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
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
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.
On 18 May 2018, the Hong Kong Securities and Futures Commission (SFC) published 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 HallattPartner, Head of Financial Services Regulatory, Hong KongEmail
+852 2101 4036
Hannah CassidyPartner, Hong KongEmail
+852 2101 4133
Jackie LamAssociate, Hong KongEmail
+852 2101 4194
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
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
Welcome to the May 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on each jurisdiction, please click on the name of the jurisdiction below.
We are proud to announce that the Corporate Crime and Investigations practice at Herbert Smith Freehills has been awarded Investigation Firm of the Year at the Who’s Who Legal Awards 2018. Continue reading
The EU Parliament’s internal Think Tank has published a study commissioned by Parliament’s special Committee on Terrorism (TERR) into virtual currencies (VCs) and terrorist financing (TF). Via TERR, the report may contribute to Parliament’s consideration of the treatment of VCs, particularly with regard to safeguards to prevent/detect the use of VCs in TF. Continue reading