13 October 2020
Fintech 2021: from crisis to consolidation
For most people, life and work have changed fundamentally since the Covid-19 crisis began – and there are concerns that the crisis could still worsen again . Most areas of the world’s economy have been profoundly affected too, and the Fintech sector is no exception. Fintech has been both an...
02 October 2020
Inside tech Asia Pacific webinar series
Our Inside Tech Asia Pacific Webinar Series covers a range of topics including fintech and digital banking, digital infrastructure, healthtech, and growth and investments in Asia Pacific. New themes and episodes will be added regularly. To join a live webinar session, please register and save the...
24 June 2020
Pressure Points: Venture capital in Southeast Asia post-Covid-19 (Asia)
The Covid-19 pandemic has created significant economic challenges for industries world-wide. The Southeast Asia venture capital industry and the start-up ecosystem that it supports are no exception. Start-ups in particularly hard-hit industries have found themselves at risk in these uncertain times...
23 April 2020
COVID-19: Pressure Points: electronic signatures in a time of social distancing (Australia)
One consequence of the COVID-19 pandemic is that, increasingly, business is being conducted remotely. In these circumstances, securing ‘wet ink’ execution of documents can be difficult. Electronic signatures can provide a solution to this problem. However, there can be pitfalls, and care should be...
06 February 2020
Australian privacy law reform and review announced
On 12 December 2019, the Australian Government announced its response to the Australian Competition & Consumer Commission’s ( ACCC ) Digital Platform Inquiry. Despite the Inquiry’s name, only 1 of the 11 recommendations in the report about data practices is targeted at digital platforms.
04 February 2020
Digitalisation Trends in Indonesia’s Financial Services Sector – Recent and Upcoming Developments
In October 2019 Herbert Smith Freehills launched its 2019 Global Bank Review: The Data Game . As several themes raised in this review resonate particularly strongly in the Indonesian context, we summarise here the latest regulatory developments pertaining to digitalisation and data in Indonesia’s...
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 ).
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...
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...
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...
26 January 2021
2021 Guide to Dispute Resolution in Asia Pacific
Disruption and recovery always generate disputes – and in Asia Pacific cross-jurisdiction operations and investments increase that risk. Our 2021 Guide to Dispute Resolution in Asia Pacific is your roadmap to navigating your way through potential problems in these fast-changing times, especially...
22 January 2021
Policyholders defeat insurers’ appeal in UK FCA test case on cover for COVID-19 business interruption losses
The momentum in favour of policyholders seeking BI cover for COVID-19 related losses continues as the English Supreme Court has unanimously dismissed the insurers’ appeal against the original judgment which was largely favourable to policyholders.
21 January 2021
Proposals by the Indian Ministry of Corporate Affairs for a new Prepackaged Insolvency Resolution Process
Background and purpose of the proposals On 8 th January proposals for a new ‘Prepackaged Insolvency Resolution Process’ ("PIRP") were issued by the Indian Ministry of Corporate Affairs for public consultation, and we have considered them from a foreign perspective. The proposals are continuing...
21 January 2021
Corporate Treasurer Briefing - Is LIBOR Really Entering the End Game?
The end of 2021 has been the date set in stone for the discontinuation of LIBOR for some time. In our briefing we look at the status of LIBOR transition across various different currencies and products and explore some of the events which will catalyse the transition in 2021.
20 January 2021
The Anti-Bribery and Anti-Corruption Review - 9th Edition: Russia Chapter
Although Russia was ranked 137 out of 198 countries on Transparency International’s 2019 Corruption Perceptions Index, sharing the spot with such countries as Mexico, Papua New Guinea and Paraguay, in its Third Round Evaluation Report published on 21 November 2016, the Group of States against...
19 January 2021
Key TCA issues for the energy sector
The EU-UK Trade and Cooperation Agreement (" TCA ") establishes objectives for the energy market by providing for the facilitation of trade and investment between the EU and the UK (the “ parties ”) in the areas of energy and raw materials, and supporting security of supply and environmental...
19 January 2021
UK Export Development Guarantee scheme: supporting UK exporters to access liquidity
An increasing number of UK manufacturing and industrial companies including Rolls-Royce and the UK's two largest airlines have recently turned to UK Export Finance (UKEF), the UK government’s export credit agency for trade finance and insurance, to provide guarantees to assist with accessing...
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...