Non-UK regulation

HKMA CONTINUES ITS FOCUS ON CORPORATE GOVERNANCE HONG KONG WITH CIRCULAR TO HARMONISE SECTION 72B WITH “MANAGER IN CHARGE” REGIME

On 16 October 2017, the Hong Kong Monetary Authority (HKMA) introduced by way of a circular new measures to heighten management accountability at Registered Institutions (RIs) for conducting or supervising the conduct of businesses that constitute regulated activities (RAs). These … Continue reading

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Filed under Hong Kong, Regulatory Reform

Dealing with a dawn raid in Hong Kong

Surprise inspections by governmental authorities are on the rise. Any company in any sector may be on the receiving end and obstructing a lawful raid is a criminal offence. Therefore, it is essential to be prepared. Front line staff such … Continue reading

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Filed under Hong Kong, Investigations

POTENTIAL SANCTIONS IMPOSITION PURSUANT TO US ADMINISTRATION’S ANNOUNCED NEW STRATEGY ON IRAN

President Trump has repeatedly criticised the ‘Iran deal’, referring to it as an ‘embarrassment’ for the United States. On 13 October 2017, he laid out new strategies his administration is taking concerning Iran. In a speech delivered at the White … Continue reading

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Filed under Announcements, Sanctions and Money Laundering, US

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

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Filed under Asia, Hong Kong

New regulatory trial grounds for FinTech firms in Hong Kong – Regulators announce additional FinTech sandboxes

Last Friday (29 September 2017), Hong Kong financial regulators announced new initiatives aimed at fintech firms, including several new regulatory sandboxes: The Hong Kong Monetary Authority announced plans to launch Fintech Supervisory Sandbox 2.0, an enhanced sandbox that follows on … Continue reading

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

Conclusions released on the revamp of Hong Kong’s regulatory structure for decision making in listing related matters

The Hong Kong Stock Exchange (Stock Exchange) and the Securities and Futures Commission (SFC) have jointly announced their consultation conclusions on proposals to revamp the regulatory structure for making decisions in listing related matters. The June 2016 consultation (summarised in … Continue reading

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Filed under Announcements, Hong Kong, Regulatory Reform

Spotlight on investor protection: The Hong Kong Financial Dispute Resolution Centre implements a more moderate package of reforms

The Financial Dispute Resolution Centre (FDRC) in Hong Kong has issued its conclusions to its consultation on proposals to significantly expand the jurisdiction of the Financial Dispute Resolution Scheme (FDRS), its alternative dispute resolution scheme for conflicts between financial institutions … Continue reading

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Filed under Hong Kong, Regulatory Reform

TRUMP ADMINISTRATION IMPLEMENTS SECTORAL SANCTIONS TARGETING VENEZUELA

On August 24, 2017, President Trump issued a new Executive Order targeting the current Venezuela regime.  The next day, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced the implementation of broad new “sectoral” sanctions applicable … Continue reading

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Filed under Announcements, Sanctions and Money Laundering, US

Hong Kong Court of Appeal finds against bank on the basis that the bank’s exclusion of liability clauses were unconscionable and unreasonable

The Hong Kong Court of Appeal (CA) has recently affirmed a decision of the Court of First Instance (CFI), in which a ruling was made in favour of the plaintiff investors in a mis-selling claim against a bank, albeit on … Continue reading

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Filed under Announcements, Hong Kong

Asset managers and their senior management (including MICs) warned of action for regulatory non-compliance in Hong Kong

Boards and senior management (including Managers-in-Charge of Core Functions (MICs)) of asset managers have been called on by the Hong Kong Securities and Futures Commission (SFC) (31 July 2017 circular) and the Hong Kong Monetary Authority (2 August 2017 circular) … Continue reading

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Filed under Hong Kong, Regulatory Reform