Our Thinking

APRA’s Reminder on Information Security Requirements

by Leela|8 August 2023|Our Thinking

The Australian Prudential Regulation Authority (“APRA“) has published a newsletter highlighting the importance of placing focus on cyber security while conducting independent tripartite cyber assessments on its regulated entities. These assessments are aimed at ensuring that these entities have the necessary infrastructure to effectively withstand cyberattacks and security threats. Although currently evaluating approximately 300 banks, […]

APRA’S Proposal on Operational Risk Management Requirements Updates

by Leela|7 August 2023|Our Thinking

On 17 July 2023, the Australian Prudential Regulation Authority (“APRA“) released the Prudential Standard CPS 230 for Operational Risk Management (“CPS 230“), along with a consultation draft of the Practice Guide CPG 230 for Operational Risk Management. The main objective of CPS 230 is to minimise disruptions to critical operations by mandating that organisations establish […]

EU Adoption of EU-US Data Privacy Framework

by Leela|27 July 2023|Our Thinking

On 10 July 2023, the European Commission adopted the new EU-US Data Privacy Framework (the “Framework”). This Framework ensures that personal data transferred from entities in the EU to entities in the US who are signatories to the Framework will receive adequate protection. As a result, personal data can freely flow from the EU to […]

ACCC’s Draft Guidance for Businesses’ Environmental and Sustainability Claims

by Leela|26 July 2023|Our Thinking

On 14 July 2023, the Australian Competition & Consumer Commission (“ACCC”) released ‘Draft guidance for business’ (the “Draft Guidance”), focussed on improving the integrity of environmental and sustainability claims made by businesses, ensuring consumer protection from greenwashing. Under Schedule 2 of the Competition and Consumer Act 2010 (Cth), the Australian Consumer Law (the “ACL”), businesses […]

UK Government’s proactive stance on a ‘‘Pro-Innovation’’ approach to AI Regulation

by Leela|25 July 2023|Our Thinking

In June 2023, the Secretary of State for Science, Innovation, and Technology unveiled the “A pro-innovation approach to AI regulation” policy paper. This paper emphasises the role of AI in bolstering the UK economy through innovation. However, it also acknowledges the emergence of new risks like privacy violations and potential threats to human rights and […]

The Financial Conduct Authority has expanded retail access to the Long-Term Asset Fund

by Leela|20 July 2023|Our Thinking

In June 2023, the Financial Conduct Authority (“FCA“) issued Policy Statement PS23/7, presenting the finalised regulations and guidance designed to expand retail and pension access to the Long-Term Asset Fund (“LTAF“). After conducting an initial consultation in August 2022 to explore the potential extension of retail access to the LTAF, the FCA considered feedback and […]

New financial promotion rules for crypto assets

by Leela|18 July 2023|Our Thinking

On 8 June 2023, the Financial Conduct Authority (“FCA“) published a policy statement on financial promotion rules for crypto assets (PS23/6), which will have an impact on investment firms trading in or active in the crypto markets space. The FCA has recently expressed concern about… Please click here to follow us on LinkedIn to receive […]

SEC’s significant amendments to enhance Private Fund Reporting

by Leela|27 June 2023|Our Thinking

In May 2023, the Securities and Exchange Commission (“SEC“) approved amendments to Form Private Fund (“Form PF“). This form mandates private fund advisers and large hedge fund advisers to disclose information about their regulatory assets under management to the Financial Stability Oversight Council (“FSOC“). The purpose of this requirement is to monitor risks to the […]

FRC’s Proposed Revisions of the UK Corporate Governance Code

by Leela|22 June 2023|Our Thinking

In May 2023, The Financial Reporting Council released the UK Corporate Governance Code consultation document (the “Consultation“). The Consultation presents proposed changes to the UK Corporate Governance Code (the “Code“). The launch of the Consultation was prompted by the government’s request to improve certain aspects of the Code, which was initiated after last year’s consultation […]

SEC Files Charges against Binance and Founder

by Leela|20 June 2023|Our Thinking

On 5 June 2023, the U.S. Securities and Exchange Commission (“SEC”) issued a press release announcing that it has filed 13 charges against Binance Holdings Ltd. (“Binance”) and its founder Changpeng Zhao, claiming that they engaged in activities that amount to an “extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion […]