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

Leave a Comment

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.

Leave a Comment

Filed under UK

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

Leave a Comment

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

Leave a Comment

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

Leave a Comment

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

Leave a Comment

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

Corporate Crime update – May 2018

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

Leave a Comment

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

EU Parliament-commissioned report – Virtual currencies and terrorist financing

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

Leave a Comment

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

CHINA’S NEW LIBERALISATION POLICIES FOR THE FINANCIAL SECTOR

China is advancing its policies to open up its markets and attract more foreign investment. This year, the financial sector is one of the focus areas for liberalisation. On 11 April 2018, Yi Gang, the governor of People’s Bank of China announced a detailed timetable (Timetable) for certain liberalisation policies in respect of the financial sector. In this e-bulletin, we summarise the key aspects of the Timetable and some of the other related regulations which have been issued recently. Please click here to read our full briefing.

Karen Ip
Karen Ip
Partner, Beijing
Email | Profile
+86 10 6535 5135
Nanda Lau
Nanda Lau
Partner, Shanghai
Email | Profile
+86 21 2322 2117
Tianchan Li
Tianchan Li
Associate, Shanghai
Email
+86 21 2322 2155
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

 

Leave a Comment

Filed under Asia, China, Regulatory Reform, Sector Updates by Herbert Smith Freehills

AML/CFT COMPLIANCE A KEY FOCUS OF RECENT SUPERVISORY INSPECTIONS BY THE HONG KONG INSURANCE AUTHORITY

Late last week, the Hong Kong Insurance Authority (IA) published a circular setting out its key findings from anti-money laundering and counter-financing of terrorism (AML/CFT) onsite inspections of authorised insurers carrying on long term business.  Continue reading

Leave a Comment

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