The Insurance Authority (IA) has taken its first disciplinary actions against two licensed insurance broker companies for failure to submit their audited financial statements and auditor’s reports within required timeframes. One of the broker companies has had its licence suspended, and both companies have been fined. The enforcement actions are the first of its kind … Continue Reading
Throughout 2020 and 2021, financial services firms have had to respond and adapt to a number of regulatory challenges in an unprecedented fashion. Firms now have to navigate a diverging regulatory landscape as a result of Brexit, at the same time as continuing to respond to an array of pandemic-related risks that have arisen. Nevertheless, … Continue Reading
Information requests from regulators can raise a host of complex legal and practical issues for entities and individuals. Our experts in this field have set out the key considerations around the production of information to UK and US regulators, including information-gathering powers, privilege issues and increased global data sharing. Information-gathering powers Many UK regulators have … Continue Reading
In this on-demand webinar, members of our Regulatory, Compliance and Investigations team in London, France, the US and Hong Kong give their thoughts on likely regulatory enforcement and sanctions trends for the rest of this year based on recent enforcement cases and forward looking statements from the regulators. Topics discussed include individual accountability, anti-money laundering … Continue Reading
Earlier this year, the Indian Parliament enacted the Prevention of Corruption Act (Amendment) Act 2018 (the Act) in July, effecting a raft of changes to the Prevention of Corruption Act 1988 (PCA). Those set out below are worthy of particular note for businesses operating in India. It is now an offence for any person to … Continue Reading
Background Earlier this year, the Malaysian Parliament amended the Malaysian Anti-Corruption Commission Act 2009 (MACC Act) to incorporate a new Section 17A on corporate liability for corruption. The new section not only establishes a new statutory corporate liability offence of corruption by a commercial organisation, but also deems any director, controller, officer, partner or manager … Continue Reading
Earlier this year, the Singapore Parliament passed the Criminal Justice Reform Act 2018 (the Criminal Justice Act) introducing, among other things, a formal legislative framework for the Public Prosecutor to enter into deferred prosecution agreements (DPAs) with corporate offenders to resolve misconduct. This change represents a significant shift in Singapore’s approach towards corporate wrongdoing, and … Continue Reading
