04/20/2022
Herbert Smith Freehills Financial Regulation: Daily Update
The report informed the FATF’s Strategic Review, which aims to make the next cycle of FATF assessments more timely, risk-based and effective.
Government Regulation
04/20/2022
Bird & Bird advises Flex on landmark bond offering in Hungary
The transaction is one of the largest bond offerings by value, both within the framework of the BFGS and beyond, in Hungary.
04/20/2022
UAE’s new whistleblowing regime ‘significant and positive’ step for employees
Employees, officers or agents of DFSA-regulated companies operating in or from the DIFC can now withhold their identities when reporting suspected misconduct
04/20/2022
Changes to the Unexplained Wealth Orders regime
The changes to the UWO regime appear to have been designed with a mind to the limited use of UWOs since their creation in 2018
04/19/2022
Concept of AI inventor rejected in Australian patent ruling
The effect of the ruling is that AI systems cannot be listed as inventors on patent applications on Australia.
04/19/2022
NEC’s proposed climate change clause an ‘important tool’ to reach net zero
The guidance adds that while the requirements are likely to be set by the client, they can also be requested from bidders or developed between bidders and clients.
04/19/2022
Updated guidance on the countering of the financing of proliferation of weapons of mass destruction
To do this, Industry will be risk assessed for exposure to proliferation financing risk.
04/19/2022
Reflections from the FIRE Starters Global Summit in Dublin
Interactive case study of a contentious high-value UK bankruptcy with multi-jurisdictional elements
04/18/2022
Facilitating Corporate restructurings in the Cayman Islands – The new “Restructuring Officer”
The Amendment Bill will also make some helpful changes as regards who can apply to Court for the appointment of a restructuring officer.
04/18/2022
Cayman Gov’t sets October deadline to seal financial deal on ReGen
Energy recovery facility projected to be commissioned in 2026
04/14/2022
US-Spain cooperation leads to seizure of Russian yacht
US attorney general Merrick B. Garland said the case was the first seizure of a Russia-linked sanctioned individual’s assets and promised that it would “not be the last”.
04/14/2022
South Africa anti-corruption charter ‘first step’ towards meaningful change
For these groups, the implication is that the signing would be a social contract and symbolic stand against corruption, as opposed to being of direct legal effect.
04/14/2022
Financial firms can expect more scrutiny of outsourcing arrangements
Now much more detailed requirements are outlined in guidelines issued by the EU’s supervisory authorities, like the European Banking Authority (EBA), and national regulators – such as the Central Bank of Ireland – have issued their own g
04/14/2022
US SEC Cyber Risk Management Proposed Rules
Although the proposed rules remain subject to comment, in many ways they reflect preexisting SEC expectations for how regulated entities should manage cybersecurity risks and report cybersecurity incidents.
04/14/2022
UK government’s ZEV green paper a ‘significant change in direction’ on HGVs
If not fully zero emission, all new cars and vans sold in the UK between 2030 and 2035 must also have ‘significant zero emission capability’ (SZEC).
04/14/2022
Regulatory risk ‘shifting upwards’ as FCA publishes new-look business plan
The plan targets the three areas in the FCA’s three-year strategy where it said it will strengthen its focus: ‘reducing and preventing serious harm’, ‘setting and testing higher standards’, and ‘promoting competition an
04/13/2022
Prescription begins to run once there is a reasonable suspicion of negligence by the auditors
Between 2007 to 2013, WK Construction suffered a loss of approximately ZAR80-million as a result of one of its erstwhile directors effecting fraudulent transactions.
04/13/2022
Grand Court Upholds Novel Use Of Receivership To Enable Beneficial Owner Of Shares In Cayman Investment Funds To Access Statutory Shareholder Protections
This was particularly problematic where there were serious concerns of wrongdoing in the management of the relevant fund.
04/13/2022
SEC Proposes to Expand Interpretation of “Dealer” and “Government Securities Dealer” Definitions
Congress defined “dealer” in the Securities Exchange Act of 1934 (Exchange Act) as a person engaged in the business of buying and selling securities for such person’s own account.
04/13/2022
Central Bank of Ireland makes changes to controlled function roles for financial firms
All existing PCFs classified as PCF-2 will automatically be classified as PCF-2A, ‘non-executive director’, unless a firm notifies the CBI that they should be an independent non-executive director.