Financial Services Regulation

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 … Continue reading

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Filed under Financial Services Regulation

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 … Continue reading

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Filed under Financial Services Regulation, Investigation and compliance, South East Asia

Investor protection in the spotlight: proposals to significantly enhance the Financial Dispute Resolution Scheme

The Financial Dispute Resolution Centre (FDRC), which since June 2012 has been providing alternative dispute resolution services to financial institutions and their individual customers in Hong Kong, has recently launched a consultation to significantly enhance the Financial Dispute Resolution Scheme … Continue reading

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Filed under Financial Services Regulation, Hong Kong

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 … Continue reading

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Filed under Announcements, Contract, Financial Services Regulation, Hong Kong

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 … Continue reading

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Filed under Financial Services Regulation, Hong Kong

Hong Kong Court rules in favour of investors in mis-selling claim: a departure from the recent trend

Recently, the Hong Kong Court of First Instance handed down its judgment in relation to a mis-selling claim against a bank, ruling in favour of the plaintiff investors. This departs from the trend in respect of post-financial crisis mis-selling claims … Continue reading

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Filed under Contract, Financial Services Regulation, Hong Kong

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 … Continue reading

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Filed under Financial Services Regulation, Hong Kong

Herbert Smith Freehills launches 2016 guide to Financial Services Regulation in Asia Pacific

Herbert Smith Freehills has launched its 2016 guide on Financial Services Regulation in Asia Pacific. Please click here to preview this publication. The regulatory landscape for the financial services industry in Asia Pacific has never been more challenging than it is today. … Continue reading

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Filed under Announcements, Financial Services Regulation

MAS takes stringent action against Singapore branch of an international bank for flouting rules

The Monetary Authority of Singapore (MAS) recently announced that it has withdrawn approval from the Singapore branch of an international bank due to serious breaches of anti-money laundering (AML) requirements, poor management oversight, and gross misconduct by certain bank staff. MAS also … Continue reading

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Filed under Financial Services Regulation, South East Asia

Cybersecurity in Hong Kong: SFC’s concerns and recommended controls and HKMA’s cyber security programme

Cybersecurity has been increasingly viewed by Hong Kong regulators as a matter of priority, in light of the ongoing occurrence of cybersecurity incidents across the financial services industry. The Securities and Futures Commission (SFC) issued a circular on 23 March … Continue reading

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Filed under Financial Services Regulation, Hong Kong