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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...
05 September 2019
Industry engagement essential to success of ‘gateway’ model for energy sector CDR
The ACCC’s selection of a ‘gateway’ model as the preferred data access model for implementation of the Consumer Data Right ( CDR ) in the energy sector is anticipated to align to the preferences of incumbent energy sector participants, but may not fully meet the expectations of potential new market...
07 August 2019
Policyholder successfully appeals refusal to apply one deductible to multiple claims in Class Action
In good news for policyholders defending class actions, the NSW Court of Appeal has ruled that multiple claims in a class action against Bank of Queensland over a “Ponzi scheme” should be treated as a single claim under the Civil Liability Policy’s aggregation clause, meaning that only one...
29 July 2019
Challenges & Opportunities as CDR legislation nears enactment
Herbert Smith Freehills’ briefing on the progress of the Consumer Data Right ( CDR ) regime in Australia following the CDR Bill’s introduction into Parliament last Wednesday. Our briefing identifies key potential industry impacts, practical CDR issues and cross-sector CDR implications that...
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.
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18 September 2019
The long arm of regulation: responding to cross-border financial services investigations
Financial services firms conduct their business activities across markets and borders, often performing services and holding data in locations other than those in which they interact with their clients. Over a decade after the financial crisis, their regulators remain under sustained public and...
18 September 2019
DISPUTE RESOLUTION IN THE ERA OF BIG DATA AND AI
Be it machine learning, natural language processing, augmented analytics or distributed ledger technology (aka blockchain), new technologies are revolutionising the way in which business is done in every industry. In order to leverage the benefits of these disruptive technologies, businesses are...
17 September 2019
CJEU refuses UK HC's request for preliminary ruling on SPC applications based on third-party MAs, on account of referred question being "hypothetical" (C-239/19 Eli Lilly v Genentech)
On 5 September 2019, the Ninth Chamber of the CJEU refused a request for referral in relation to the interpretation of Article 3(b) of Regulation (EC) No 469/2009 of the European Parliament and of the Council of 6 May 2009 concerning the supplementary protection certificate for medicinal products...
12 September 2019
ACCC issues guidance on competition risks in IP transactions: Beware the inadvertent cartel
The ACCC has issued final Guidelines on how Australia’s competition laws will apply to intellectual property assignments and licences following the repeal of the ‘IP exemption’ from prohibitions on anti-competitive conduct which was contained in subsection 51(3) of the Competition and Consumer Act...
11 September 2019
Class Actions in Australia: Emerging Trends
There have been a range of developments in the class actions landscape over the past year. The Australian Law Reform Commission completed its review of class action proceedings and third party litigation funding, an appeal is pending in the High Court of Australia on common fund orders and the...
10 September 2019
Using Decision Analysis to evaluate a settlement offer
Using Decision Analysis to evaluate a settlement offer The HSF Decision Analysis team brings together highly numerate disputes lawyers to build decision tree models and help clients quantify, visualise and better understand legal risks in their disputes. This service has brought new insights to...
10 September 2019
'Mega-fines' and compensation – how might companies be affected? Developments in Data Protection Law September 2019
In this update, we provide you with a brief summary of two recent developments in relation to sanctions imposed under the General Data Protection Regulation ("GDPR"). Firstly, the Berlin Data Protection Authority ("Berlin DPA") recently announced its willingness to impose multimillion-euro fines...
06 September 2019
Classic cross-border cooperation: joint court hearings in the Halifax insolvency
On 22 August 2019, the Federal Court of Australia ( FCA ) held that it could make a request to the New Zealand High Court ( NZHC ) that there be a joint hearing of those courts in respect of applications relating to the pooling of various funds held by companies subject to Australian and New...
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...
