This post is updated as of 16 March 2022. Introduction On 5 March 2022, the Singapore Ministry of Foreign Affairs (“MFA”) unveiled specific measures to be imposed on Russia in response to its invasion of Ukraine.[1] This follows the earlier announcement on 28 February 2022 by Minister for Foreign Affairs, Vivian Balakrishnan, that Singapore would … Continue Reading
We recently published a blog reporting on governance considerations for regulated firms in relation to Russian sanctions. As the sanctions landscape continues to evolve, impacted firms operating in different jurisdictions are grappling with overlapping and differing requirements, and global firms will need to ensure a coordinated approach across their operations. We have set out below … Continue Reading
On 13 January 2022, the International Organization of Securities Commissions (IOSCO) issued a consultation report seeking feedback on the lessons learned regarding the operational resilience of trading venues and market intermediaries during the COVID-19 pandemic. The consultation report concludes that these regulated entities largely proved to be operationally resilient and continued to serve their clients … Continue Reading
Since the UK Bribery Act 2010 came into force in July 2011, standards and scope of anti-bribery and corruption (ABC) compliance programmes have evolved significantly in many jurisdictions. Norton Rose Fulbright recently carried out a global survey to assess how companies’ ABC compliance programmes compare against current global best practice expectations, as documented in guidance … Continue Reading
Key takeaways The Singapore High Court recently confirmed in Mah Kiat Seng v Attorney-General [2021] SGHC 202 (Mah Kiat Seng) that the common law doctrine of public interest immunity remains part of Singapore law and was not superseded by the enactment of the Evidence Act (Cap. 97) (EA) in 1893. The Court also clarified how … Continue Reading
On 22 November 2020, the G20 leaders issued a declaration following their summit in Riyadh on 21 – 22 November 2020. Paragraphs 16 to 18 of the declaration cover financial sector issues. Key points include: The pandemic has reaffirmed the need to enhance global cross-border payment arrangements to facilitate cheaper, faster, more inclusive and more … Continue Reading
In light of mounting concerns about COVID-19, aka the coronavirus, FINRA recently published FINRA Regulatory Notice 20-08 – Pandemic-Related Business Continuity Planning, Guidance and Regulatory Relief. Notice 20-08 provides both guidance on pandemic preparedness and regulatory relief to impacted member firms. Notice 20-08 supplements previous guidance on pandemic preparedness that FINRA published in October 2009 … Continue Reading
