Announcements

Corporate Crime update – December 2018

Welcome to the December 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. This month, we would like to wish all of our regular readers a … Continue reading

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Filed under Announcements, Asia, Australia, Bribery and Corruption, Corporate Crime, Dubai, Europe, European Guidance, Hong Kong, India, Investigations, Investment Funds, Malaysia, Middle East, Philippines, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Thailand, UK Government

EUROPEAN COMMISSION ANNOUNCES “NO DEAL” CONTINGENCY ACTION PLAN

The European Commission has announced that it has started implementing its Brexit “no deal” Contingency Action Plan given the continuing uncertainty regarding ratification of the Withdrawal Agreement in the UK. This follows the Commission’s communication of 13 November 2018 which … Continue reading

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Filed under Announcements, EU, Europe, Regulatory Reform, Sector Updates by Herbert Smith Freehills, UK Regulations

HKMA set to turn up the heat on bank culture in 2019

On 19 December 2018, the Hong Kong Monetary Authority (HKMA) announced that it will introduce supervisory measures (Supervisory Measures) focused specifically on measuring authorised institutions’ (AI) progress in implementing reforms to their culture. The Supervisory Measures include requiring AIs to … Continue reading

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

From offline to online: upholding investor protection in sale of complex products

As investment services go digital, Hong Kong regulators have found it necessary to issue tailored guidance to protect investors. From 6 April and 23 August 2019 respectively, new guidelines from the Securities and Futures Commission (SFC) and the Hong Kong … Continue reading

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Filed under Announcements, Hong Kong, Investment banking, Investment Funds, Non-UK regulation, Sector Updates by Herbert Smith Freehills

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

Brexit Final Political Declaration: Nothing [new] to see here?

On financial services, the final political declaration contains essentially the same three points as in last week’s outline political declaration (the implications of which were discussed in our blog post of 15 November, available here), although there is some limited … Continue reading

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Filed under Announcements, Europe, Sector Updates by Herbert Smith Freehills, UK, UK Government