Regulatory Reform

PRIVILEGE NO DEFENCE TO NOTICE REQUIRING PRODUCTION OF CLIENT’S PRIVILEGED DOCUMENTS TO REGULATOR

The High Court has held that an audit client could not withhold documents on grounds of privilege when responding to a notice requiring the production of documents in connection with an investigation into the auditor’s conduct: The Financial Reporting Council Ltd … Continue reading

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

Stock Connect Northbound Investor ID Model set to launch on 17 September 2018

Late last month, the Securities and Futures Commission (SFC) announced that agreement had been reached with the China Securities Regulatory Commission (CSRC) to implement the investor identification model for Stock Connect Northbound trading (NB Investor ID Model) on 17 September … Continue reading

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

Corporate Crime summer update 2018

Welcome to the summer 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters over July and August. 

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Filed under Announcements, Australia, Bribery and Corruption, Corporate Crime, EU, Hong Kong, India, Investigations, Korea, Middle East, Regulatory Reform, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Singapore, Thailand, US, Vietnam

The Rise of the Crypto Hedge Fund: Opportunities and Challenges

The extraordinary returns generated by cryptocurrencies have led to a frenzy of investment activity and interest from investors. Several new crypto hedge funds have emerged, and cryptocurrency is fast establishing itself as a mainstream asset class. However, numerous operational and … Continue reading

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

Do we need a new duty of care in financial services?

On 17 July 2018, the FCA published a paper on its Approach to Consumers (the Approach), accompanied by a discussion paper DP18/5 (the DP) on the possible introduction of a new duty of care and other alternative approaches (a New Duty). The … Continue reading

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

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

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

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

FCA consults on proposals to regulate claims management firms

The Financial Conduct Authority (FCA) has issued a joint consultation paper – Claims management: how we propose to regulate claims management companies (CP18/15) (the Consultation) with the Financial Ombudsman Service (FOS) setting out draft proposals on how the FCA intends … Continue reading

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