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 API is one of seven initiatives announced by the HKMA in September 2017 to bring Hong Kong into a “new era of smart banking”. Brief details of the consultation can be found in our briefing of February 2018.

The framework focuses at this stage on retail banking, but banks are welcome to extend the framework to other banking businesses as they consider appropriate. Please click here to read more.

 

William Hallatt
William Hallatt
Head of Financial Services Regulatory, Asia
+852 2101 4036
Hannah Cassidy
Hannah Cassidy
Partner, Hong Kong
+852 2101 4133
Valerie Tao
Valerie Tao
Professional Support Lawyer, Hong Kong
+852 2101 4125

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 (SFCpublished 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 Companies) Rules (OFC Rules) and the Code on Open-ended Fund Companies (OFC Code), which supplement the basic OFC framework to be introduced via amendments to the Securities and Futures Ordinance.

To read our full briefing on the regime, please click here.

 

William Hallatt
William Hallatt
Partner, Head of Financial Services Regulatory, Hong Kong
+852 2101 4036
Hannah Cassidy
Hannah Cassidy
Partner, Hong Kong
+852 2101 4133
Jackie Lam
Jackie Lam
Associate, Hong Kong
+852 2101 4194

Middle East Anti-Bribery and Corruption Regulations Legal Guide 2018

Welcome to the first edition of our Anti-Corruption Regulation Legal Guide for the Middle East.

We are delighted to launch this publication, which presents the legislative framework regulating bribery and corruption across arrange of Middle East jurisdictions, drawing upon the combined knowledge and experience of our lawyers, as well as qualified and experienced counsel in each of the jurisdictions covered. We understand this guide to be unique in terms of scope and content. Continue reading

The UK Government announces consultation on sanctions post-Brexit

The two year process of the UK's exit from the EU formally began on 29 March 2017 with notice being given under Article 50 of the Treaty on the European Union of the UK's intention to leave the EU. One of the many legal issues to be determined will be the way in which the UK approaches its international sanctions framework post-Brexit, since the vast majority of the sanctions currently in force in the UK have directly applicable EU Regulations as their basis.

The Government has recently launched a public consultation into the question of the legal powers needed to impose sanctions after Brexit, while a House of Lords enquiry into UK sanctions policy is also underway. What do these two processes tell us about the UK's future sanctions regime?

Continue reading →