Regulatory Reform

HONG KONG INSURANCE AUTHORITY PUBLISHES DRAFT ENTERPRISE RISK MANAGEMENT GUIDELINE FOR CONSULTATION

The Hong Kong Insurance Authority (IA) has launched a consultation on a draft Guideline on Enterprise Risk Management (ERM), as part of the qualitative (ie, Pillar 2) requirements under the proposed risk-based capital (RBC) regime.

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Filed under Hong Kong, Insurance, Regulatory Reform

UNITED STATES ANNOUNCES COMPLETE WITHDRAWAL FROM THE JCPOA, AND PROVIDES WINDING-DOWN PERIOD BEFORE SANCTIONS RE-IMPOSITION

On May 8, 2018, President Trump announced that the United States will completely withdraw from the Joint Comprehensive Plan of Action (the “JCPOA“). The JCPOA, signed in July 2015 and implemented on January 16, 2016, lifted most US nuclear related … Continue reading

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

REGULATION IN THE AGE OF CRYPTOCURRENCIES

Blockchain technology is ushering in a new epoch of monetary oversight, creating opportunities and challenges for regulators in a world disrupted by the advent of cryptocurrencies As of 3 May 2018, according to CoinMarketCap, the current market capitalisation of Bitcoin … Continue reading

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

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

PRA Business Plan 2018/19

Today, 9 April 2018, the Prudential Regulatory Authority (PRA) has published its Business Plan 2018/19.  The Business Plan sets out: An overview of the PRA’s responsibilities and approach; The PRA strategy; Business Plan 2018/19; and Budget 2018/19. Alongside the Business … Continue reading

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Filed under FCA, Herbert Smith Freehills, Regulatory Reform, Sector Updates by Herbert Smith Freehills, UK

FCA Business Plan and Sector Views

Today, 9 April 2018, the FCA has published its Business Plan 2018/19. The Plan covers: EU withdrawal, priorities for 2018/19, and sector priorities. 

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Filed under Announcements, FCA, UK

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

FCA Report: Algorithmic trading compliance in wholesale markets

Relevant to both solo- and dual-regulated firms, the report reflects the findings of both firm-specific and cross-firm reviews into algo trading undertaken in the run-up to MiFID II implementation. Within the introduction, the FCA lists relevant MiFID II requirements, noting … Continue reading

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Filed under Announcements, FCA, PRA, UK, UK Regulations

Bridging the FinTech gap: What dividend should we seek from regulatory cooperation across jurisdictions?

Technology-facilitated innovation in financial services, a diverse collection of topics which coalesces under the portmanteau term of “FinTech”, is increasingly in the sights of policy-makers, whether at global, regional and national or state levels.  Keen observers will have noted a … Continue reading

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Filed under Regulatory Reform, Sector Updates by Herbert Smith Freehills

Feedback Statement: Distributed Ledger Technology

The FCA has today published the Feedback Statement (FS) to its April 2017 Discussion Paper (DP) DP17/03 on Distributed Ledger Technology (DLT). In its introduction to the FS, the FCA articulates its position on DLT as follows: “Our aim is … Continue reading

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Filed under Announcements, FCA, Sector Updates by Herbert Smith Freehills, UK