The ruling confirms that courts will consider substance over form when assessing collective investment scheme arrangements and exemptions under securities law. By Simon Hawkins and Adrian Fong On 2 August 2023, the Hong Kong Court of Appeal handed down judgment in the case of 律政司司長 (Secretary of Justice) v. IPFUND Asset Management Limited [2023] HKCA … Continue Reading
As the pace of reform increases, we take a look at key developments and the timeline ahead. Significant progress has been made on the Edinburgh Reforms since they were announced in December 2022, with developments gathering pace before the summer break. Given the breadth and speed of the reforms, now is a good time to … Continue Reading
As the countdown to the LIBOR sunset enters its final six months, the CFTC staff is trying to help the market transition. By Yvette D. Valdez and Deric Behar With less than six months to go before the London Interbank Offered Rate (LIBOR) expires on December 31, 2021, regulators around the world have been amplifying … Continue Reading
The proposed amendments could significantly alter the landscape for extended settlement of securities offerings by expressly limiting the public offering exception for “when-issued” securities to equity IPOs. By: Senet S. Bischoff, Gregory P. Rodgers, Stephen P. Wink, and Naim Culhaci The Financial Industry Regulatory Authority (FINRA) has proposed amendments to its margin requirement rules, which … Continue Reading
Regulators consult on an investor identification regime and outsourcing requirements, and issue guidance on electronic storage of regulatory records and environmental risk management By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan This blog post summarises key regulatory developments in Hong Kong and Singapore during December 2020, including: The SFC’s consultation … Continue Reading
The no-action relief applies to family offices with at least US$50 million in total assets (Institutional Family Offices) and requires broker-dealers seeking to rely on the relief to establish and maintain specific additional policies and procedures. By Dana G. Fleischman, Stephen P. Wink, Naim Culhaci, and Deric Behar On December 23, 2020, the Staff of … Continue Reading
In setting forth its rationale, FINRA observed that private placement retail communications reviewed by AdReg have “revealed significant and pervasive” violations of FINRA Rule 2210. By Dana G. Fleischman, Stephen P. Wink, Naim Culhaci, and Deric Behar On October 28, 2020, the Financial Industry Regulatory Authority, Inc. (FINRA) filed with the US Securities and Exchange … Continue Reading
By Simon Hawkins and Kenneth Hui The SFC’s consultation conclusions carve out non-financial groups and multilateral portfolio compression services. On 12 June 2020, the Securities and Futures Commission (SFC) published its conclusions (Consultation Conclusions) on its December 2017 consultation paper that proposed modifications to the scope of regulated activities (i.e., activities for which a licence … Continue Reading
In the wake of COVID-19, the SEC and FINRA are taking steps to support markets and market participants. By Dana G. Fleischman, Stephen P. Wink, and Deric Behar The US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority, Inc. (FINRA) continue to monitor and address ongoing impacts of COVID-19 to US capital … Continue Reading
Market participants must treat clients fairly and exercise care when recommending potentially volatile or illiquid products. By Simon Hawkins and Kenneth Y.F. Hui In response to ongoing volatility in local and international markets caused by the COVID-19 pandemic, on 27 March 2020, the Hong Kong Securities and Futures Commission (SFC) published two circulars reminding fund … Continue Reading
Latham explores the primary legal developments for issuers and their advisers in the year ahead. By Chris Horton, James Inness, and Connor Cahalane The regulatory regime and disclosure requirements for listed companies in the UK will continue to evolve in 2020. Issuers and their advisers should be aware of the key legal developments that will … Continue Reading
New length restrictions will require issuers to focus on key information for investors. By James Inness and Connor Cahalane Under the Prospectus Regulation, which comes into force on 21 July 2019 (See EU Prospectus Regulation: New Format and Content Requirements), issuers preparing equity prospectuses will need to comply with new rules on the summary section. … Continue Reading
The full regulation will come into force in July, imposing new requirements for prospectuses By James Inness and Connor Cahalane The new EU Prospectus Regulation will take full effect on 21 July 2019. Issuers and other parties to capital markets transactions can expect changes in the following areas: Prospectus summary: New content requirements and length … Continue Reading
By James Inness A new prospectus regulation (Regulation (EU) 2017/1129) (the Regulation) will come into direct effect on 20 July 2017, with a small number of provisions applying immediately and the remainder applying from 21 July 2019. The changes under the Regulation will likely be relevant to issuers both before and after Brexit. Which Provisions … Continue Reading
