The Hong Kong Monetary Authority recently released its Consultation Conclusions Paper on Implementation of Mandatory Reference Checking Scheme to Address the “Rolling Bad Apples” Phenomenon. Baker McKenzie lawyers discuss the key aspects of the Consultation Conclusions and the employment ramifications.
On 15 June 2021, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its Q&A on the statuses of PFS-Part II with respect to the granting of loans to the public.
The Italy: Financial Services Regulatory Newsletter contains an updated summary of the most recent regulatory developments for Italy. It covers topics such as FinTech, corporate governance, and supervisory requirements.
Starting from 13 July 2021, Russian credit institutions and other payment service providers are prohibited from interacting with illegal gambling and lotteries operators and foreign payment service providers who accept and transfer payments to illegal gambling and lottery operators. The restrictions are adopted by the Amendments to the Gambling Law (“Law”).
“Ramp and dump” or “pump and dump” schemes continue to attract significant press coverage and are an enforcement priority for the Securities and Futures Commission (SFC) in Hong Kong. These schemes do not only have penalties for the fraudsters, but could also have significant implications for SFC-licensed corporations (LCs) who are the gatekeepers for the financial system. Recent statements by the SFC and The Stock Exchange of Hong Kong Limited (SEHK) suggest that the impact of these schemes is not limited to secondary trading and may extend to initial public offerings (IPOs).
On 30 June 2021, the Bank of Italy issued amendments to Circular No. 285 of 17 December 2013 on “Supervisory provisions for banks”. In particular, these amendments replace Part First, Title IV, Chapter 1, of Circular No. 285, on corporate governance requirements, and aim at aligning Circular No. 285 with the provisions of Directive (EU) 2019/878 of 20 May 2019.
Taking off from the guide Crypto Around the World, the first of two episodes takes a broader look at general aspects of cryptoassets. Sue McLean, a partner in our London office, talks to the team that started this project: Iris Barsan, Julian Hui, and Chris Murrer. They cover high-level regulatory issues – both current and emerging – as well as retail investments in crypto.
The National Bank of Ukraine (NBU) has made yet another relaxation of its foreign exchange regulations and eased restrictions concerning the purchase of foreign currency by local businesses.
We would like to invite you to join our webinar on 28 July 2021 as Baker McKenzie partners across various key jurisdictions provide an overview on the latest developments and trends impacting the AML landscape in Asia. Speakers from Hong Kong, Indonesia, Malaysia and Singapore will share updates on cross-border AML issues being faced across the region and their insights on managing this risk through compliance efforts.
The Financial Action Task Force (FATF) amended FATF Recommendations in October 2018. As a result of the amendments, crypto assets exchangers, custodians of crypto assets, etc. will be required to implement anti-money laundering and countering the financing of terrorism controls. Amendments to the Payment Service Act were made on 1 May 2020, which takes into account such FATF recommendations.