Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector has placed OJK in a more central position to investigate crimes in the financial services sector. As an implementing rule, OJK has issued Regulation Number 16 of 2023 on Investigation of Crimes in the Financial Services Sector which covers, among other things, the general scope of crimes in financial services sector, members of authorized teams of investigators, the investigative authorities and powers, and available alternative settlement mechanics.
After nearly 18 months of consideration, the SEC has finalized its Private Fund Adviser Rule. The Rule represents the most significant shift in SEC regulation of private funds since the implementation of Dodd-Frank, and its wide-ranging requirements will affect both US and Non-US Fund Managers (including many entities previously exempt from SEC regulation).
On 6 July 2023, the Insurance (Amendment) Ordinance 2023 was enacted by the Legislative Council which provides the legal basis for the implementation of the risk-based capital (RBC) regime for the insurance industry in Hong Kong.
The RBC regime is targeted for implementation in 2024. Prior to its implementation, it is expected that the Insurance Authority of Hong Kong will further consult the insurance industry on the detailed rules and technical requirements of the RBC
regime. Based on the conclusions of the consultation, it is expected that new subsidiary legislation(s) will be promulgated to set out the detailed rules and technical requirements of the RBC regime.
The Central Bank of Egypt recently published regulations setting out the licensing and regulatory framework for digital banks in Egypt (“Digital Bank Regulations”) which came into force on 12 July 2023. The Digital Bank Regulations will effectively allow for the establishment and operation of digital banks in Egypt, thus taking a significant step in aligning the country with global trends in financial technology and catering for the needs of a growing Egyptian financial market.
The Government of Spain has approved the creation and operating regulation of the Ultimate Beneficial Ownership Registry, by means of Royal Decree 609/2023 of 11 July 2023, which was published today in the Official State Gazette. This registry is configured as a central and public registry, through which information on ultimate beneficial ownership of Spanish legal entities and other entities or structures without legal personality can be generally accessed.
In brief The UK’s Financial Conduct Authority (FCA) plays a key role in monitoring how UK-regulated financial institutions…
We are pleased to announce that Baker McKenzie has published the FY24 edition of Directors Duties in Australia.
Matters covered in the guide include common law and statutory duties, financial reporting, continuous disclosure, insider trading and other topical issues including managing environmental and cyber security risk.
On 20 July 2023, the Luxembourg Parliament adopted a law reforming the right of establishment in Luxembourg (“Reform”). It amends the Luxembourg law dated 2 September 2011 regulating access to the professions of craftsperson, trader, manufacturer and certain liberal professions as amended (“Business License Law”).
The Reform aims to adapt the Business License Law to embrace the changes in the regulatory, economic, technical, technological, entrepreneurial and artisanal environments and to stimulate entrepreneurship.
Baker McKenzie’s recent victory in the United States Supreme Court in Yegiazarian v. Smagin, 143 S. Ct., 1900 (22 June 2023), opens the door for non-US plaintiffs to pursue RICO claims when seeking to enforce a judgment or assert claims against U.S . parties or assets. Although the plaintiff in this case was the holder of a foreign arbitration award, the Court’s holding suggests that any foreign plaintiff asserting a claim against or seeking to recover U.S. property will have legal standing to pursue civil claims under federal RICO statutes, and potentially recover treble damages and attorneys’ fees.
The Online Criminal Harms Bill was passed in parliament on 5 July 2023, after its second reading. The bill follows a suite of legislation aimed at protecting the public from harms in the online space and introduces mechanisms for authorities to more effectively tackle online criminal activity.