Reform – International

Mind your step: Hong Kong SFC warns of cryptocurrency and ICO risks

Jeffrey Huang

Hong Kong has not followed China and other jurisdictions in effectively banning cryptocurrency trading and initial coin offerings (ICOs). However, the government and regulators are monitoring developments to guard against efforts to circumvent regulatory requirements in pursuit of market protection. The potential risks and related regulatory concerns relating to cryptocurrency exchanges and investing in ICOs Read More

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Australian agencies responsible for the enforcement of foreign bribery laws release self-reporting guidelines

Edward Einfeld

The Australian Federal Police (AFP) and the Commonwealth Director of Public Prosecutions (CDPP), the Australian government agencies responsible for investigating and prosecuting foreign bribery, have recently released joint best practice guidelines that indicate how they will approach self-reporting of foreign bribery and related offences by corporations (the Guidelines). The Guidelines seek to provide greater clarity Read More

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Revisiting cooperation with the Hong Kong SFC: A carrot not a stick?

Matt Bower

At the end of last year, the Hong Kong Securities and Futures Commission (the SFC) published updated guidance on cooperation (the Guidance) in disciplinary, civil court and Market Misconduct Tribunal (MMT) proceedings. Much of the guidance is neither new nor will surprise the market. However, formal discounts for early settlement will be welcomed, while its Read More

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DOJ’s new FCPA Corporate Enforcement Policy: Companies have greater incentives to disclose, but caveats remain

Alexander Calthrop

On November 29, 2017, the U.S. Deputy Attorney General, Rod Rosenstein, announced the Department of Justice’s new FCPA Corporate Enforcement Policy. The Policy is similar to the FCPA Pilot Program announced last year (discussed here), but goes further in the potential rewards it offers companies that self-disclose FCPA-related misconduct. Rosenstein said he hoped the Policy Read More

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For Now, No Clarity On Item 303 Disclosure Liability: What’s Next?

Todd Fishman

Item 303 of SEC Regulation S-K requires registrants to disclose “any known trends . . . events or uncertainties . . . that will result in . . . the registrant’s liquidity increasing or decreasing in any material way[.]” The purpose of Item 303 is to require disclosure of company management’s discussion and analysis of Read More

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