Special Edition: Finding Balance –Insurance In this special edition, Martin C.W. Tam, a partner at our Hong Kong office, talks with Ying Yi Liew about the future of the insurance sector as it transitions into the business renewal phase. Basing on client, industry and legal perspectives, we explore what the…
The Indonesian Financial Services Authority (OJK) has issued OJK Regulation No. 44 of 2020 on Risk Management for Non-Bank Financial Institutions. Non-bank financial institutions under this regulation include insurance companies, pension funds and financing companies. This regulation replaces OJK Regulation No. 1 of 2015 on the same subject matter. This regulation has already come into effect.
In this publication, we focus on the impact of the regulation on insurance companies and insurance intermediary companies. For the purpose of this publication, ‘insurance companies’ also refers to insurance intermediary companies.
Businesses have to be adaptable when navigating the business and legal impact of the COVID-19 pandemic. Our Resilience,…
The Monetary Authority of Singapore (MAS) proposes a new Omnibus Act1 (New Act), which will contain a new regulatory framework for Singapore digital token service providers performing digital token services outside Singapore. The new regulatory framework entails two key aspects: (a) licensing requirements; and (b) anti money laundering (AML) and countering the financing of terrorism (CFT) regulations
The Hong Kong Monetary Authority (HKMA) has released a Consultation Paper on Enhancing the Regulation and Supervision of Trust Business (Consultation Paper). The HKMA plans to introduce a Code of Practice for Trust Business (Code) to be incorporated into a new Supervisory Policy Manual (SPM) applicable to all authorized institutions (AIs) and local subsidiaries of locally incorporated AIs (AI subsidiaries) conducting trust business in Hong Kong. The aim of the Code is to enhance protection of client assets held on trust and better align with international standards and practices to promote the fair treatment of customers and a customer-centric culture in the trust business. We discuss some of the HKMA’s proposals and their potential application.
On 15 July 2020, the U.S. and Gulf Cooperation Council (“GCC”)-led Terrorist Financing Targeting Center (“TFTC”) designated six…
COVID-19 has led to an increase in online business dealings and transactions, which has resulted in a steady rise in cybercrime. Criminals are using techniques such as authorized push payment fraud to steal large sums of money from unsuspecting individuals and entities. Wian Steyn, Senior Associate, and Rui Lopes, Associate, in the Dispute Resolution Practice Group in Johannesburg, discuss how this fraud takes place, and the legal obligations and duties imposed on investment managers, investors and banks, to protect against it.
Please join us for a new weekly video series, hosted by Baker McKenzie’s North America Government Enforcement partners Tom Firestone and Jerome Tomas.
This weekly briefing is available on demand and will cover hot topics and current enforcement actions related to white collar crime and criminal investigations in the US and abroad to arm you with the information you need to start your business week.
As one of the largest global law firms, we will call upon our exceptionally deep and broad bench of white collar experts throughout the world and particularly in the commercial hubs of Europe, Asia, Africa and Latin America to join our weekly discussion series.
The Government of France issued an ordinance (n° 2020-115), which transposes the EU Directive (2018/843) of 30 May 2018 of the European Parliament and of the Council, known as the “5th Anti-Money Laundering Directive”, on 12 February 2020 to aid in the efforts to combat money laundering and the financing of terrorism in France. This ordinance has been supplemented by two decrees (n° 2020-118, n° 1010-119) adopted on the same day.
Covered institutions with a presence in France should carefully analyze the ordinance and its supporting decrees and, where necessary, review and adapt their processes to ensure compliance with the new regulatory framework. In particular, client identity checks need to be adapted.
A convergence of factors has brought about the perfect storm of disruption and change, presenting a myriad of challenges and opportunities to Asset Managers worldwide. Ongoing regional and global dialogues between regulators and government bodies have identified the need for robust governance to ensure sustainable development of the asset management…