Hong Kong Market Misconduct Tribunal imposes a 4 year ban on Tiger Asia and Mr Hwang

On 7 October 2014, the Hong Kong Market Misconduct Tribunal (MMT)  made “cold shoulder orders” and “cease and desist orders” against New York-based asset management company, Tiger Asia Management LLC (Tiger Asia) and Bill Hwang Sung Kook (Mr Hwang), pursuant to s.257(1)(b) and (c) of the Securities and Futures Ordinance (SFO).  The effect of the orders is that … Read more

Herbert Smith Freehills launches new legal guide to “Financial Services Regulation in Asia Pacific”

Herbert Smith Freehills officially launched its new legal guide to “Financial Services Regulation in Asia Pacific” on 9 October 2014 in Hong Kong and in Sydney on 13 October 2014. The guide, which covers 14 jurisdictions in the Asia Pacific region, has been compiled by our network of Herbert Smith Freehills regulatory specialists and local counsel, led by Will … Read more

UK: FCA publishes feedback on its thematic review of the use of dealing commission

Investment managers will be aware that the FCA has been holding discussions with the industry and conducting a thematic supervisory review (between November 2013 and February 2014) as to the controls that investment managers have over the use of dealing commissions for the purchase of research.  The Financial Conduct Authority (FCA)’s Discussion Paper (DP14/3) provides feedback on … Read more

The new EU market abuse and inside information regime – ESMA consults on draft implementing measures

ESMA has published two Consultation Papers setting out proposed draft secondary measures under the Market Abuse Regulation (“MAR”).  These ESMA Consultation Papers follow the Discussion Paper  issued last November, which set out initial views on the policy approach to implementing MAR, and covered all the proposed MAR implementing measures, namely technical advice to the European Commission on … Read more

The new EU market abuse and inside information regime – an overview

The new Market Abuse Regulation has been published in the Official Journal and is directly applicable in EU countries from 3 July 2016.  The Regulation will have a significant impact on all companies with securities traded on any EU market and all EU market participants and advisers. They will need to plan well in advance … Read more

UK: the FCA’s final rules on the use of dealing commission

The Financial Conduct Authority (“FCA”) has published its policy statement on “Changes to the use of dealing commission rules” PS 14/7, which covers the issues arising from the FCA’s consultation paper CP 13/17, published in November 2013 and also includes the final revised rules which are made by way of changes to COBS 11.6 of … Read more