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01 July 2019
Digital Banking Licences have arrived for non-bank players in Singapore
On 28 June 2019, the Monetary Authority of Singapore ( MAS ) announced that it will issue up to five new digital bank licences, which will effectively open digital banking business to non-bank players in Singapore. Announcing the measures at the 46th Annual Dinner of The Association of Banks in...
24 June 2019
MAS extends AML/CFT requirements to Payment Service Providers
On 6 June 2019, the Monetary Authority of Singapore ( MAS ) issued a Consultation Paper on proposed anti-money laundering and countering the financing of terrorism ( AML/CFT ) requirements which will apply to most payment service providers ( PS Providers ). Submissions close on 5 July 2019. The...
11 June 2019
Product Intervention Powers and Design and Distribution Obligations in Financial Services: A cross-border perspective
Many regulators view their ability to intervene as one of their key supervisory tools to reduce harm in cases where there is a risk of significant consumer detriment or threat to financial markets.
22 May 2019
Disclosure of internal investigations – the Hong Kong SFC’s FAQs fail to relieve industry concerns
The Hong Kong Securities and Futures Commission ( SFC ) has released frequently-asked questions ( FAQs ) to clarify its Internal Investigation Disclosure Obligation – a measure introduced in February 2019 to stop the “roll” of “bad apples” within the financial industry.
04 February 2019
SFC seeks to halt "rolling bad apples" in their tracks with licensing reforms
On 1 February 2019, the Securities and Futures Commission ( SFC ) announced significant changes to its licensing forms and processes (Licensing Reforms). Included in these changes was the long-awaited arrival in Hong Kong of measures intended to stop the “rolling” of “bad apples” within the...
04 December 2018
Renewed focus on compensation to address misconduct risk
The Financial Stability Board ( FSB ) released on 23 November 2018 its recommendations on the types of data regulators should be collecting from financial institutions ( FIs ) regarding compensation tools, as part of its workplan to address misconduct risk in FIs. This data is intended to help...
02 November 2018
Casting the regulatory net over virtual assets – new regulation in Hong Kong for crypto fund managers, fund distributors and trading platforms
Yesterday, the Securities and Futures Commission ( SFC ) published a statement ( Statement ), together with a press release , setting out its new regulatory framework for virtual assets (also known as cryptocurrencies, crypto-assets and digital tokens).
24 April 2018
A new global toolkit for fighting misconduct risk: What does this mean for firms and regulators?
On 20 April 2018, the Financial Stability Board ( FSB ) released its long awaited toolkit ( Toolkit ) for firms and regulators’ use in fighting misconduct risk. The Toolkit forms part of the FSB’s workplan to mitigate misconduct risk, and builds on existing measures such as the FSB’s guidance on...
13 December 2017
New Guidance Note on Cooperation with the SFC and its Benefits
Yesterday, the Securities and Futures Commission (the SFC ) published its Guidance Note on Cooperation with the SFC (the Guidance ). The Guidance contains an updated section on disciplinary proceedings and a new section on proceedings in the civil courts and the Market Misconduct Tribunal ( MMT )...
17 November 2017
SFC publishes consultation conclusions on enhancing regulation of asset management industry and point-of-sale transparency and launches further consultation
Yesterday, the Securities and Futures Commission ( SFC ) published its consultation conclusions on proposals to enhance asset management regulation and point-of-sale transparency (the Proposals ) (please see here for our e-bulletin on the SFC's consultation). The SFC has also launched a further...
15 August 2017
MAS clarifies stance on digital tokens
On 1 August 2017, the Monetary Authority of Singapore ( MAS ) clarified through a media release that an offer or issue of digital tokens would be regulated if these tokens constitute products which are regulated under the Securities and Futures Act ( SFA ). In doing so, the MAS sent a strong signal...
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20 August 2019
DC Circuit Court Requires Subpoenaed Chinese Banks to Produce Documents in Money Laundering Case
On July 30, 2019, the US Court of Appeals for the DC Circuit unanimously upheld a district court order requiring three unnamed Chinese banks to produce financial records subpoenaed by US federal prosecutors. Although the US government does not currently suspect that the subpoenaed banks took part...
16 August 2019
NSW Modern Slavery – opportunity to provide input
In June 2018, the Parliament of New South Wales passed the NSW Modern Slavery Act , ahead of the Commonwealth Modern Slavery Act which passed in December 2018. However, the NSW Modern Slavery Act is yet to commence and it has been reported that the NSW Special Minister of State had received advice...
15 August 2019
Australian Patent Update: three key changes underway
Last August we considered IP Australia’s Exposure Draft outlining the potential impact of proposed changes to the Patents Act 1990 (Cth). Following the Exposure Draft’s release, IP Australia received 18 submissions in response, including submissions from AusBiotech, Medicines Australia and the...
07 August 2019
Policyholder successfully appeals refusal to apply one deductible to multiple claims in Class Action
In good news for policyholders defending class actions, the NSW Court of Appeal has ruled that multiple claims in a class action against Bank of Queensland over a “Ponzi scheme” should be treated as a single claim under the Civil Liability Policy’s aggregation clause, meaning that only one...
05 August 2019
Paddling to surfing: the rise of Online Dispute Resolution
ODR has become a common term in the disputes world. Given business is almost always conducted online, why shouldn't disputes be resolved in the same way? Whether it is Brexit or the Belt and Road, ODR has been touted as part of the solution.
31 July 2019
Takeovers Panel issues guidance on shareholder requisitions and undisclosed associations
The Takeovers Panel recently found that unacceptable circumstances existed in relation to Aguia Resources in the context of a shareholder requisitioned meeting to change the composition of the company’s board. Whilst the Panel has generally been reluctant to interfere with shareholders’ rights to...
30 July 2019
CONSTRUCTION CONTRACT & CLAIMS MANAGEMENT PODCAST
In this podcast series, our Construction & Infrastructure Disputes experts discuss construction contract and claims management in the UK. The series covers common contentious issues arising from construction contract management and construction claims and explores the legal and practical do's...
