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12 January 2021
Executive remuneration and accountability – the revised APRA CPS 511 Remuneration
On 12 November 2020, the Australian Prudential Regulation Authority ( APRA ) released a revised draft Prudential Standard CPS 511 Remuneration for consultation ( Revised Draft CPS 511 ). The revised standard has moved away from the prescriptive requirements of the initial consultation draft,...
14 December 2020
SFC releases FAQs simplifying compliance with electronic data storage requirements – But is it really as simple as it looks?
The Hong Kong Securities and Futures Commission (SFC) has released its long awaited FAQs regarding its 31 October 2019 circular on the use of external electronic data storage providers (EDSP Circular). While there are some aspects of the FAQs which we anticipate will create practical challenges and...
21 July 2020
Can predictive analytics prevent employee misconduct?
With predictive policing and crime forecasting gaining attention, although not always good, it is not surprising that businesses are considering how to deploy analytics in their fight against employee misconduct. Certainly, financial regulators have encouraged organisations to become more...
21 July 2020
Digital forensics in investigations and the growing data burden
The approach to digital forensics in investigations is constantly evolving to keep pace with the increasing volume, velocity and variety of data within organisations. Almost every action we take leaves a digital trail and the type of information businesses are collecting, both internal and external...
21 July 2020
Big data and modern slavery
While the benefits of data and technology can be leveraged to aid businesses with modern slavery compliance and due diligence, businesses should not lose sight of the risks involved with overreliance on these tools. Despite the promise of more informed decision making, big data is not without its...
21 July 2020
Using big data to fight financial crime
In a regulatory environment which demands ever higher standards for anti-money laundering ( AML ) compliance, many financial institutions have responded by significantly increasing headcount in their AML functions, often at significant cost. However, an investment in headcount alone may not yield...
21 July 2020
Regulators lead businesses in monitoring of misconduct
As regulators and law enforcement increasingly rely on advanced data analytics for monitoring and surveillance, the risk is growing that they will detect misconduct by employees and customers that has gone undetected by a company’s own internal systems.
17 July 2020
Sustainable finance in Hong Kong: HKMA shares initial thinking on supervisory approach and range of practices by banks
The Hong Kong Monetary Authority ( HKMA ) has recently published its White Paper on Green and Sustainable Banking , as well as a circular to share a range of practices adopted by major authorised institutions ( AIs ) for managing climate risks ( 7 July Circular ). These form part of a series of...
15 June 2020
Pressure Points: Compliance and governance in financial services in the age of Covid-19 (Australia)
This article is the third in a series by our financial services team which will explore the practical implications of Covid-19 on the financial services industry and our clients' businesses, following our articles on disclosure and operational issues . This edition will examine how the standards,...
09 June 2020
Governance: Corporate Insolvency and Governance Bill: impact on supply chains and their customers (UK)
Update ; The Corporate Insolvency and Governance Act 2020 commenced into effect on 26 June 2020. While the final provisions of the Act largely reflected the drafting of the original Bill, certain amendments were made including to: (i) improve the information available to certain pensions creditors...
04 June 2020
COVID 19: Pressure Points: Operational disruption in financial services in the age of COVID-19 (Australia)
This article is the second in a series by our financial services team which will explore the practical implications of COVID-19 on the financial services industry and our client’s businesses.
14 May 2020
COVID-19: Governance: Update for fund managers (Australia)
In this update we cover two more important Australian developments for fund managers in light of the COVID-19 pandemic: an announcement from the Treasurer of a six months’ delay to the implementation of the Banking Royal Commission reforms consulted on in Jan-Feb 2020; and an announcement from the...
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18 January 2021
UK Government's 10 point plan
The UK government recently announced a £12 billion “Ten Point Plan” to lead a “Green Industrial Revolution”. This plan aims to mobilise £42 billion of private investment by 2030 with the aim of reducing UK emissions by 180 million tonnes of carbon dioxide equivalent between 2023 and 2032. The below...
15 January 2021
Supreme Court hands down judgment in FCA’s Covid-19 Business Interruption Test Case
The Supreme Court has today handed down judgment in the Covid-19 Business Interruption insurance test case of The Financial Conduct Authority v Arch and Others . Herbert Smith Freehills acted for the FCA who advanced the claim for policyholders.
14 January 2021
Why the Worley court action is a landmark case for boards
A recent landmark court decision on class actions is being interpreted as a signal to boards and directors that they may successfully defend class actions if they can show they took reasonable steps to determine how decisions were made. Herbert Smith Freehills partner Jason Betts, who will host an...
14 January 2021
The Al-Ula Declaration – GCC diplomatic relations restored
In June 2017, Saudi Arabia, the United Arab Emirates (the “UAE” ), Egypt and Bahrain announced that they would sever diplomatic ties with, and cut off transport links to, Qatar. Three and a half years later, the states have agreed to restore diplomatic relations. While details of the reconciliation...
13 January 2021
VIEWS ON AN EVOLVING AUTOMOTIVE INDUSTRY – STANDARDS AND ESSENTIAL PATENTS
The automotive industry is unquestionably evolving at considerable pace whether through advances in connectivity and autonomy in vehicles, developments in the way that consumers access and use vehicles or changes driven by the 'electric revolution' and the industry disruption caused by the COVID-19...
13 January 2021
New Italian rules on the review of foreign investments in Italy: dawn of an era of greater certainty for foreign investors? A focus on the energy sector
Article 10-ter of Law of 18 December 2020, no. 176, extended the temporary regime introduced with the Liquidity Decree until 30 June 2021. Following the extension of the Governmental Powers on FDI carried out with Law Decree of 8 April 2020, No. 23 (the “ Liquidity Decree ”), on 18 and 23 December...
12 January 2021
Executive remuneration and accountability – the revised APRA CPS 511 Remuneration
On 12 November 2020, the Australian Prudential Regulation Authority ( APRA ) released a revised draft Prudential Standard CPS 511 Remuneration for consultation ( Revised Draft CPS 511 ). The revised standard has moved away from the prescriptive requirements of the initial consultation draft,...
11 January 2021
M&A in 2021: Resilient, agile and coming off mute
2020 proved to be a year of two halves. In Q1 and Q2 the market suffered the effects of the pandemic in a dramatic way. But Q3 and Q4 proved surprisingly resilient, and we saw significant M&A activity, whether paused deals restarted, or new opportunities taken. After a year when the three most...
11 January 2021
Green finance and innovation - point 10 of the UK Government’s Ten Point Plan
In the final limb of its Ten Point Plan (the Plan ), the Government acknowledges the significant investment required to achieve net zero through the developments and innovations elsewhere in the Plan. It seeks to leverage public and private sources of financing, increasing investment in research...
11 January 2021
New year, new UK sanctions regime
Upon the end of the Brexit transition period at 11pm on 31 December 2020, the UK ceased to implement EU sanctions. UK sanctions are now in force under the UK’s domestic sanctions regime, the framework for which is contained in the Sanctions and Money Laundering Act 2018 (“SAMLA”). The UK has...
08 January 2021
TROUBLE AND HOW TO AVOID IT WEBINAR SERIES
By virtue of the types of financial services our client institutions provide to customers ranging from individuals to professional investors and the client-facing nature of these services, they are often on the receiving end of unexpected events and trouble. In this series that is designed...
