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May 17, 2024 | 
lexology.com | Rachael Shek |Jojo Fan |Hannah Cassidy |Simone Hui |Timothy Shaw
The Hong Kong Court of First Instance has confirmed that, absent facts suggesting there is a real possibility that a transaction might be wrongful or improper, the presence of unusual or highly suspicious features in a customer’s instructions alone will not be sufficient to hold a financial institution liable for breach of its Quincecare duty of care.
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Mar 8, 2024 | 
mondaq.com | Hannah Cassidy |Chee Hian Kwah |Simone Hui |Lydia H. Wong
In this bulletin, we set out recent regulatory developments in
relation to virtual asset activities in both Hong Kong and
Singapore.
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Feb 13, 2024 | 
mondaq.com | Jenny Stainsby |John O'Donnell |Andrew Eastwood |Simone Hui
With regulatory demands on firms rising, is it really too much
to ask that expectations are made clear?
June 2023. An audience perches on the edge of their seats
waiting for the first public words from the UK FCA's new
Co-Head of Enforcement. The regulated community, and those who
advise them, want to know what to expect from the new leadership
and, importantly, what the new leadership expects from them.
As the speech begins, the headline message forms: Do the
right thing.
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Feb 13, 2024 | 
mondaq.com | Jon Ford |Marina Reason |Simone Hui |Michelle Virgiany
Senior managers need to be confident in their approaches to
their firms' use of AI in order to manage regulatory
expectations and deliver good customer outcomes
AI is transforming the global economy. Firms' leaders and
senior managers are grappling with how this will impact financial
services. The opportunities are significant: generative AI is
estimated to lead to increases in productivity of between 2.8% to
4.7% of banks' annual revenues (a US$200 – 340 billion
increase)1.
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Feb 9, 2024 | 
mondaq.com | Luke Hastings |John O'Donnell |Chris Ninan |Simone Hui
As geopolitics, climate change and digitisation shift
the financial services landscape and disparate providers near the
threshold of regulation, we explore how the watchdogs are
responding
Just as the financial services industry is constantly evolving,
so too are the expectations around what regulators can and should
do. And those expectations arise from a diverse group of
stakeholders including governments, the regulated community, and
customers.
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Dec 15, 2023 | 
mondaq.com | Hannah Cassidy |Simone Hui |Calvin To |Lydia H. Wong
Since the new licensing regime for virtual asset trading
platforms (VATPs) came into effect on 1 June 2023,
allowing retail access to VATP services, the Securities and Futures
Commission (SFC) has made further strides in
expanding retail access in the virtual asset (VA)
ecosystem.
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Nov 17, 2023 | 
mondaq.com | Hannah Cassidy |Matthew Emsley |Simone Hui |Jin Yip Kong
Hong Kong's Securities and Futures Commission
(SFC) has issued a consultation paper proposing
draft new guidelines on market soundings. The new guidelines are
aimed at clarifying regulatory expectations during market soundings
and deterring substandard conduct which could impact the integrity
of the market.
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Oct 17, 2023 | 
lexology.com | Hannah Cassidy |Matthew Emsley |Simone Hui |Jin Yip Kong |Jeremy Shen |Jason Sung | +2 more
Hong Kong’s Securities and Futures Commission (SFC) has issued a consultation paper proposing draft new guidelines on market soundings. The new guidelines are aimed at clarifying regulatory expectations during market soundings and deterring substandard conduct which could impact the integrity of the market.
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Aug 14, 2023 | 
mondaq.com | Hannah Cassidy |Natalie Curtis |Simone Hui |Calvin To
In June 2022, the Hong Kong Securities and Futures Commission
(SFC) proposed a number of sweeping
enforcement-related reforms which would have, among others,
significantly enhanced the SFC's ability to obtain investor
compensation orders against regulated persons who had committed
wrongdoing if enacted (please refer to our June 2022 briefing).
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Aug 11, 2023 | 
herbertsmithfreehills.com | Simone Hui |Calvin To
The package of reforms related to three parts of the Securities and Futures Ordinance (SFO) and raised a number of concerns in the financial services industry. The SFC received 27 written submissions in response to the June 2022 public consultation, including submissions from industry associations. Our firm led the working group of the Alternative Investment Management Association in preparing its submission to the SFC. The SFC published its consultation conclusions on 8 August 2023.
