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10 October 2019
Corporate Crime Update, Autumn 2019
Welcome to the Autumn 2019 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. This bumper edition covers a number of jurisdictions, and includes content from the summer break. For the full update on...
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...
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14 October 2019
Do you want it right now? The exciting future of contextual commerce
E-commerce has revolutionised the retail experience by enabling individuals to purchase goods and services from the comfort of their homes with a simple click. "Contextual commerce", the next frontier for retail experience enhancement, takes the convenience and spontaneity of one-click purchasing...
10 October 2019
Are you prepared? The board’s role in crisis management
With the ever-increasing growth in the number and potential magnitude of cyber, technological and operational risks to financial services entities, boards need to be prepared to respond to these types of crisis and ensure that the entity’s critical information assets are appropriately secured.
10 October 2019
Order restored: High Court clarifies quantum meruit
After over a decade of uncertainty, the High Court yesterday reined in the use of the quantum meruit remedy. A majority of the Court found that builders can no longer seek compensation on a quantum meruit basis in relation to works where the builder has accrued a right to payment under the contract...
10 October 2019
Corporate Crime Update, Autumn 2019
Welcome to the Autumn 2019 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. This bumper edition covers a number of jurisdictions, and includes content from the summer break. For the full update on...
09 October 2019
The hidden legal risks in Australian super fund mergers
The contemporary resurgence of super fund mergers presents a material risk of claims against directors of super fund trustees, if trustees are not undertaking appropriately sophisticated diligence exercises that take account of the complexity of modern portfolios.
09 October 2019
A leadership role for super funds in solving Australia’s energy trilemma?
On 29 June 2019, Industry Super Australia ( ISA ) released its Modernising Electricity Sectors Discussion Paper (the Paper ) 1 which seeks to assist super funds in understanding and navigating the regulatory uncertainty in investing in the Australian electricity sector. More specifically, it aims “...
09 October 2019
ASIC Corporate Governance Taskforce: Director and officer oversight of non-financial risk report
The ASIC Corporate Governance Taskforce ( Taskforce ) released its ‘Director and officer oversight of non-financial risk report’ ( Report ) on 2 October 2019. The Report follows the review by the Taskforce of director and officer oversight of non-financial risk in financial services companies, and...
08 October 2019
What happens when a VC fund and a law firm host a future of HR summit?
Over the past two weeks we have seen Culture Amp raise over $100 million, Atlassian release their culture playbook publicly, and over 180 chief executive officers of leading global companies, headed by the well-respected CEO of JPMorgan Chase, Jamie Dimon, recommend, “that corporations must change...
07 October 2019
Re-Assessing Directors' Liability for Unlawful Dividends
PRACTICAL IMPLICATIONS FOR COMPANIES AND OFFICEHOLDERS Revisiting over 150 years of case law, the High Court has resolved a question on which both the courts and textbooks had given conflicting answers: is a director's liability for payment of a dividend which is unlawful as a result of incorrect...
