Corporate Crime update – May 2018

Welcome to the May 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, please click on the name of the jurisdiction below.

We are proud to announce that the Corporate Crime and Investigations practice at Herbert Smith Freehills has been awarded Investigation Firm of the Year at the Who’s Who Legal Awards 2018.  Continue reading

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Filed under Bribery and Corruption, Corporate Crime, Herbert Smith Freehills, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

EU Parliament-commissioned report – Virtual currencies and terrorist financing

The EU Parliament’s internal Think Tank has published a study commissioned by Parliament’s special Committee on Terrorism (TERR) into virtual currencies (VCs) and terrorist financing (TF). Via TERR, the report may contribute to Parliament’s consideration of the treatment of VCs, particularly with regard to safeguards to prevent/detect the use of VCs in TF. Continue reading

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Filed under Announcements, Europe, Herbert Smith Freehills, Sector Updates by Herbert Smith Freehills

CHINA’S NEW LIBERALISATION POLICIES FOR THE FINANCIAL SECTOR

China is advancing its policies to open up its markets and attract more foreign investment. This year, the financial sector is one of the focus areas for liberalisation. On 11 April 2018, Yi Gang, the governor of People’s Bank of China announced a detailed timetable (Timetable) for certain liberalisation policies in respect of the financial sector. In this e-bulletin, we summarise the key aspects of the Timetable and some of the other related regulations which have been issued recently. Please click here to read our full briefing.

Karen Ip
Karen Ip
Partner, Beijing
Email | Profile
+86 10 6535 5135
Nanda Lau
Nanda Lau
Partner, Shanghai
Email | Profile
+86 21 2322 2117
Tianchan Li
Tianchan Li
Associate, Shanghai
Email
+86 21 2322 2155
William Hallatt
William Hallatt
Partner, Head of Financial Services Regulatory, Hong Kong
Email | Profile
+852 2101 4036
Hannah Cassidy
Hannah Cassidy
Partner, Hong Kong
Email | Profile
+852 2101 4133

 

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

AML/CFT COMPLIANCE A KEY FOCUS OF RECENT SUPERVISORY INSPECTIONS BY THE HONG KONG INSURANCE AUTHORITY

Late last week, the Hong Kong Insurance Authority (IA) published a circular setting out its key findings from anti-money laundering and counter-financing of terrorism (AML/CFT) onsite inspections of authorised insurers carrying on long term business.  Continue reading

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Filed under Announcements, Asia, Bribery and Corruption, Corporate Crime, Hong Kong, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills

FCA issues outcome of high cost credit review and seeks feedback on proposals for new rules and guidance for overdrafts and high cost credit

The Financial Conduct Authority (FCA) has issued a press release setting out the outcome of its high-cost credit review (HCCR) together with new proposals on rules and guidance designed to protect consumers that use overdrafts and high-cost credit (the Proposals).  Continue reading

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

ESAs consultations: amendments to EMIR for securitisation issuers

In May 2018, the Joint Committee of the European Supervisory Authorities (“ESAs“) launched two consultations (the “Consultations“) to amend EMIR concerning (i) the clearing obligation and (ii) certain risk mitigation techniques for non-cleared OTC derivatives in respect of securitisation issuers.

Prior to the Consultations, the Securitisation Regulation amended EMIR to ensure one goal: consistency of treatment between derivatives entered into by covered bonds issuers; and derivatives entered into by simple, transparent and standardised (“STS“) securitisation issuers. Please click here to read our full briefing.

 

Dina Albagli
Dina Albagli
Partner, London
Email | Profile
+44 20 7466 2390
Joy Amis
Joy Amis
Partner, London
Email | Profile
+44 20 7466 2840
Jake Jackaman
Jake Jackaman
Partner, London
Email | Profile
+44 20 7466 2883
Nick May
Nick May
Partner, London
Email | Profile
+44 20 7466 2617
Michael Poulton
Michael Poulton
Partner, London
Email | Profile
+44 20 7466 2777

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Filed under Consultations, Europe

PASSAGE OF NEW SANCTIONS LEGISLATION AND PUBLICATION OF UPDATED GUIDANCE

On 24 May 2018, it was announced that the Sanctions and Anti-Money Laundering Act (the “Act”) had received Royal Assent. The Act is the first piece of UK primary legislation governing the post-Brexit legal position and will create a post-Brexit framework for the imposition and enforcement of sanctions and the replication of the pre-Brexit anti-money laundering (“AML”) compliance regime. Continue reading

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Filed under Bribery and Corruption, Corporate Crime, Investigations, Sanctions and Money Laundering, Sector Updates by Herbert Smith Freehills, UK Government

HERBERT SMITH FREEHILLS’ GUIDE TO CORPORATE INVESTIGATIONS IN CHINA

Kyle Wombolt, global head of corporate crime and investigations, and Anita Phillips, a professional support consultant, have published a guide to corporate investigations in China. This forms part of GIR’s acclaimed 2018 text, The Practitioner’s Guide to Global Investigations, available in print and online. Our chapter covers the legal and regulatory framework in China, running an internal investigation, dealing with cross-border investigations and responding and reporting to the Chinese authorities. Continue reading

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Filed under Announcements, Bribery and Corruption, China, Corporate Crime, Herbert Smith Freehills, Investigations

HONG KONG SFC ISSUES DISCLOSURE REQUIREMENTS FOR DISCRETIONARY ACCOUNTS

On 23 May 2018, the Securities and Futures Commission (SFC) published its consultation conclusions on disclosure requirements for discretionary accounts (Consultation Conclusions). They consist of amendments to the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (Code).  Continue reading

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Filed under Announcements, Hong Kong

FCA: Transforming Culture Conference report

The FCA has today published a report of its March 2018 Transforming Culture Conference. The short report (7 pages) summarises the event and sets out next steps. Continue reading

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