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In Anti-Corruption

Asia Pacific: 5 Lunar New Year’s resolutions for investigations

by , , and 2 Mins Read

Investigations are an essential tool for ensuring a company’s ethical standards are being followed by employees, business partners, and any others with whom the company interacts. However, investigations are also an essential tool for demonstrating and maintaining strong corporate governance – an integral part of a company’s ESG commitments and strategy. It is also a good time to set yourself some goals and resolutions. To help you on your way, we are pleased to share our top 5 Lunar New Year Resolutions for handling Internal or Government Investigations

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In AML & Financial Services Regulatory

Egypt: New Regulations on the Establishment and Licensing of Fintech Companies

by and 3 Mins Read

The Financial Regulatory Authority recently published regulations setting out the requirements for establishment and licensing for companies seeking to offer certain non-banking financial services in Egypt (“Fintech Regulations”) which came into force on the 2nd January 2024. The requirements set out under the Fintech Regulations apply to financial technology (“Fintech”) companies seeking to obtain a license to offer mortgage financing, SME financing, microfinance, financial leasing, factoring, and consumer finance services. This marks a significant step for startups in the Egyptian market, providing needed clarity in the form of a unified framework for entry into such market.

In AML & Financial Services Regulatory

European Union: European Parliament votes on Alternative Investment Fund Managers Directive II

by and 5 Mins Read

On 7 February 2024, the European Parliament voted on the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) and the UCITS Directive (2009/65/EC) relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services, and loan origination by alternative investment funds.

The text of the directive will now be voted by the European Council. Once fully voted upon, the directive will enter into force on the 20th day of its publication in the Official Journal of the European Union.

EU member states will have two years from the directive’s entry into force to transpose it within their national law.

In AML & Financial Services Regulatory

United Kingdom: Government announces EEA UCITS equivalence under the overseas funds regime

by 5 Mins Read

On 30 January 2024, the UK government announced its first equivalence decision in relation to the new overseas funds regime (OFR). The government has granted equivalence in respect of the pan-EEA UCITS regime, meaning that UCITS funds established in the EEA can be marketed to UK retail investors once the OFR becomes operational later this year. The FCA set out its proposals to operationalize the regime in December 2023.

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In AML & Financial Services Regulatory

China: Charting China’s booming panda bonds market

by 2 Mins Read

China’s panda bonds market is gaining momentum and attracting great interest. The National Association of Financial Market Institutional Investors’ recent move in granting licenses to three foreign banks to be lead underwriters for panda bonds is a positive signal of China’s further opening up of its financial market. In an interview with IFR Asia, Shirley Wang and Samuel He of FenXun, Baker McKenzie’s Joint Operation platform partner, discuss what lies ahead in 2024 in the panda bonds market and what it means for foreign banks and bond issuers.

In AML & Financial Services Regulatory

Thailand: The new Bank of Thailand notification on responsible lending

by 3 Mins Read

The Bank of Thailand (BOT) intends to strengthen the role of financial service providers in taking responsibility for consumers throughout the loan debt cycle appropriately and comprehensively. The BOT Notification No. Sor Gor Chor. 7/2566 re: Responsible Lending was issued by the BOT and announced in the Government Gazette on 27 December 2023, and became effective on 1 January 2024.

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In AML & Financial Services Regulatory

Singapore: Significant Investments Review Bill passed in Parliament to enhance national security interests

by , and 5 Mins Read

On 9 January 2024, the Parliament of Singapore passed the Significant Investments Review Bill (“Bill”).
This Bill strengthens the Singapore government’s regulatory toolkit for investments in local and foreign entities that are significant to Singapore’s national security interests and ensures greater regulatory flexibility in safeguarding Singapore’s evolving national security interests. At the same time, the Bill has been designed to align with international norms and preserve Singapore’s open and investment-friendly economy.

In Corporate Compliance

United States: Rules on SPACs arrive

by 11 Mins Read

Almost two long years following the announcement of proposed rules revising the framework for regulating initial public offerings and business combinations of special purpose acquisition companies (SPACs), the US Securities and Exchange Commission (SEC) adopted in a three-two vote final rules on the topic. While much has changed in the SPAC market since the SEC’s proposed rules were announced – notably a cooling in the face of regulatory and economic headwinds – the final rules largely enact the SEC’s proposals from March 2022.

In ESG

Mexico: Reform of the Securities Market Law – Sustainable development policies

by 6 Mins Read

On 28 December 2023, the decree which amends, supplements, and abrogates certain provisions of the Mexican Securities Market Law (Ley del Mercado de Valores) and the Law of Investment Funds (Ley de Fondos de Inversión), was published in the Official Gazette (Diario Oficial de la Federación), and entered into force on the following day to its publication, i.e., on 29 December 2023. The decree establishes that the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público), with the prior opinion of the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) (CNBV) and Banco de México, shall issue within a period of no more than 365 days, from the date of its publication, secondary general provisions, regarding sustainable development, in order to strengthen corporate governance, adoption of best market practices and gender equality in corporations, issuers and other participants that operate within the Mexican securities market.

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