Asia

Singapore’s first cryptocurrency dispute to go to trial

There has been a significant increase in interest in, and the use of, cryptocurrencies in recent times. Cryptocurrencies are essentially de-centralised virtual currencies, which are not linked to any particular country, nor regulated by any central bank or monetary authority. … Continue reading

Leave a Comment

Filed under Announcements, Asia, Singapore

SINGAPORE ENTITY TO PAY SIGNIFICANT PENALTY FOR BRIBERY ABROAD

Just before Christmas Keppel Offshore & Marine Ltd, a Singapore incorporated company, entered into a Deferred Prosecution Agreement (DPA) with the United States Department of Justice. The DPA provides for payment of penalties of over US$400 million. The penalties are … Continue reading

Leave a Comment

Filed under Asia, Bribery and Corruption, Sanctions and Money Laundering

NEW PENAL CODE HERALDS SIGNIFICANT EXPANSION TO VIETNAM’S ANTI-CORRUPTION REGIME

A comprehensive New Penal Code came into force in Vietnam on 1 January 2018. This covers a wide range of crimes, including bribery and related offences. The New Penal Code substantially expands the range of offences, including regulating bribery within … Continue reading

Leave a Comment

Filed under Announcements, Asia, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Vietnam

Hong Kong corporate crime team publishes article addressing the thorny issue of privilege in Asia investigations

Given the variety of civil law and common law systems across Asia, and the fact that corporate investigations in the region almost always involve multi-jurisdictional elements, protecting privilege is a complex topic. With the differing approaches to privilege adopted both … Continue reading

Leave a Comment

Filed under Announcements, Asia, Hong Kong, Investigations

Increased focus on board and senior management in Hong Kong as HKMA issues enhanced guidance on corporate governance

On 6 October 2017, the Hong Kong Monetary Authority (HKMA) issued a circular to announce the publication of two revised Supervisory Policy Manual (SPM) modules, namely CG-1 “Corporate Governance of Locally Incorporated Authorised Institutions” and IC-1 “Risk Management Framework”. Revisions … Continue reading

Leave a Comment

Filed under Asia, Hong Kong

Regulators around the world become more vocal regarding the potential risks associated with ICOs

The rapid rise of initial coin offerings (ICOs) this year has prompted heightened scrutiny by regulators globally. On 4 September 2017, seven major regulators governing the finance and technology sectors in China (collectively, the Chinese Regulators), jointly published an announcement … Continue reading

Leave a Comment

Filed under Announcements, Asia, Regulatory Reform

MAS CLARIFIES STANCE ON DIGITAL TOKENS

On 1 August 2017, the Monetary Authority of Singapore (MAS) clarified through a media release that an offer or issue of digital tokens would be regulated if these tokens constitute products which are regulated under the Securities and Futures Act … Continue reading

Leave a Comment

Filed under Asia, Singapore

Singapore: consultation on regulations for the provision of digital advisory services

In line with its recognition of the rapid expansion of, and new products within, the FinTech sphere, the Monetary Authority of Singapore (MAS) issued a consultation paper on 7 June 2017 on the provision of digital advisory services (i.e. advice … Continue reading

Leave a Comment

Filed under Asia, Singapore

China Cyber Security Law: Latest Developments

China's Cyber Security Law (CSL) came into force on 1 June 2017. To read the summary of the key systems required to be implemented and their current status prepared by our teams in China and Sydney, click here.  The bulletin … Continue reading

Leave a Comment

Filed under Asia, China

Herbert Smith Freehills leads ASIFMA member working group to formulate Best Practices for Effective Development of Fintech

The Asia Securities Industry & Financial Markets Association (ASIFMA) released on Friday afternoon its guide, Best Practices for Effective Development of Fintech. Its press release can be accessed here.  The guide was developed by a member working group at ASIFMA led by … Continue reading

Leave a Comment

Filed under Asia, Non-UK regulation