Hong Kong

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

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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

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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

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

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

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

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

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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

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

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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

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Filed under Banking, Hong Kong, Singapore

HONG KONG ENHANCES ANTI-MONEY LAUNDERING AND COUNTER-TERRORIST FINANCING REQUIREMENTS FOR NON-FINANCIAL INSTITUTIONS

From 1 March 2018, a number of Hong Kong businesses and professions will be subject to enhanced customer due diligence and record-keeping obligations in light of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance. The amendment introduces changes … Continue reading

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Filed under Announcements, Bribery and Corruption, Hong Kong, Sanctions and Money Laundering

HONG KONG: NEW LICENSING REGIME FOR TRUST AND COMPANY SERVICE PROVIDERS TO COME INTO FORCE ON 1 MARCH 2018

The Companies Registry announced on 25 January 2018 that a new licensing regime for trust and company service providers (TCSPs) will come into force on 1 March 2018 under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO). A … Continue reading

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Filed under Bribery and Corruption, Hong Kong, Non-UK regulation, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

LOCAL REGULATORS WASTE NO TIME DEPLOYING CHINA’S ANTI-UNFAIR COMPETITION LAW

China’s amended Anti-Unfair Corruption Law (AUCL) has been in force only a matter of weeks, yet the body charged with investigating potential AUCL violations, the State Administration for Industry and Commerce (SAIC), has already announced two investigations. China’s Nanjing and … Continue reading

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