Managing risk: a disputes perspective (2017)

Herbert Smith Freehills recently held its annual disputes client conference exploring some key legal and compliance risks facing major corporates. Following opening remarks by Mark Shillito, head of dispute resolution for the UK and US, there were presentations on cyber… Read more

China’s New Cyber Security Law – highlights

China's new Cyber-Security Law was recently issued, with the government downplaying suggestions that the new law would be used to drive foreign technology and products out of the Chinese market. The new Law provides a tighter definition of critical information… Read more

Hong Kong strides towards a cashless society

The Hong Kong Payment Systems and Stored Value Facilities Ordinance (the Ordinance) came into effect on 13 November 2015. The Ordinance aims to minimise and manage the risks associated with payments through stored value facilities (SVFs). It does this by ensuring the… Read more

#MAR_bitesize

New Market Abuse powers for the FCA (2) Powers to require information from issuers, PDMRs and persons closely associated to PDMRs The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (the "regulations") were passed to ensure that UK law… Read more

#MAR_bitesize

Investment recommendations Increased scope The former Market Abuse Directive (MAD) imposed requirements designed to ensure the objective presentation of investment recommendations and the disclosure of interests and conflicts of interest on the part of producers or disseminators of such recommendations. … Read more

Ensuring due process when regulators co-operate

Summary A recent Hong Kong judgment highlights the importance of ensuring due process when regulators exchange information with each other. Regulatory confidentiality In the UK a statement made to an investigator appointed by the FCA or PRA in compliance with… Read more

Market abuse update – April 2016

This will be our last quarterly Market Abuse update before 3 July 2016, the date when both the new Market Abuse Regulation and the Criminal Sanctions (Market Abuse) Directive come into application across Europe. Some significant pieces of the regulatory… Read more

The EU Securities Financing Transactions Regulation

The Securities Financing Transactions Regulation (SFTR) entered into force on 12 January 2016.  The SFTR has a broad scope with extraterritorial and retrospective reach, and impacts on both EU and non-EU financial and non-financial counterparties.  All firms involved in securities… Read more

UK launches Financial Advice Market Review

On 3 August, the UK Government launched what it described as a major new review to examine how financial advice could work better for consumers.  The review will consider: the “advice gap” for those who do not have significant wealth; the regulatory or… Read more

Can one contract into the Consumer Credit Act 1974?

The Consumer Credit Act 1974 From 1998 to 2008 the Consumer Credit Act 1974 only applied to agreements to lend consumers less than £25,000. The financial limit was removed completely in 2008. Over the period 1998-2015, however, some lenders did… Read more

FIFA racketeering indictment could cause concern for banks

The US Department of Justice's FIFA indictment may require certain banks to review any of their FIFA-related transactions, as well as test their compliance policies and procedures relating to compliance with know-your-customer and anti-money laundering laws.  The indictment says the facilities of 26… Read more