Non-UK regulation

A NEW GLOBAL TOOLKIT FOR FIGHTING MISCONDUCT RISK: WHAT DOES THIS MEAN FOR FIRMS AND REGULATORS?

On 20 April 2018, the Financial Stability Board (FSB) released its long awaited toolkit (Toolkit) for firms and regulators’ use in fighting misconduct risk. The Toolkit forms part of the FSB’s workplan to mitigate misconduct risk, and builds on existing … Continue reading

Leave a Comment

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

HKMA CONDUCTS THEMATIC REVIEW OF AUTHORISED INSTITUTIONS’ SANCTIONS SCREENING SYSTEMS AND PLANS REVIEW OF SVF LICENSEES

Late last week, the HKMA published a circular to provide feedback to authorised institutions (AIs) on its thematic review of their sanctions screening systems, which took place in the past few months. While the review indicated that the screening systems examined were in … Continue reading

Leave a Comment

Filed under Announcements, Asia, Corporate Crime, Hong Kong, Sanctions and Money Laundering

HONG KONG SFC RELEASES THEMATIC REVIEW REPORT ON ALTERNATIVE LIQUIDITY POOLS

Earlier this week, the SFC released a circular and a report in relation to its thematic review to assess compliance with the regulatory requirements for Alternative Liquidity Pools (ALPs, commonly known as “dark pools”) by licensed corporations (LCs) and to … Continue reading

Leave a Comment

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

US ANNOUNCES NEW RUSSIA SANCTIONS DESIGNATIONS, RELEASES NEW GUIDANCE

On April 6, 2018, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced new designations of seven high-net-worth Russian individuals and 12 companies they own or control, 17 senior Russian government officials, and a state-owned Russian … Continue reading

Leave a Comment

Filed under Announcements, Corporate Crime, Russia, Sanctions and Money Laundering, US

HONG KONG SFC CONTINUES TO IDENTIFY DEFICIENCIES IN SPONSOR WORK IN SECOND THEMATIC REVIEW

On 26 March 2018, the Securities and Futures Commission (SFC) published a circular and a report following its second thematic review of sponsors. As with its first thematic review, the SFC found deficiencies in standards of conduct, due diligence practices, … Continue reading

Leave a Comment

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

US IMPOSES SANCTIONS TARGETING DIGITAL CURRENCIES ISSUED BY THE VENEZUELAN GOVERNMENT AND DESIGNATES MORE VENEZUELAN OFFICIALS

  On March 19, 2018, President Trump issued an executive order that aims to curb sanctions circumvention by the Maduro regime in Venezuela through the use of digital currencies. This unprecedented executive order prohibits US persons from participating or being … Continue reading

Leave a Comment

Filed under Corporate Crime, Sanctions and Money Laundering, US

Corporate Crime update – February 2018

Welcome to the February 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, … Continue reading

Leave a Comment

Filed under Bribery and Corruption, China, Corporate Crime, Dubai, EU, Europe, Germany, Hong Kong, India, Investigations, Japan, Malaysia, Middle East, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Thailand, UK, US

US SUPREME COURT LIMITS THE SCOPE OF “WHISTLEBLOWERS” UNDER DODD-FRANK ACT’S ANTI-RETALIATION PROVISION

On February 21, 2018, the US Supreme Court decided that the Dodd-Frank Act’s whistleblower protections do not extend to an individual who has not reported a potential securities law violation to the SEC. The decision resolved a previous split among … Continue reading

Leave a Comment

Filed under Announcements, Bribery and Corruption, Corporate Crime, US

SFC ISSUES GUIDANCE ON BEST EXECUTION FOLLOWING THEMATIC REVIEW

On 30 January 2018, the Securities and Futures Commission (SFC) issued a circular to set out its guidance on the standards expected of licensed corporations on best execution (Circular). The SFC also provided further detailed guidance in its Report on … Continue reading

Leave a Comment

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

Open Banking catching the eye of global regulators: Developments in Hong Kong, Singapore and Australia

The banking industry has undergone rapid change in recent years with the rise of virtual currency, fintech and digital innovation challenging the status quo. One of the key developments emerging in the last couple of years is the concept of … Continue reading

Leave a Comment

Filed under Banking, Hong Kong, Singapore