12 May 2020
Full Federal Court dismisses ACCC’s appeal against Pacific National’s intermodal terminal acquisition
The Full Federal Court has dismissed the ACCC’s appeal in respect of its case against Pacific National and Aurizon. 1 In dismissing the ACCC’s appeal, the Full Federal Court confirmed the test to be applied when assessing whether a firm’s conduct will be likely to have the effect of substantially...
12 November 2019
Casting the regulatory net over virtual assets – SFC finalises new regulatory framework for virtual asset trading platforms
On 6 November 2019, the Security and Futures Commission ( SFC ) issued a position paper setting out a new regulatory framework for the licensing of centralised virtual asset trading platforms, following the SFC’s conceptual framework issued last year.
01 November 2019
Hong Kong SFC’s new electronic data requirements place MICs and cloud services in the spotlight
Yesterday, the Hong Kong Securities and Futures Commission ( SFC ) published a circular ( Circular ) on the use of electronic data storage providers ( EDSPs ) by licensed corporations ( LCs ).
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...
02 October 2019
Be on the mark – APAC central banks release study of benchmark reform implications
On 24 September 2019, the Executives’ Meeting of East Asia-Pacific Central Banks ( EMEAP ) published its study on the implications of benchmark reform across the East Asia and Pacific region ( Study ), including the effects of LIBOR discontinuation, the EU Benchmarks Regulation ( BMR ) and 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.
20 February 2019
HKMA turns up the heat and announces consultation on IBOR transition
On 12 February 2019, the Hong Kong Monetary Authority ( HKMA ) announced in a briefing to the Legislative Council Panel on Financial Affairs that the Treasury Markets Association ( TMA ) will hold a long-awaited consultation this quarter on alternative reference rates. The announcement follows...
15 November 2017
MAS issues Guide to Digital Token Offerings
On 14 November 2017, the Monetary Authority of Singapore ( MAS ) issued a guide during the first day of the Singapore FinTech Festival to provide general guidance on the application of the securities laws administered by the MAS, namely the Securities and Futures Act ( SFA ) and the Financial...
30 June 2022
Asia-Pacific Competition Law Guide 2022
We are pleased to announce the launch of the sixth edition of Herbert Smith Freehills’ Asia-Pacific Competition Law Guide. Since the previous edition of the guide and in the context of the changes brought about by the COVID-19 pandemic, competition authorities across the Asia-Pacific region have...
29 June 2022
Trust Companies see cyber security as key business risk
Our survey confirms that trust companies continue to see cyber security as a key business risk. This is in line with companies in other areas: in IBM's 25 th edition of "The CEO Study", drawn from interviews with 3,000 CEOs worldwide, CEOs ranked cyber risk as their greatest organisational...
27 June 2022
Australia’s new employee stock ownership plan disclosure exemptions present a stark choice
New reforms designed to expand access to employee equity and reduce red tape by removing disclosure and other regulatory requirements will come into force in October – but the reality is they will present companies with a stark choice when offering equity in Australia to employees.
23 June 2022
Trust Companies Survey 2022: Beneficiary Disputes
Respondents continue to identify Beneficiary Disputes (ie disputes between the trustee and one or more of the beneficiaries) as a significant challenge. However, trustees' primary concerns remain in other areas, with Beneficiary Disputes ranking as the sixth most pressing issue. In this article, we...