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In AML & Financial Services Regulatory

Australia: Buy Now Pay Later Act – countdown to regulation has begun

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On 10 December 2024, the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (Cth) (“BNPL Act”) received royal assent. The BNPL Act contains 6 Schedules that respectively amend a range of statutes including relevantly the National Consumer Credit Protection Act 2009 (Cth) which regulates the industry of BNPL products. Providers of BNPL products have six months before this new regulatory framework commences to apply for, or vary an existing Australian credit license as well as update their procedures, policies and contracts.

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In AML & Financial Services Regulatory

Australia: ASIC calls out for industry feedback on proposed updates to digital asset regulation

by , , and 5 Mins Read

On 4 December 2024, ASIC released Consultation Paper 381: Updates to INFO 225 Digital Assets: Financial Products and Services (“CP 381”), offering substantial proposed updates to the existing Information Sheet 225: Crypto Assets (“INFO 225”). These proposed updates include providing additional guidance on digital assets, the inclusion of worked examples and transitional relief for businesses who are in the process of applying for one or more licenses from ASIC. ASIC seeks feedback on the updates proposed in CP 381, with plans to finalize INFO 225 by mid-2025.

In AML & Financial Services Regulatory

Hong Kong: Gazettal of the Stablecoins Bill

by , and 1 Min Read

On 6 December 2024, the Hong Kong government gazetted the Stablecoins Bill, which aims to establish a regulatory regime for issuers of fiat-referenced stablecoins in Hong Kong. This follows public consultations by the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority. The Bill aims to introduce a licensing and regulatory framework for FRS issuers and those involved in offering FRS.

In AML & Financial Services Regulatory

Australia: AML/CTF Amendment Act overhauls AML/CTF legislative landscape

by , , and 7 Mins Read

On 10 December 2024, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) received royal assent. This legislation makes material amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and brings about significant reform to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
These amendments have sought to close key legislative gaps and better align Australia’s AML/CTF regime with the international standards set by the Financial Action Task Force.

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In AML & Financial Services Regulatory

United Kingdom: Financial Conduct Authority (FCA) proposes to expand payment optionality rules to fund managers

by and 1 Min Read

On 26 July 2024, in response to the UK Government’s Investment Research Review on the effectiveness of the investment research market, the FCA published its final rules and guidance to permit the bundling of payments for investment research and trade execution by investment firms. The final rules, which took effect on 1 August 2024, adapt the FCA’s policy to evolving markets and better align with the regulatory position in the EU and US. The FCA has now proposed to extend reintroduction of the bundled payment model to managers of pooled funds – i.e., AIFMs and UCITS ManCos.

In Corporate Compliance

Hong Kong: SEHK issues new guidance letter highlighting its expectations on independent investigations conducted by long suspended issuers

by and 5 Mins Read

On 26 November 2024, The Stock Exchange of Hong Kong Limited (SEHK) issued a new guidance letter (GL120-24) to inform the market of its expectations on investigations conducted by suspended issuers and the roles of the directors and the independent investigation committees (IIC). According to the latest monthly prolonged suspension status report published by the SEHK, as at 29 November 2024, there were 57 Main Board and eight GEM issuers which have been suspended for three months or more.

In AML & Financial Services Regulatory

Canada: Amplified risks for financial institutions from AI, OSFI and FCAC Report

by and 6 Mins Read

On 24 September 2024, following an in-depth consultation with industry participants, the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC) published their findings concerning the use and adoption of artificial intelligence (AI) by federally regulated financial institutions. The report highlighted that a significant majority of financial institutions will adopt AI by 2026, and also set out a number of key risks that arise for financial institutions from AI usage. OSFI and FCAC emphasized the need for financial institutions to adopt a dynamic and responsive risk management system with respect to AI, and confirmed their commitment to work towards more specific best practices for industry participants.

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In AML & Financial Services Regulatory

Singapore: MAS responds to feedback received on proposed framework for single family offices

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On 6 November 2024, the Monetary Authority of Singapore published its responses to the feedback on the July 2023 consultation paper that set out a proposed regulatory framework for Single Family Offices operating in Singapore. SFOs are exempt from licensing under the Securities and Futures Act 2001, and the proposals are aimed at harmonizing the criteria for a simplified class exemption regime and addressing potential money laundering risks posed by SFOs.
MAS will provide further details on the effective date of implementation, revised legislation and mode of submission for the initial notification and annual return prior to the implementation of the SFO framework.

In Cybersecurity, Data and Tech

Singapore: First Reading of the Protection from Scams Bill

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The Ministry of Home Affairs introduced the Protection from Scams Bill for First Reading in Parliament on 11 November 2024. The Bill empowers the Police to issue Restriction Orders (ROs) to banks to restrict an individual’s banking transactions, if there is reasonable belief that the individual will make money transfers to scammers.

In Corporate Compliance

Luxembourg: New accounting thresholds in Luxembourg — what companies and groups need to know

by and 4 Mins Read

The Grand-Ducal Regulation of 25 October 2024 (GDR) introduced new accounting thresholds in Luxembourg, aligning with Delegated Directive (EU) 2023/2775, which was adopted on 17 October 2023.
This measure aims to increase the accounting thresholds applicable to companies and groups in response to the inflation observed between 2013 (adoption of the 2013 EU Accounting Directive) and 2023, and to reduce administrative burdens for businesses.
For that purpose, the GDR amends the provisions of the Luxembourg law on commercial companies dated 10 August 1915 as amended and the Luxembourg law on the register of commerce and companies and accounting dated 19 December 2002 as amended.

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