The SFC has recently published its Statement on the conduct and duties of directors when considering corporate acquisitions or disposals. The statement: outlines the recurring types of misconduct relating to corporate acquisitions and disposals which the SFC observed over the past two or so years, since it adopted a front-loaded regulatory approach; reminds listed company … Read more
Last week, the Hong Kong Securities and Futures Commission (SFC) signed a tripartite memorandum of understanding (MOU) with the China Securities Regulatory Commission (CSRC) and the Ministry of Finance of the People’s Republic of China (MOF) regarding audit working papers in the Mainland arising from the audits of Hong Kong-listed Mainland companies. Read more
Last Friday, the Hong Kong Insurance Authority published its Guideline on Cybersecurity (GL 20) for authorised insurers. GL 20 will take effect on 1 January 2020. Cybersecurity is a global regulatory focus and a top priority area for the Insurance Authority, given the growing exposure to cyber risk as a result of increased digital connectivity. Read more
On 28 June 2019, the Monetary Authority of Singapore (MAS) announced that it will issue up to five new digital bank licences, which will effectively open digital banking business to non-bank players in Singapore. Announcing the measures at the 46th Annual Dinner of The Association of Banks in Singapore, Mr Tharman Shanmugaratnam, Senior Minister and … Read more
On 6 June 2019, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on proposed anti-money laundering and countering the financing of terrorism (AML/CFT) requirements which will apply to most payment service providers (PS Providers). Submissions close on 5 July 2019. The relevant AML/CFT requirements are set out in the following Notices (AML/CFT Notices) … Read more
The mutual evaluation of Hong Kong was a subject of discussion at the Financial Action Task Force (FATF)’s recent plenary meeting in Orlando, Florida (19-21 June 2019). This follows the FATF’s on-site visit to Hong Kong late last year. Read more
Welcome to the Spring 2019 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
On 17 June 2019, Ms Julia Leung (Deputy Chief Executive Officer, Intermediaries) and Mr Wilson Lo (Senior Director, Licensing) discussed the recent initiative by the Securities and Futures Commission (SFC) to halt the ‘roll’ of ‘bad apples’ within the financial services industry at the 2019 SFC Compliance Forum (Forum). The SFC encourages industry participants to … Read more
