Corporate Crime update – August 2020

Welcome to the August 2020 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Read more

Building Operational Resilience: UK regulators launch consultations

On 5 December 2019, the Bank of England (BoE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) released a number of publications on operational resilience, marking the launch of a consultation phase which will inform how the UK authorities seek to embed the consideration of operational resilience into the regulatory framework. Read more

Hong Kong SFC’s new electronic data requirements place MICs and cloud services in the spotlight

On 31 October 2019, the Hong Kong Securities and Futures Commission (SFC) published a circular (Circular) on the use of electronic data storage providers (EDSPs) by licensed corporations (LCs). In the Circular, the SFC has reminded LCs of their obligation to ensure the preservation and integrity of those records or documents they are required to keep under the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (collectively, Regulatory Records) – and stressed that this obligation continues to apply even where LCs rely on EDSPs either exclusively or in conjunction with on-site data hosting. Read more

The new regulatory regime for insurance intermediaries in Hong Kong – are you ready for 23 September 2019?

On 23 September 2019, the new statutory regime for the regulation of insurance intermediaries will take effect. This represents the final stage of implementation of the insurance reforms which established the Insurance Authority (IA) as Hong Kong’s independent insurance regulator. The IA assumed the regulatory responsibilities of the Office of the Commissioner of Insurance in June 2017 and will take over the regulation of insurance intermediaries (agents and brokers) from the three self-regulatory organisations (SROs) on 23 September 2019. On the same day, the requirements relating to the intermediary management function, one of the control functions of an authorised insurer, will also come into effect. Read more