UK government consults on proposals for a new pro-competition regime for digital markets

On 20 July 2021 the government published a consultation on its proposals for a new pro-competition regime for digital markets.  The proposals are based on the recommendations set out in the Furman Review, the CMA’s final report of its market study into online platforms and advertising and the Digital Markets Taskforce report to government published in December 2020.  The Furman review concluded that the existing competition tools are not designed to address the unique challenges of fast-moving digital markets issues associated with the strategic market position of a small number of key digital firms.  Instead, the new pro-competition regime will aim to proactively shape the behaviour of digital firms with significant market power by making it clear how they are expected to behave. It should drive competition between digital firms and open up opportunities for innovative start-ups to compete with incumbents. Continue reading

2020 Global Bank Review: #disruption

We are excited to launch the 2020 edition of our Global Bank Review#disruption.

While the banks sector has faced significant challenges before, the depth and breadth of Covid-19’s disruption has left banks in the position of having to brace for impact to their own businesses, whilst simultaneously demonstrating a change in culture, providing support to vulnerable customers, and supplying vital credit for regrowing our economies. Continue reading

Hong Kong SFC publishes licensing conditions for virtual asset fund managers

On 4 October 2019, the Securities and Futures Commission (SFC) published proforma terms and conditions which will apply to virtual asset fund managers that meet specified criteria.

See our latest APAC Fintech E-Bulletin for more.

Key contacts

William Hallatt
William Hallatt
Partner (Herbert Smith Freehills), Hong Kong
+852 2101 4036
Valerie Tao
Valerie Tao
Professional Support Lawyer (Herbert Smith Freehills), Hong Kong
+852 2101 4125

Singapore’s MAS issues Guide to Digital Token Offerings

On 14 November 2017, the Monetary Authority of Singapore (MAS) issued a guide during the first day of the Singapore FinTech Festival to provide general guidance on the application of the securities laws administered by the MAS, namely the Securities and Futures Act (SFA) and the Financial Advisers Act, to offers or issues of digital tokens in Singapore.

This follows the MAS’s clarification on 1 August 2017 that an offer or issue of digital tokens would be regulated if these tokens constitute products which are regulated under the SFA. Our e-bulletin in August 2017 regarding the clarification can be accessed here.

In our recent bulletin, we highlight the key points in the MAS guide and set out our observations. If you wish to discuss this further, please do not hesitate to reach out to our Asia team (below) or your usual Herbert Smith Freehills contact.

Key contacts

Will Hallatt
Will Hallatt
Partner, Hong Kong
+852 2101 4036
Siddhartha Sivaramakrishnan
Siddhartha Sivaramakrishnan
Partner, Singapore
+65 6868 8078
Hannah Cassidy
Hannah Cassidy
Partner, Hong Kong
+852 2101 4133

Herbert Smith Freehills LLP is licensed to operate as a foreign law practice in Singapore. Where advice on Singapore law is required, we will refer the matter to and work with licensed Singapore law practices where necessary.

Bank of England launches fintech community and FCA publishes discussion paper on distributed ledger technology

In March 2017, the Bank of England FinTech Accelerator launched a new fintech community. The new community has three main objectives:

  • to share developments, trends and insights to facilitate learning within the Bank and across the sector;
  • to ensure the Bank is engaging with a range of fintech firms; and
  • to increase networking across fintech-related organisations.

Continue reading