Yesterday’s announcements on the terms agreed for the UK’s withdrawal from the EU say relatively little about the future framework for cross-border trade in goods or services. More detail is expected on this next week. The draft withdrawal agreement provides … Continue reading
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).
STANDARDISED RULES FOR PRESCRIBING PROFESSIONAL INVESTORS TARGETED FOR IMPLEMENTATION IN HONG KONG ON 13 JULY 2018
Last Friday, the SFC published the conclusions to its consultation on amendments to the Securities and Futures (Professional Investor) Rules (PI Rules), to standardise the rules for prescribing individual and corporate professional investors (PIs).
The FCA has published proposals to replace the Approved Persons Regime with the Senior Managers and Certification Regime (SMCR) currently in force for banks. Almost all financial services firms will be required to comply with the SMCR. There is a … Continue reading
Herbert Smith Freehills recently held its annual disputes client conference exploring some key legal and compliance risks facing major corporates. Following opening remarks by Mark Shillito, head of dispute resolution for the UK and US, there were presentations on cyber … Continue reading
Investment recommendations Increased scope The former Market Abuse Directive (MAD) imposed requirements designed to ensure the objective presentation of investment recommendations and the disclosure of interests and conflicts of interest on the part of producers or disseminators of such recommendations. … Continue reading
AIFMs, UCITS managers and proprietary trading firms: EU MAR surveillance and STORs requirements apply
With just under 5 weeks to go before the Market Abuse Regulation comes into application across the EU, the European Securities and Markets Authority (ESMA) on Monday clarified that the obligations to detect and report market abuse under Article 16(2) … Continue reading
This will be our last quarterly Market Abuse update before 3 July 2016, the date when both the new Market Abuse Regulation and the Criminal Sanctions (Market Abuse) Directive come into application across Europe. Some significant pieces of the regulatory … Continue reading
In a speech last Friday to the Hong Kong investment Funds Association, Ashley Alder, CEO of the Hong Kong Securities And Futures Commission (SFC) described the SFC's ambitious asset management strategy. The SFC's strategy for Hong Kong, which aims to … Continue reading
The SFC issued a circular to all licensed corporations yesterday, following its recent review of cybersecurity within selected larger licensed corporations. Firms will wish to give careful consideration to the SFC's recommendations regarding appropriate cyberscurity controls.