The Stock Exchange of Hong Kong Limited has amended its Listing Rules, including the Corporate Governance Code, to enhance the corporate governance framework and promote good governance among issuers. The amendments follow a consultation period and the conclusions drawn in the published Consultation Conclusions.
On 18 January 2022, the Colombian Government enacted Law 2195 of 2022, which adopts measures for transparency and corruption prevention. These measures entail significant changes in relation to competition protection such as modifications to the fines applicable to individuals and companies and to the leniency program.
Baker McKenzie are now inviting you to join sessions on specific developments and areas of risk that are on the minds of risk managers and require forethought today. The Series is designed for legal and compliance as well as interested business leaders who want to invest 50 minutes every month to these topics and come away with ideas and practical guidance.
As of 1 January 2022, Germany has set up a mandatory public lobbying register. Its broad scope covers – similar to the EU transparency register – every entity which regularly communicates with the German federal executive or legislative to represent and further its interests. As a result, every company with a public affairs department may fall under its scope. Such companies will need to complete their initial registration by 28 February 2022.
On 29 December 2021, Hong Kong’s Independent Commission Against Corruption issued a reminder to the insurance sector to remain vigilant in upholding a high integrity standard and to take a proactive stance against corruption.
The year has ended with important new developments for companies that contract with the public sector, new developments that have come into force on January 1. Both the State and Catalan’s budgetary laws contain provisions on this matter. Also, as each year, the new thresholds applicable to harmonized contracts have been published.
This week’s discussion will cover the following: 6 January Investigation Update; White House Anti-Corruption Strategy; New OFAC Anti-Corruption Sanctions; DOJ Notice of Proposed Rulemaking on FARA; and ESG Update: Office of Comptroller of the Currency’s National Risk Committee Identifies Climate Change Initiative in Semiannual Risk Perspective report
On December 6, 2021, the White House issued the first ever consolidated United States Strategy on Countering Corruption. The Strategy follows President Biden’s June 3, 2021 memo that established the tackling of corruption as a central US national security interest.
The UK Government announced on 15 December 2021 that the Rt Hon Baroness Heather Hallett DBE will be Chair of the upcoming public inquiry into the Covid-19 pandemic. In the New Year, the panelists to sit alongside Baroness Hallett are due to be appointed.
On December 9, 2021, the US Departments of State and Commerce amended their regulations to strengthen US export controls targeting Cambodia. According to the Federal Register notices announcing these final rules, these enhanced export control measures were adopted in response to the expanded Chinese military presence in Cambodia, as well as the corruption and human rights abuses allegedly committed by the Cambodian Government. This action builds on various public statements from the US Government this year expressing concerns about Cambodia and warning US business about conducting business in or with that country, as described in more detail below.