to businesses engaging employees across the region. We are also pleased to … Read more

Tiger Asia Management loses final jurisdictional challenge: Hong Kong’s highest court confirms court’s free-standing power to grant orders over contraventions of the Securities and Futures Ordinance under Section 213

After over two and a half years since US-based hedge fund manager Tiger Asia Management LLC and its three officers (collectively “Tiger Asia”) sought to strike out the application by the Securities and Futures Commission (“SFC”) for orders under section 213 of the Securities and Futures Ordinance (“SFO”) in the SFC’s market misconduct investigation of … Read more