Hong Kong, can you handle this? The HKMA proposes new standards for operational resilience

15 February, 2022

Following the HKMA’s 21 April 2021 circular highlighting the additional guidance issued by the BCBS on 31 March 2021, namely the Principles for Operational Resilience and the Revised Principles for Sound Management of Operational Risk, the HKMA launched a consultation on 22 December 2021 on a new proposed Supervisory Policy Manual module OR-2 (Operational Resilience) and proposed amendments to existing SPM modules TM-G-2 (Business Continuity Planning) and OR-1 (Operational Risk Management) in order to align with the BCBS’s operational resilience guidance. Read more

High Court grants proprietary injunction against Bitcoin exchange holding proceeds of ransomware attack

03 February, 2020

The High Court has held that cryptoassets (in this case Bitcoin) can be treated as property under English law. As such, the owner of a cryptoasset can, in appropriate circumstances, avail itself of the various proprietary remedies that a court is able to grant. The practical significance here was that an insurer that had paid … Read more

Joint Committee advice on ICT risk management and cyber security in the financial sector

15 March, 2019

On 8 March 2018, the European Commission published its FinTech Action Plan with the aim of encouraging the European Supervisory Authorities ("ESAs") to recommend to the Commission improvements that can be made to the existing supervisory practices across financial sectors around ICT security and governance requirements. Read more

Cyber and Data Security notes

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