Non-UK regulation

Latest bank victory – Hong Kong High Court dismisses mis-selling claim

The Hong Kong Court of First Instance has recently handed down its judgment in Shine Grace Investment Ltd v. Citibank, N.A. and Another (HCCL 28/2008), a case relating to alleged mis-selling of equity accumulator contracts by Citibank. In dismissing the … Continue reading

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

India’s new anti-corruption law targets bribe-givers and establishes corporate liability offence modelled on the UK Bribery Act

India’s long-awaited Amended Prevention of Corruption Act 2018 came into force on 26 July. Originally proposed in 2013, the amendments introduce a new regime and highlight the emerging focus in Asia on supply-side bribery and corporate liability. Companies and businesses … Continue reading

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Filed under Announcements, Bribery and Corruption, Hong Kong, India, Sector Updates by Herbert Smith Freehills, UK

First wave of United States sanctions against Iran re-imposed on 7 August 2018, as the amended EU Blocking Statute comes into effect on the same day

End of first wind-down period Following President Trump’s decision on 8 May 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 sanctions (both primary … Continue reading

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

HONG KONG’S ANTI-GRAFT COMMISSIONER WARNS OF CORRUPTION ON BELT AND ROAD

The head of Hong Kong’s Independent Commission Against Corruption (ICAC) has warned local investors to beware of rampant corruption in some Belt and Road countries. ICAC commissioner Simon Peh Yun-Lu pledged the support of the agency, one of the world’s … Continue reading

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

HKMA publishes open API framework for Hong Kong banking sector and launches own open API

On 18 July 2018, the HKMA announced that it had concluded a consultation on its intended approach to open application programming interface (API) for the Hong Kong banking sector, and had published its final framework and implementation plan. The open … Continue reading

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

MANDATORY REFERENCE CHECKS TO STOP ROLLING BAD APPLES – MAS ISSUES CONSULTATION PAPER ON PROPOSED REQUIREMENTS

On 6 July 2018, the Monetary Authority of Singapore (MAS) issued a Consultation Paper which, among other things, proposes requirements for Financial Institutions (FIs) to conduct and respond to reference checks on representatives (Reference Check Consultation Paper). Submissions on the … Continue reading

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

The FSB’s Crypto-assets framework: What does it mean for firms?

The Financial Stability Board (FSB) has published its framework to monitor crypto-assets as part of its wider report to the G20 on work by the FSB and standard-setting bodies on crypto-assets. The report is provided at the request of the … Continue reading

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Filed under Europe, European Regulation, International, Sector Updates by Herbert Smith Freehills, UK Government

SFC proposes to implement revisions to AML/CFT guidelines on 1 November 2018 ahead of FATF Hong Kong evaluation

On 5 July 2018, the Securities and Futures Commission (SFC) issued a consultation paper on proposals to amend the Guideline on Anti-Money Laundering and Counter-Terrorist Financing (Main Guideline) and the Prevention of Money Laundering and Terrorist Financing Guideline issued by … Continue reading

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Filed under Announcements, Bribery and Corruption, Consultations, Corporate Crime, Hong Kong, Regulatory Reform, Sector Updates by Herbert Smith Freehills

Corporate Crime update – June 2018

Welcome to the June 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. For the full update on each jurisdiction, please click on the name of the jurisdiction below. Below … Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, China, Corporate Crime, Dubai, EU, Europe, Germany, Herbert Smith Freehills, Hong Kong, Indonesia, Investigations, Korea, Middle East, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Thailand, UK Government, US, Vietnam

Hong Kong open-ended fund company regime expected to commence on 30 July 2018

On 18 May 2018, the Hong Kong Securities and Futures Commission (SFC) published the conclusions to its consultation on the detailed legal and regulatory requirements applicable to the upcoming open-ended fund company (OFC) regime. The detailed requirements are set out in the Securities and Futures (Open-ended Fund … Continue reading

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Filed under Announcements, Herbert Smith Freehills, Hong Kong, Non-UK regulation, Regulatory Reform, Sector Updates by Herbert Smith Freehills