Shenzhen-Hong Kong Stock Connect open for business

Trading through the much anticipated Shenzhen-Hong Kong Stock Connect (Shenzhen Connect) commenced on 5 December 2016. It offers international and Hong Kong investors direct access to most companies traded in Mainland China for the first time.  100 small cap stocks… Read more

Indonesia: Regulatory developments on Fintech in Indonesia (1)

The Indonesian Financial Services Authority (OJK) is in the process of finalising a draft regulation regarding lending services based on information technology (Draft Fintech Lending Regulation). The preparation and finalisation of the Draft Fintech Lending Regulation, which is expected this… 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

Corporate Crime Monthly Update October 2016

Welcome to the October 2016 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on each jurisdiction,… Read more

MAS withdraws second merchant bank status in AML push

In line with its increased commitment to combat money laundering and terrorist financing in Singapore, the Monetary Authority of Singapore (MAS) has ordered the closure of Falcon Private Bank Ltd, Singapore Branch (Falcon Bank). On 11 October 2016, the MAS… Read more

The Push for Individual Accountability and D&O Insurance Coverage

On September 9, 2015 Sally Yates, the Deputy Attorney General, released a memorandum entitled "Individual Accountability for Corporate Wrongdoing," which was addressed to all federal prosecutors.   The so-called "Yates Memo" emphasizes that fighting corporate fraud and wrongdoing is a… Read more

Publication of the Criminal Finances Bill 2016-17

The Criminal Finances Bill 2016-17 (the "Bill") was presented to Parliament and had its first reading in the House of Commons on Thursday 13th October. In a press release on the same day, the Home Office stated that the new… Read more

US further eases sanctions against Cuba

On 14 October 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) again announced significant amendments to the Cuban Assets Control Regulations (CACR) and… Read more

PRA and FCA updated guidance on CRDIV remuneration rules

The PRA and FCA have each issued consultation papers setting out draft updated guidance in respect of the CRDIV remuneration rules. The proposed updates from the PRA, available here, will consolidate the various existing PRA guidance documents into one, and… Read more

#MAR_bitesize

Managers' Transactions – Restrictions and Notification Requirements As was the case under the previous market abuse regime, MAR imposes various obligations on persons discharging managerial responsibility (PDMRs) in listed companies and their dealings in the securities of the company which… Read more

Corporate Crime Monthly Update September 2016

Welcome to the September 2016 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on each jurisdiction, please click… Read more

New SFC guidance on client agreement requirements

In the light of the queries raised by Herbert Smith Freehills following industry consultation, the Securities and Futures Commission (SFC) has issued guidance (FAQs) on the application of new paragraph 6.2(i) of the client agreement requirements under the Code of… Read more

UAE Cabinet Approves Bankruptcy Law Reforms

The lack of a modern bankruptcy law, and possible criminal prosecution for debt default, has long been a major issue for entrepreneurs in many parts of the Middle East. That may all be about to change in the UAE as… Read more

Preparing for the new anti-bribery regime in Korea

In an e-bulletin published in March 2015, we reported that the South Korean National Assembly passed the “Act on the Prohibition of Illegal Solicitations and the Prevention of Conflicts of Interest of Public Officials”. The Act is also known as… Read more