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Are you ready? Upcoming changes to the Hong Kong Corporate Governance Code

2 days ago | ashurst.com | Frank Bi |Li Jiang

The revised Hong Kong Listing Rules (LR) and Corporate Governance Code (CG Code) will take effect on 1 July 2025. The new rules will apply to corporate governance reports under the CG Code (CG Reports) and annual reports in respect of financial years commencing on or after 1 July 2025. The changes relating to Overboarding INEDs / Long Serving INEDs (respectively defined in sections A and B under "What the changes are" below) will be subject to a transitional period.
Ashurst Governance & Compliance Update - Issue 65

1 month ago | ashurst.com | Will Chalk

The Department for Science, Innovation & Technology (DSIT) has published a final version of its Cyber Governance Code of Practice, alongside other materials, to support directors in driving greater cyber resilience. The final Code follows the previous administration's call for evidence in January 2024 (see AGC Update, Issue 48 - Item 2) and the current administration's response a year later.
Ashurst Governance & Compliance Update - Issue 64

1 month ago | ashurst.com | Will Chalk |Rob Hanley

In AGC Update, Issue 63 - Item 10, we noted that directors of companies registered with Companies House (including overseas directors of both UK companies and UK 'establishments') will, from 8 April 2025, be able to verify their identity on a voluntary basis. Companies House guidance on how to do so can be accessed here. How can a director voluntarily verify their identity?
OFSI publishes second financial sanctions threat assessment report

1 month ago | ashurst.com | Sophie Law

On 3 April 2025, the UK's financial sanctions authority, the Office of Financial Sanctions Implementation (OFSI), published the second of its sector-specific assessments of threats and vulnerabilities relating to UK financial sanctions (read our summary of the first threat assessment here).
Manchester City alleged PSR breaches

1 month ago | ashurst.com | Jack Burnett |Tim West

Dispute resolution and football are increasingly natural bedfellows. The amounts at stake at the top end of the English game are such that, in addition to traditional on and off field tactics, well advised clubs are considering their legal rights as part of their overall strategies.
Manchester Citys alleged PSR breaches

1 month ago | ashurst.com | Jack Burnett |Tim West

Dispute resolution and football are increasingly natural bedfellows. The amounts at stake at the top end of the English game are such that, in addition to traditional on and off field tactics, well advised clubs are considering their legal rights as part of their overall strategies.
Neo-brokers and affiliate marketing (finfluencers and "refer a friend" schemes): The Dutch AFM makes an extraordinary decision

2 months ago | ashurst.com | Jake Green

The Dutch Authority for the Financial Markets (the AFM) has fined BUX B.V. (BUX) €1.6 million for, in their view (!), breaching inducement rules (see the AFM's full decision here). In short, and simplified, BUX made payments to: "finfluencers" for driving traffic (new customers) to sign up for services; and existing customers for referring new clients who opened and funded accounts with BUX (i.e. a "refer-a-friend" scheme). We consider the AFM's decision to be wrong on every level.
Ashurst Governance & Compliance Update - Issue 63

2 months ago | ashurst.com | Will Chalk |Rob Hanley

The Financial Reporting Council has published revised guidance on the 'Going concern basis of accounting and related reporting, including solvency and liquidity risks' having concluded its consultation launched in August 2024 (see AGC Update, Issue 55 – Item 7 for more on the consultation; the feedback statement can be found here).
Australia opens applications for offshore wind transmission licences

Mar 4, 2025 | ashurst.com | Jeff Lynn

What you need to know Applications are now open to offshore wind proponents in Australia for a "Transmission & Infrastructure Licence" (TIL) to assess the feasibility of and to construct offshore wind transmission infrastructure. Guidance for TIL applications has also been published, following consultation on draft guidance in April 2024. The new TIL application pathway has opened at a time while many feasibility licence holders are preparing and consulting on proposed management plans.
A big year for Queensland environmental law reform but Federal EPBC Act reforms stall

Feb 24, 2025 | ashurst.com | Paul Wilson |Amaya Pinto Fernandez |Amaya Fernández

Proposed reforms to the Environment Protection and Biodiversity Conservation Act 1999 (Cth) have stalled, with the Federal Government's "Stage 2" reform Bills failing to pass the Senate. At the Queensland level, a broad range of amendments to the Environmental Protection Act 1994 (Qld) commenced in June 2024. Key changes include an offence for breaching the general environmental duty, expanded notification obligations, and a new statutory enforcement tool.