Author Archives: Fahmida Chowdhury

Revamped SFC Code on Unit Trusts and Mutual Funds targeted for implementation on 1 January 2019 with transitional period

On 6 December 2018, the Securities and Futures Commission (SFC) published the conclusions to its consultation on proposed amendments to the Code on Unit Trusts and Mutual Funds (UT Code). The proposed amendments are aimed at updating the regulatory regime … Continue reading

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Filed under Announcements, Hong Kong, Regulatory Reform, Sector Updates by Herbert Smith Freehills

UAE introduces new anti-corruption laws with extra-territorial effect

Federal Decree No. 24 of 2018 has amended certain provisions of Federal Law No. 3 of 1987 (the “Penal Code”) to strengthen anti-corruption legislation in the UAE and bring it in line with other jurisdictions by including foreign public officials … Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Dubai, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

China’s new law on judicial assistance in criminal matters will impact investigations

The People’s Republic of China recently enacted a new law that will impact foreign authorities, corporations and individuals involved in overseas criminal enforcement actions. The Law on International Judicial Assistance in Criminal Matters allows Chinese authorities to block requests for … Continue reading

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Filed under Announcements, China, Sector Updates by Herbert Smith Freehills

Renewed focus on compensation to address misconduct risk

The Financial Stability Board (FSB) released on 23 November 2018 its recommendations on the types of data regulators should be collecting from financial institutions (FIs) regarding compensation tools, as part of its workplan to address misconduct risk in FIs. This … Continue reading

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Filed under Announcements, Regulatory Reform, Sector Updates by Herbert Smith Freehills

Corporate Crime autumn update 2018

Welcome to the autumn 2018 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 … Continue reading

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Filed under Announcements, Bribery and Corruption, China, Corporate Crime, Dubai, Germany, Hong Kong, Indonesia, International, Investigations, Japan, Middle East, Philippines, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Singapore, Spain, Thailand, US, Vietnam

Hong Kong SFC commences thematic review of risk governance and oversight frameworks, including assessment of risk management MICs

Last Friday, the SFC announced (via a circular) that it had commenced a thematic review of selected licensed corporations (LCs) to assess their risk governance and oversight frameworks as well as risk management practices.

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Filed under Announcements, Hong Kong, Investigations, Regulatory Reform, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

Hong Kong Court of Final Appeal clarifies “innocent purpose” defence to insider dealing

The Hong Kong Court of Final Appeal (CFA) has recently allowed the Securities and Futures Commission’s (SFC) appeal against the Market Misconduct Tribunal’s (MMT) findings that two former executives of a listed company (ATML), Mr Charles Yiu Hoi Ying and … Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, Corporate Crime, Hong Kong, Investigations, Sector Updates by Herbert Smith Freehills

Second Wave of United States Sanctions Against Iran Re-Imposed

Following President Trump’s decision on May 8, 2018 to withdraw the United States from the Joint Comprehensive Plan of Action (“JCPOA”), the US government announced that it would re-impose pre-JCPOA nuclear-related Iran sanctions (both primary and secondary) that were lifted … Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, US

Casting the regulatory net over virtual assets – new regulation in Hong Kong for crypto fund managers, fund distributors and trading platforms

Yesterday, the Securities and Futures Commission (SFC) published a statement (Statement), together with a press release, setting out its new regulatory framework for virtual assets (also known as cryptocurrencies, crypto-assets and digital tokens). 

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Filed under Announcements, Asia, Banking, Hong Kong, Investment banking, Investment Funds, Regulatory Reform, Sector Updates by Herbert Smith Freehills

High Court considers extraterritorial application of compulsory powers

In the case of R (On The Application Of KBR Inc) v The Director of the Serious Fraud Office [2018] EWHC 2368 (Admin) (“KBR“), the High Court dismissed a judicial review brought by the applicant, finding that the SFO was able to compel … Continue reading

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Filed under Announcements, Bribery and Corruption, Corporate Crime, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, UK, UK Legislation