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SFC announces “Manager in Charge” regime to heighten senior management accountability for financial institutions in Hong Kong
In its recent circular (with annexes 1 and 2 and a set of FAQs), the Securities and Futures Commission (SFC) of Hong Kong introduced new measures to …
EU prolongs duration of Russian sectoral sanctions until July 2017
On 19 December 2016, the European Council announced that the EU's sectoral sanctions, targeting the Russian financial, energy and defence sectors, and …
Hong Kong SFC confirms enforcement priorities and approach following strategic review
In its recently relaunched Enforcement Reporter newsletter (see first issue), the Securities and Futures Commission (SFC) has confirmed that corporate …
PRA and FCA provide feedback on the implementation of the Senior Managers' and Certification Regimes for banks and insurers, and propose adjustments to strengthen the regime
On 28 September 2016, the FCA and PRA (the Regulators) issued a suite of papers setting out their feedback on the implementation of the Senior Managers …
Hong Kong SFC commences consultation on enhancing regulation of asset management industry and point-of-sale transparency
The Securities and Futures Commission (SFC) has announced the launch of a three-month consultation regarding proposed enhancements to the regulation of …
Shenzhen-Hong Kong Stock Connect open for business
Trading through the much anticipated Shenzhen-Hong Kong Stock Connect (Shenzhen Connect) commenced on 5 December 2016. It offers international and Hong …
Consultation launched on proposed regulations on protected arrangements following enactment of the Financial Institutions (Resolution) Ordinance
The Financial Institutions (Resolution) Ordinance (Ordinance), which sets out the framework for a cross-sector regime for the orderly resolution of …
President Obama Expected to Sign 10-Year Extension of Iran Sanctions Act
On December 1, 2016, the Senate unanimously passed a bill to extend the Iran Sanctions Act of 1996 (the "ISA") for 10 years by a 99-0 vote, after it …
New UK criminal offences of failure to prevent facilitation of tax evasion
In our October 2016 briefing, we reported on the publication of the Criminal Finances Bill 2016–17. The Bill introduces a range of new measures to fight …
Cross-border US tax enforcement against facilitators of tax evasion
Partners Kyle Wombolt and John O'Donnell, and senior consultant Pamela Kiesselbach have published a chapter on cross-border US tax enforcement in The …
European Commission forges ahead with bonus cap for all CRDIV firms
The European Commission has published proposed amendments to the remuneration requirements of CRDIV which would have the effect of extending the cap on …
Anti-corruption and bribery in China and Hong Kong
Partners Kyle Wombolt and Robert Hunt, and professional support consultant, Anita Phillips, have published two chapters for Lexology Navigator's latest …
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