Uncategorized

Anti-money laundering regulatory round-up

Author: Susannah Cogman Late 2018 and early 2019 saw a flurry of regulatory developments and proposals relating to anti-money laundering. We have reported on these in brief in our regular corporate crime updates, but for those who have been – … Continue reading

Leave a Comment

Filed under Corporate Crime, EU, Europe, European Regulation, FCA, Regulatory Reform, Sanctions and Money Laundering, UK, UK Regulations, Uncategorized

Latest Shake-up of the Remuneration Provisions for Banks and Investment Firms Part 1: Investment Firms

Authors: Mark Ife and Paul Ellerman Agreement has now been reached between the European Parliament, the Commission and the Council on the final texts of two Directives which will impact on the remuneration provisions which apply to banks and investment … Continue reading

Leave a Comment

Filed under Europe, European Regulation, Remuneration, Uncategorized

FCA consults on further changes to SMCR

Authors: Sarah Thomas, Cat Dankos and Hywel Jenkins At the end of January, the UK Financial Conduct Authority (FCA) issued a further consultation paper (CP19/4, the CP) on the Senior Managers and Certification Regime (SMCR). Responses to the CP are … Continue reading

Leave a Comment

Filed under FCA, Regulatory Reform, UK, UK Legislation, UK Regulations, Uncategorized

OFSI publishes Annual Review

On 5 October 2018, HM Treasury’s Office of Financial Sanctions Implementation (OFSI) published its Annual Review for the 2017-18 financial year. This is the first such review published by OFSI and provides an overview of OFSI’s activities in 2017-18, as … Continue reading

Leave a Comment

Filed under Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, Uncategorized

MALAYSIA INTRODUCES NEW LAW TO COMBAT CORPORATE BRIBERY

The Anti-Corruption Commission (Amendment) Act 2018 was passed by the Senate of Malaysia on 5 April 2018. One of the major amendments is the introduction of section 17A. Modelled on the UK Bribery Act’s corporate offence, it penalises commercial organisations … Continue reading

Leave a Comment

Filed under Asia, Bribery and Corruption, Malaysia, Uncategorized

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

Government proceeds with proposals to enhance Hong Kong regulations on anti-money laundering and counter-terrorist financing

In 2018, Hong Kong's regime will be subject to mutual evaluation with those of other members of the Financial Action Task Force (FATF). FATF sets international standards for anti-money laundering and counter-terrorist financing regulation and reviews the effectiveness of regulation … Continue reading

Leave a Comment

Filed under Bribery and Corruption, Hong Kong, Uncategorized

Market Abuse Update – May 2017

The latest edition of our Market Abuse Update covers developments from the second half of 2016 through to April 2017. It features: the latest UK civil and criminal market abuse proceedings; significant international developments and enforcement cases; the FCA's recent Market … Continue reading

Leave a Comment

Filed under Uncategorized

SFO enters into third and largest deferred prosecution agreement

On 17 January 2017, Sir Brian Leveson QC approved the UK's third Deferred Prosecution Agreement ("DPA"), resulting in orders for disgorgement, penalties and costs exceeding £500 million. This is the largest DPA since their introduction in the UK in 2014. … Continue reading

Leave a Comment

Filed under Uncategorized

EU prolongs duration of Russian sectoral sanctions until July 2017

On 19 December 2016, the European Council announced that the EU's sectoral sanctions, targeting the Russian financial, energy and defence sectors, and dual-use goods (which were previously due to expire on 31 January 2017) will be extended for a further … Continue reading

Leave a Comment

Filed under Russia, Sanctions and Money Laundering, Uncategorized