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Deacons | May 2020

In a recent enforcement action, the Securities and Futures Commission (SFC) issued a public reprimand and a HK$19.6 million fine to a licensed corporation (LC) for a range of breaches and internal control shortcomings, including failures relating to: 1. AML 2. Authorisation for transactions 3. Record keeping 4. Handling of client complaints 5. Telephone recording 6. Margin lending 7 ...

Deacons | February 2021

On 23 December 2020, the Securities and Futures Commission (SFC) updated its Frequently Asked Questions (FAQs) relating to Open-ended Fund Companies (OFCs) on matters related to custodians and the custody of assets and records of the OFC. Appointment of multiple custodians Under the Securities and Futures Ordinance, all scheme property of an OFC must be entrusted to a custodian of the OFC for safekeeping ...

Deacons | June 2020

Hong Kong’s Securities and Futures Commission (SFC) has reprimanded and fined an intermediary $6.4 million for control failures over a two year period in solicitation and recommendation of bonds to clients for execution on a third party platform ...

Deacons | December 2020

Hong Kong’s Securities and Futures Commission (SFC) revised the Code on Real Estate Investment Trusts (REITs) after a two-month consultation on the proposed amendments. The revised Code on REITs can be viewed here ...

Deacons | June 2021

On 18 June 2021, the Securities and Futures Commission (SFC) issued its Consultation Conclusions on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners (Conclusions) ...

Deacons | January 2021

On 11 December 2020, the Securities and Futures Commission (SFC) released its consultation paper regarding proposals to update the entry requirements for persons seeking to be licensed to engage in regulated activities, and ongoing competency standards for intermediaries and individual practitioners (e.g. responsible officers (ROs), licensed representatives (LRs), executive officers (EOs) and relevant individuals (ReIs)) ...

Deacons | July 2021

On 29 June 2021, the Securities and Futures Commission (SFC) published a revised circular (Revised Circular) to provide guidance to managers on enhanced disclosures for authorised funds which incorporate environmental, social and governance (ESG) or climate change or green or sustainability factors (together, ESG factors) as a key investment focus (ESG funds) ...

PLMJ | July 2022

Commission Delegated Regulation (EU) 2022/1288 On 25 July, Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing Regulation (EU) 2019/2088 of the European Parliament and of the Council (“Delegated Regulation”) was published at the Official Journal of the European Union. The Delegated Regulation adopts Level 2 regulation on the sustainability-related disclosures in the financial services regulation, or SFDR, which enters into force on 1 January 2023 ...

TSMP Law Corporation | July 2019

The SGX has beefed up delisting rules, making it harder for controlling shareholders to privatise listed companies. Is this a victory for minority shareholders, or yet another restriction that will make us a less attractive listing venue?   We all knew it was coming ...

Deacons | November 2020

Hong Kong’s Mandatory Provident Fund Schemes Authority (MPFA) revised the Guidelines on Approved Exchanges (Guidelines III.4) with effect from 13 November 2020, adding Shanghai Stock Exchange, Shenzhen Stock Exchange, Indonesia Stock Exchange and Warsaw Stock Exchange (Additional Exchanges) to the list of approved stock exchanges for the purpose of the Mandatory Provident Fund Schemes (General) Regulation (Regulation) ...

Shoosmiths LLP | June 2020

We understand how family and personal circumstances underpin everything else, and so this webinar discussed issues to do with health, money and moving home. The takeaway points from the webinar are set out below. Documents to have in place Increase in people putting Wills in place since the pandemic and we anticipate this continuing with a potential second spike on the horizon. Your Will is a key document to make sure that your wishes are followed on death ...

PLMJ | September 2020

Law 50/2020 of 25 August transposed into Portuguese national law Directive (EU) 2017/828 of the European Parliament and the Council of 17 May 2017 as regards the encouragement of long-term shareholder engagement. This directive is known as the Shareholder Rights Directive II and it amends the previous Directive 2007/36/EC of the European Parliament and the Council of 11 July 2007 ...

Carey Olsen | July 2021

Contents Abstract What is an asset protection trust? Conflict of laws What is the objective of firewall legislation? What is the objective of fraudulent transfer legislation in a trust context? Jurisdiction Does comity continue to undermine firewalls? Simplification of structure of Bermuda's firewall legislation Extension of Bermuda's firewall When is a foreign order 'inconsistent' with the firewall legislation? Conclusion ABSTRACT View More

Shearn Delamore & Co. | March 2021

FINANCIAL SERVICES BNM announces new funds for SMEs On 5 February 2021, Bank Negara Malaysia ("BNM") announced: an additional RM2 billion for the Targeted Relief and Recovery Facility (“TRRF”); the establishment of a RM200 million Disaster Relief Facility (“DRF”) 2021.   TRRF The TRRF was a facility announced in the Budget 2021, established to assist eligible SMEs in the services sector ...

Shearn Delamore & Co. | July 2021

Financial ServicesRuling of Shariah Advisory Council of Bank Negara Malaysia on QardAt its 213th meeting of the Shariah Advisory Council (“SAC”) of Bank Negara Malaysia, the SAC ruled that the method under Malaysian Financial Reporting Standard (“MFRS”) 17 Insurance Contracts and MFRS 9 Financial Instruments may be adopted to measure qard (interest free loan) for transactions between shareholders’ fund and takaful fund ...

Shearn Delamore & Co. | September 2020

Bursa Malaysia seeks Feedback on Proposed Reduction in Public Spread On 23 July 2020 Bursa Malaysia Berhad ("Bursa") released Consultation Paper No. 2/2020 Proposed Amendments to the Main Market and ACE Market Listing Requirements in relation to Public Security Holdings Spread ("Consultation Paper") ...

Shearn Delamore & Co. | January 2021

FINANCIAL SERVICES BURSA MALAYSIA SECURITIES EXPANDS MARKET MAKING FRAMEWORK Bursa Malaysia Securities Berhad (“Bursa”) has, via Participating Organisations’ Circular No. R/R 13 of 2020 issued on 24 November 2020, made amendments to the rules and directives of Bursa in relation to the expansion of the market making framework ...

Shearn Delamore & Co. | February 2021

Bank Negara Malaysia issues Licensing Framework for Digital Banks Bank Negara Malaysia issued its policy document on Licensing Framework for Digital Banks on 31 December 2020. It has indicated in its press release that up to five licences may be issued to qualified applicants and notification of the grant of licence will only be made by the first quarter of 2022 ...

Shearn Delamore & Co. | July 2020

Extension on short-selling banThe Securities Commission Malaysia (“SCM”) and Bursa Malaysia Securities Berhad (“Bursa Malaysia”) announced a further extension, until 31 December 2020, of the existing suspension for the suspension of all short selling, other than permitted short selling, on the stock exchange of Bursa Malaysia. The scope of the ban remains the same ...

Shearn Delamore & Co. | March 2021

FINANCIAL SERVICESFurther extension on short selling banThe Securities Commission Malaysia and Bursa Malaysia Securities Berhad announced a further extension, until 29 August 2021, of the existing suspension of Intraday Short Selling (IDSS) and Short Selling by Proprietary Day Traders on the stock exchange of Bursa Malaysia Securities Berhad. The scope of the ban remains the same.Pepared by:Christina S. C ...

Shearn Delamore & Co. | March 2021

FINANCIAL SERVICESRelaxation of FEP requirements on interest rate swapBank Negara Malaysia has announced that nonresident banks may trade ringgit denominated interest rate swap without any underlying commitment with any participating onshore licensed banks and their appointed overseas offices (“AOOs”) with effect from 15th March 2021 ...

Shearn Delamore & Co. | December 2020

DISPUTE RESOLUTION The National Code (Revised 2020) Act 828 (“the Act”) came into force on 15 November 2020. It replaces its predecessor the National Land Code (Act 56 of 1965) that was in force since 1 January 1966. The Act was revised by the Commissioner of Law Revision under the authority of the Revision of Laws Act 1968 ...

Shearn Delamore & Co. | November 2020

SC and Bursa extend temporary margin financing flexibilitiesOn 28 September 2020, the Securities Commission Malaysia (“SC”) and Bursa Malaysia Berhad (“Bursa”) extended the temporary relief measures relating to margin financing to 31 December 2020. The relief measures, which took effect on 27 March 2020 via Participating Organisations’ Circular No. R/R 6 of 2020, were initially due to expire on 30 September 2020 ...

Shearn Delamore & Co. | October 2020

SME Merger and Acquisition instruments exempt from stamp dutyThe Prime Minister announced that starting from 1 July 2020 until 30 June 2021, eligible SMEs will be exempted from paying stamp duty on instruments for Mergers & Acquisitions (“M&A instruments”), including Contracts or Agreements for sale or lease of properties (including land, building, machinery and equipment); Instrument of Transfer and Memorandum of Understanding; Loans or Financing Agreement; and First Tenancy

Shearn Delamore & Co. | April 2021

Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for April 2021.Tax & RevenueIncome taxThe technical guideline Garis Panduan Berhubung Permohonan Pengecualian Cukai Pendapatan Kepada Institusi Atau Organisasi Keagamaan Yang Layak Di Bawah Perintah Cukai Pendapatan (Pengecualian) 2020 [P.U.(A) 139/2020] (available in Malay language only) has been published on 25 March 2021 on the Inland Revenue Board of Malaysia’s official website ...