06 May 2022
AUSTRALIAN REGULATOR WINS CASE AGAINST FINANCIAL SERVICES LICENSEE FOR INADEQUATE MANAGEMENT OF CYBER RISKS
For the first time in Australia, the Federal Court has found that a failure to adequately manage cybersecurity risks constitutes a breach of general Australian financial service license ( AFSL ) obligations.
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
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.
04 July 2022
Unbundling Competition: Asia competition law podcasts
In this podcast, members of the Herbert Smith Freehills Competition, Regulation and Trade team examine key competition law and related regulatory developments. In each instalment, we update you on the latest developments across Asia, as well as those affecting Asian businesses around the world,...
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...