The FCA has published responses to a variety of Freedom of Information requests, ranging from the value of its art collection and data on high earners by gender to the number of calls it received about rare earth metals and carbon credits.  Amongst the various responses published, the following seem likely to be of direct interest … Read more

As the UK Government shapes, and reshapes, provisions in the Financial Services (Banking Reform) Bill to make individual accountability a reality for senior individuals within banks (and now also more widely within PRA-regulated investment firms with permissions to deal as principal), it is interesting to glimpse how such issues are being considered elsewhere.  In the … Read more

ASIC has released Report 377 “Review of advice on retail structured products”, which reports in relation to a sample of personal advice given to retail clients in relation to structured products.  This report was foreshadowed in and follows ASIC’s May 2013 Report 340 ‘Capital protected’ and ‘capital guaranteed’ retail structured products.  ASIC has foreshadowed further surveillance, … Read more

At the recent briefing “Present Company Excepted? The Modern Approach to Piercing the Corporate Veil”, Gareth Thomas (Head of Commercial Litigation, Hong Kong) and Richard Norridge (Senior Associate, specialising in fraud, trusts and private wealth) discussed the issue of piercing the corporate veil in light of the UK Supreme Court case of Prest v Petrodel … Read more

Transparency International (TI) has published the Corruption Perceptions Index 2013 (CPI). The CPI, originally launched in 1995, ranks countries according to how corrupt their public sector is perceived to be. The index is compiled using a combination of polls drawing on corruption-related data and also reflects the views of observers from around the world. Countries/ … Read more

In October 2013, the Financial Conduct Authority (FCA) published the much-anticipated report of its thematic review into anti-money laundering (AML) and anti-bribery and corruption (ABC) systems and controls at asset management and platform firms.  The report follows the FSA/FCA’s previous thematic reviews of ABC controls in commercial insurance broking (2010), ABC controls in investment banks … Read more

On 26 June 2013 the Government published the consultation conclusions on its key legislative proposals for the establishment of an independent Insurance Authority (IIA).  The establishment of the IIA and the provision for a new statutory licensing regime for insurance intermediaries are described by the Government as “the most significant reform initiative for the insurance … Read more

The West Jakarta District Court ruled recently that an Indonesian law governed loan agreement between an Indonesian borrower and a foreign lender was void because it was written in English rather than Bahasa Indonesia and it was, therefore, in violation of Indonesia’s Law No. 24 of 2009 concerning Flag, Language and Symbol of State and … Read more