Failure to prevent offence may be introduced in the UK in the new Economic Crime and Corporate Transparency Bill

The Economic Crime and Corporate Transparency bill (the "Bill"), which is currently progressing through Parliament, is reportedly due to include provisions introducing a new failure to prevent offence affecting corporates, following statements by a UK Government minister during debates surrounding the Bill. In this briefing we outline the background to this development and anticipated next steps. Read more

Government publishes non-stablecoin cryptoasset Consultation and Call for Evidence

HM Treasury (HMT) has published its long-awaited consultation (Consultation) and call for evidence (Call for Evidence) on the regulation of cryptoassets that are not stablecoins, e-money or already regulated by virtue of amounting to a traditional financial services instrument (a share, bond, unit in a fund, derivative, etc). Its scope is broad and captures a whole swathe of cryptoassets including cryptocurrency such as Bitcoin, as well as non-fungible tokens (NFTs). Read more

Isolated complaint or systemic issue? Hong Kong Monetary Authority strengthens requirements for complaints handling and investigating control deficiencies to be implemented by 5 April 2023

What are authorised institutions (AIs) required to do when they receive a customer complaint? On 6 January 2023, the Hong Kong Monetary Authority (HKMA) issued its updated Supervisory Policy Manual (SPM) module IC-4 on complaints handling and redress. The updated IC-4 imposes new requirements on AIs under an enhanced complaints handling framework, in line with one … Read more

When AI meets the Consumer Duty

Herbert Smith Freehills LLP has published an article in Butterworths Journal of International Banking and Financial Law on artificial intelligence (AI) and the Consumer Duty. Read more