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

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

Problems with unit-linked products

Unit-linked insurance products have recently given rise to a number of regulatory issues. These cover: mis-selling; the responsibility of the insurer on the one hand and the intermediary on the other; the impact of Solvency II on the calculation of technical… Read more

Financial System Inquiry – Final Report

The Financial System Inquiry (FSI), chaired by David Murray AO, yesterday released its Final Report, which has proposed some significant changes for the financial system in Australia, including in relation to capital adequacy, the regulatory system, consumer outcomes, general advice,… Read more

EU: MiFID Review – phase two begins

The European Securities and Markets Authority (ESMA) is consulting on the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).  MiFID II and MiFIR are expected to come into application by end 2016/early 2017, and will apply across… Read more

UK: Banking Standards Review

Sir Richard Lambert has today published a report with his recommendations on plans for a professional body, to be known as the Banking Standards Review Council (BSRC), to contribute to a continuous improvement in the behaviour and competence of all banks… Read more

France: class actions “à la française”

After 40 years of hesitation, the class action "à la française" has finally made its entrance into the French Consumer Code (articles L. 423-1 et seq., introduced by Law no.2014-344 of 17 March 2014). According to the lawmakers, the aim… Read more

UK: Private LIBOR claims – an uphill battle for claimants

The ongoing regulatory investigations into the manipulation of LIBOR have prompted much speculation about the possibility of claimants bringing private law actions against banks based on the regulators' findings.  In the first cases to come before the UK courts, the Court… Read more

Australia: ASIC releases reports on capital protected products

ASIC has released two reports on ‘capital protected’ and ‘capital guaranteed’ investment products: a report that ASIC describes as a ‘health check’ on the capital protected and capital guaranteed products market (Report 340); and a research report into retail investors’… Read more

FCA confirms bans on payments to platforms and cash rebates

The FCA has published its policy statement and final rules which confirm that it will ban (i) payments from product providers to platforms, and (ii) cash rebates of product charges by product providers to consumers, in respect of sales of retail investment… Read more