Corporate Crime update – May 2021

Welcome to the May 2021 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. Read more

Hong Kong Stock Exchange to modify profits-based listing eligibility requirements to combat IPO-related misconduct

The Hong Kong Stock Exchange is to increase the profit requirement for companies seeking to list on the Main Board of the Stock Exchange by 60%. This is a smaller increase than was initially proposed in the consultation paper. This will mean that a listing applicant relying on the profit test to satisfy its eligibility for listing will need to have profits in its most recent financial year of not less than HK$35 million (increased from HK$20 million currently) and in the two preceding years, in aggregate, profits of not less than HK$45 million (increased from HK$30 million currently). These changes, as set out in the consultation conclusions, will become effective on 1 January 2022. Read more

UK post-Brexit reform: Financial Services Act 2021

On 29 April 2021, the Financial Services Act 2021 received royal assent. The Act is a milestone in implementing the UK Government’s wider Future Regulatory Framework initiative and represents the first major step towards HM Government’s objective of maintaining the competitive position of the UK financial services industry whilst capitalising on new opportunities following the end of the Brexit transition period. Read more

Herbert Smith Freehills launches new Climate Change Notes blog

We are delighted to announce the launch of our new Climate Change Notes blog. With climate change experts across our global network, Herbert Smith Freehills is at the forefront of major developments. On our Climate Change Notes blog we share some of our industry-leading thinking. Read more

Monetary Authority of Singapore extends mandatory reference checks proposal to stop rolling bad apples

As part of its efforts to stop ‘rolling bad apples’, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on 14 May 2021 which proposes to mandate reference checks for individuals employed by financial institutions (FIs) as senior managers or in risk taking and risk and management control functions (Reference Checks Consultation Paper). This extends MAS’ 2018 proposal to mandate reference checks for representatives. Read more