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...
06 September 2019
FATF and APG publish long-awaited mutual evaluation report on Hong Kong
Following the Financial Action Task Force ( FATF ) and the Asia/Pacific Group on Money Laundering’s inspection of Hong Kong in October and November 2018, their much anticipated Mutual Evaluation Report ( Report ) on Hong Kong was published on 4 September 2019. Our previous bulletin on 25 June 2019...
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.
26 March 2019
Accessing a deregistered policyholder’s cover, and the need to consider exclusions carefully in context
A recent case 1 in the financial services sector illustrates that: A counterparty being deregistered is not the endpoint for insurance claims. Claimants can access liability insurance policy proceeds even when the policyholder is in liquidation and deregistered. Exclusions should be carefully...
12 March 2019
Latest Shake-up of the Remuneration Provisions for Banks and Investment Firms Part 2: Banks and credit institutions
After over two years of debate, agreement has finally been reached on the proposed directive amending the Capital Requirements Directive (which is generally being titled CRD5 ), and the European Council has published its final text. As detailed in our previous briefing ( Part 1 ), however, the...
11 March 2019
Latest Shake-up of the Remuneration Provisions for Banks and Investment Firms Part 1: Investment Firms
Agreement has now been reached between the European Parliament, the Commission and the Council on the final texts of two Directives which will impact on the remuneration provisions which apply to banks and investment firms. The first is the Investment Firms Directive ( IFD ), which will introduce a...
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...
13 February 2019
The Final Report has been released and for those who followed the public hearings, the recommendations are not surprising. The regulators, ASIC and APRA, have been given increased regulatory scope and more tools to regulate. The key question is, following on from the Final Report, where next for...
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
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...
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...
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...