MANDATORY REFERENCE CHECKS TO STOP ROLLING BAD APPLES – MAS ISSUES CONSULTATION PAPER ON PROPOSED REQUIREMENTS

On 6 July 2018, the Monetary Authority of Singapore (MAS) issued a Consultation Paper which, among other things, proposes requirements for Financial Institutions (FIs) to conduct and respond to reference checks on representatives (Reference Check Consultation Paper). Submissions on the Reference Check Consultation Paper close on 6 August 2018.  Continue reading

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Filed under Announcements, Asia, Hong Kong, Sector Updates by Herbert Smith Freehills

The FSB’s Crypto-assets framework: What does it mean for firms?

The Financial Stability Board (FSB) has published its framework to monitor crypto-assets as part of its wider report to the G20 on work by the FSB and standard-setting bodies on crypto-assets. The report is provided at the request of the G20 Finance Ministers and Central Bank Governors, and will be discussed at their meeting on 21-22 July 2018. Continue reading

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Filed under Europe, European Regulation, International, Sector Updates by Herbert Smith Freehills, UK Government

TAX ENFORCERS UNITE AGAINST INTERNATIONAL TAX CRIME: ENABLERS, CRYPTOCURRENCIES AND CYBERCRIME ARE PRIORITIES

Tax authorities in the UK, the USA, Canada, Australia and the Netherlands have joined forces to launch the Joint Chiefs of Global Tax Enforcement, or “J5” alliance against transnational tax crime and money laundering. Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

SFC proposes to implement revisions to AML/CFT guidelines on 1 November 2018 ahead of FATF Hong Kong evaluation

On 5 July 2018, the Securities and Futures Commission (SFC) issued a consultation paper on proposals to amend the Guideline on Anti-Money Laundering and Counter-Terrorist Financing (Main Guideline) and the Prevention of Money Laundering and Terrorist Financing Guideline issued by the Securities and Futures Commission for Associated Entities (Guideline for AEs). Comments on the proposals are required to be submitted by 9 August 2018. Continue reading

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Filed under Announcements, Bribery and Corruption, Consultations, Corporate Crime, Hong Kong, Regulatory Reform, Sector Updates by Herbert Smith Freehills

Corporate Crime update – June 2018

Welcome to the June 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. For the full update on each jurisdiction, please click on the name of the jurisdiction below. Below we provide a brief overview of what is covered in each update. Please note, our next edition will be published in August.

Herbert Smith Freehills would like to congratulate Senior Associate, Elizabeth Head of our Corporate Crime & Investigations team in London, for being named by Global Investigations Review as one of 100 Women in Investigations for 2018.  Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, China, Corporate Crime, Dubai, EU, Europe, Germany, Herbert Smith Freehills, Hong Kong, Indonesia, Investigations, Korea, Middle East, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Thailand, UK Government, US, Vietnam

HM Treasury and Financial Regulators’ updates on Brexit preparation

Almost a year after it was introduced, a key piece of UK domestic Brexit legislation has now been passed.  The European Union (Withdrawal) Act 2018 (EUWA), which aims to provide a functioning statute book on the day the UK leaves the EU, completed its difficult passage through the UK Parliament and passed into law on 26 June 2018. Please refer to our briefing, “The UK’s new legal order post-Brexit: A new class of UK law” for a summary of the EUWA.

Following the passing of the EUWA, HM Treasury, the Bank of England, FCA and the Payment Services Regulator (PSR) have each published statements on their approaches to their role in preparing for Brexit, a summary of which is set out here.

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Hong Kong open-ended fund company regime expected to commence on 30 July 2018

On 18 May 2018, the Hong Kong Securities and Futures Commission (SFCpublished the conclusions to its consultation on the detailed legal and regulatory requirements applicable to the upcoming open-ended fund company (OFC) regime.

The detailed requirements are set out in the Securities and Futures (Open-ended Fund Companies) Rules (OFC Rules) and the Code on Open-ended Fund Companies (OFC Code), which supplement the basic OFC framework to be introduced via amendments to the Securities and Futures Ordinance.

To read our full briefing on the regime, please click here.

 

William Hallatt
William Hallatt
Partner, Head of Financial Services Regulatory, Hong Kong
Email | Profile
+852 2101 4036
Hannah Cassidy
Hannah Cassidy
Partner, Hong Kong
Email | Profile
+852 2101 4133
Jackie Lam
Jackie Lam
Associate, Hong Kong
Email
+852 2101 4194

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Filed under Announcements, Herbert Smith Freehills, Hong Kong, Non-UK regulation, Regulatory Reform, Sector Updates by Herbert Smith Freehills

Interpretation of MiFID I: ECJ preliminary ruling confirms information given to supervisory authorities by authorised firms can lose its confidential status after 5 years

Judgment by the European Court of Justice (ECJ) in the case of Bundesanstalt für Finanzdienstleistungsaufsicht v Baumeister (Case C-15/16) (19 June 2018)  has confirmed that not all information held in the file of a financial supervision authority (competent authority (CA)) is necessarily confidential, and that information which might constitute business secrets can lose its secrecy when it is at least five years old. Continue reading

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Filed under Announcements, EU, Sector Updates by Herbert Smith Freehills, UK Regulations

PROPOSED AMENDMENTS TO THE EU BLOCKING STATUTE

In May, we published an e-bulletin discussing President Trump’s announcement that the United States would withdraw from the Iran nuclear deal (the Joint Comprehensive Plan of Action – “JCPOA“), and that all pre-JCPOA nuclear-related sanctions on Iran (including secondary sanctions) would be re-imposed.

The European Union, along with leaders of the other countries party to the JCPOA (Germany, France, the United Kingdom, Russia and China) have all reiterated their commitment to the JCPOA. Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Europe, Herbert Smith Freehills, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, UK

FCA consults on proposals to regulate claims management firms

The Financial Conduct Authority (FCA) has issued a joint consultation paper – Claims management: how we propose to regulate claims management companies (CP18/15) (the Consultation) with the Financial Ombudsman Service (FOS) setting out draft proposals on how the FCA intends to authorise and regulate claims management companies  (CMCs).

This Consultation will be of interest to:

  • CMC’s operating in England, Scotland and Wales.
  • Organisations that are not CMCs but have the potential to be affected by them

Continue reading

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Filed under Announcements, FCA, Herbert Smith Freehills, Regulatory Reform, Sector Updates by Herbert Smith Freehills, UK