Preparing for Brexit: EEA Firms – UK Temporary Permissions Regime (“TPR”)

The UK FCA and PRA propose to implement the TPR if the UK leaves the European Union on 29 March 2019 without an implementation (or transitional) period, to ensure that EEA firms currently operating under an incoming passport (either from a UK branch or on a cross-border services basis into the UK) can continue to carry out regulated activities in the UK until they receive new direct authorisation by the UK regulators. For more information, please see our HSF briefing – UK Temporary Permissions Regime placemat

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Filed under UK, UK Regulations, UK-EU Negotiations

Hong Kong Insurance Authority prepares for direct regulation of insurance intermediaries in mid-2019 – what is the progress so far?

It is anticipated that in around mid-2019, the Insurance Authority (IA) will take over the regulation of insurance intermediaries from the three self-regulatory organisations (SROs). In preparation for the commencement of the new regime, the IA has launched several public consultations on guidelines and rules. For our full briefing on these developments, please click here.

 

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Filed under Hong Kong, Insurance

Corporate Crime update – December 2018

Welcome to the December 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters.

This month, we would like to wish all of our regular readers a very happy, and hopefully corporate crime free, festive season! 

For the full update on each jurisdiction, please click on the name of the jurisdiction below.  Continue reading

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Filed under Announcements, Asia, Australia, Bribery and Corruption, Corporate Crime, Dubai, Europe, European Guidance, Hong Kong, India, Investigations, Investment Funds, Malaysia, Middle East, Philippines, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Thailand, UK Government

EUROPEAN COMMISSION ANNOUNCES “NO DEAL” CONTINGENCY ACTION PLAN

The European Commission has announced that it has started implementing its Brexit “no deal” Contingency Action Plan given the continuing uncertainty regarding ratification of the Withdrawal Agreement in the UK. This follows the Commission’s communication of 13 November 2018 which provided details of the types of contingency measures that it intended to take in a variety of areas, as well as the 78 preparedness notices from Commission departments on how Brexit will change law and policy. Continue reading

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

HKMA set to turn up the heat on bank culture in 2019

On 19 December 2018, the Hong Kong Monetary Authority (HKMA) announced that it will introduce supervisory measures (Supervisory Measures) focused specifically on measuring authorised institutions’ (AI) progress in implementing reforms to their culture. The Supervisory Measures include requiring AIs to complete and return self-assessment forms regarding their culture to the HKMA, and undertaking on-site reviews focused specifically on culture. For our full briefing on the supervisory measures, please click here

William Hallatt
William Hallatt
Head of Financial Services Regulatory, Asia, Hong Kong
Email | Profile
+852 2101 4036
Gareth Thomas
Gareth Thomas
Partner, Hong Kong
Email | Profile
+852 2101 4025
Hannah Cassidy
Hannah Cassidy
Partner, Hong Kong
Email | Profile
+852 2101 4133
Emily Rumble
Emily Rumble
Associate, Hong Kong
Email
+852 2101 4225

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

From offline to online: upholding investor protection in sale of complex products

As investment services go digital, Hong Kong regulators have found it necessary to issue tailored guidance to protect investors.

From 6 April and 23 August 2019 respectively, new guidelines from the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority will increase the regulatory requirements for financial institutions offering investment products via online platforms. Continue reading

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Filed under Announcements, Hong Kong, Investment banking, Investment Funds, Non-UK regulation, Sector Updates by Herbert Smith Freehills

Revamped SFC Code on Unit Trusts and Mutual Funds targeted for implementation on 1 January 2019 with transitional period

On 6 December 2018, the Securities and Futures Commission (SFC) published the conclusions to its consultation on proposed amendments to the Code on Unit Trusts and Mutual Funds (UT Code). The proposed amendments are aimed at updating the regulatory regime for SFC-authorised funds and addressing the risks posed by financial innovation and other developments. Continue reading

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

UAE introduces new anti-corruption laws with extra-territorial effect

Federal Decree No. 24 of 2018 has amended certain provisions of Federal Law No. 3 of 1987 (the “Penal Code”) to strengthen anti-corruption legislation in the UAE and bring it in line with other jurisdictions by including foreign public officials within its scope.

Crucially, the provisions, which are now in force, apply outside the UAE, to any person who commits a bribery offence if either the offender or victim is a UAE citizen, if the crime is committed by an employee in the UAE public or private sector or if it involves public property.

There are also new powers for the UAE authorities to confiscate the proceeds of crime. To read our full briefing, please click here.

Stuart Paterson
Stuart Paterson
Partner, Dubai
Email | Profile
+97 1442 86308
Benjamin Hopps
Benjamin Hopps
Senior associate, Dubai
Email | Profile
+97 1442 86369

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

China’s new law on judicial assistance in criminal matters will impact investigations

The People’s Republic of China recently enacted a new law that will impact foreign authorities, corporations and individuals involved in overseas criminal enforcement actions. The Law on International Judicial Assistance in Criminal Matters allows Chinese authorities to block requests for documents, testimony and assets requested in international criminal investigations. Continue reading

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Filed under Announcements, China, Sector Updates by Herbert Smith Freehills

Renewed focus on compensation to address misconduct risk

The Financial Stability Board (FSB) released on 23 November 2018 its recommendations on the types of data regulators should be collecting from financial institutions (FIs) regarding compensation tools, as part of its workplan to address misconduct risk in FIs. This data is intended to help regulators monitor the effectiveness of FIs’ compensation structures in addressing misconduct risk and assessing whether additional measures are required.

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

Continue reading

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