Gail Ong and Christy Lim speak at IBA Financial Law Conference in Seoul

The ASIC has called on the Australian private credit sector to lift its standards or face possible intervention. https://hubs.la/Q03KlrYt0 #PrivateCredit #FinancialRegulation #Finance

UNIDROIT Legislative Guide on Bank Liquidation 📘 Following its adoption by the #UNIDROIT Governing Council at its 105th session (May 2025), the official English version of the UNIDROIT Legislative Guide on Bank Liquidation is now available online (https://lnkd.in/emuavsSX). Other language versions will be released shortly. The Legislative Guide provides guidance for legislators and policymakers on how to design and implement effective legal frameworks for liquidating banks whose failure does not have a systemic impact. As such, it complements existing international guidance on insolvency law and bank failure management. The Guide is organised into ten Chapters and contains 105 Recommendations addressing core issues that should be considered in an effective bank liquidation framework. The Legislative Guide is the result of a project undertaken by UNIDROIT in partnership with the Financial Stability Institute (FSI) of the Bank for International Settlements – BIS. Initially proposed by the EBI - European Banking Institute and the Bank of Italy (Banca d'Italia), the Guide was developed over a three-year period by a Working Group chaired by UNIDROIT Governing Council Member Professor Stefania Bariatti and composed of international legal experts in insolvency law and bank failure management. Read more here: https://lnkd.in/e2c236mS #UNIDROITinstruments #LegislativeGuide #BankLiquidation

JSA and Japanese law firm Anderson Mori & Tomotsune advised Sumitomo Mitsui Banking Corporation (SMBC), while AZB & Partners acted for Yes Bank and S&R Associates represented selling shareholders including State Bank of India and seven private sector banks on SMBC's acquisition of a 20 percent stake in Yes Bank for $1.58 billion – the largest cross-border investment in India's banking sector. The JSA team was led by lead partner Vikram Raghani along with partner Bir Bahadur Sachar, principal associate Vwastav Ghosh, senior associates Vaishnavi Vyas and Aleesha Jadhav, and associates Tavishi Chandra, Samika Pachouly, Pranjal Shorey and Niki Shah. JSA's banking and finance team comprised partner Anish Mashruwala, along with partners Pratish Kumar and Sumitava Basu, principal associate Karan Abichandani, and associate Anmol Narang. The JSA competition team was led by partner and chair of competition law Nisha Kaur Uberoi, along with partner Harshita Singh Parmar, principal associate Shambhvi Sinha, and associates Akanksha Mathur, Keerthana Kesavan, Aditya Prakash, K Ashmeka and Meghaa G. AZB’s transaction team was led by senior partner Vaidhyanadhan Iyer, and included senior partner Gautam Ganjawala, partners Abhilash Chandran and Bhargavy Ramesh, and associates Manhar Chaudhary and Pavit Kaur. The S&R team was led by partners Rajat Sethi and Dhruv Nath and included associates Srikari Kancherla and V Sreedharan on corporate matters. Head of competition practice Simran Dhir and partner Akshat Kulshrestha advised on competition law matters. Full story https://lnkd.in/gTghU46C

China has introduced tighter rules on affiliated transactions in the financial sector, with the National Financial Regulatory Administration issuing revised measures for banking and insurance institutions. These updates aim to strengthen governance, clarify shareholder conduct, and align with international standards. https://lnkd.in/gVA7iGJk

𝗪𝗵𝗲𝗻 𝗱𝗼𝗲𝘀 𝗵𝗲𝗹𝗽𝗶𝗻𝗴 𝗮 𝗰𝗹𝗶𝗲𝗻𝘁 𝗰𝗿𝗼𝘀𝘀 𝘁𝗵𝗲 𝗹𝗶𝗻𝗲? The decision in 𝘟𝘶𝘦 𝘟𝘪𝘢𝘰𝘺𝘶𝘯 𝘷 𝘚𝘶𝘴𝘢𝘯 𝘠𝘶𝘯𝘨 & 𝘉𝘖𝘊𝘐 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘓𝘪𝘮𝘪𝘵𝘦𝘥 [2025] HKCFI 4183 clarifies the principles governing negligent misstatement in the context of informal information imparted by a relationship manager of a securities firm. The Plaintiff sought to transfer funds from Mainland China to Hong Kong to finance his partner’s investment under the Capital Investment Entrant Scheme (CIES), and inquired whether the 1st Defendant, a relationship manager of a securities firm (the 2nd Defendant), knew of any money exchangers. In response, the 1st Defendant relayed information about exchange rates and details of two Mainland bank accounts. After the Plaintiff remitted funds through these channels, the money was lost. Recorder Rachel Lam SC dismissed the Plaintiff’s claim, holding that the 1st Defendant did not owe a duty of care to the Plaintiff when providing information about remittance channels.  • 𝗙𝗼𝘂𝗿 𝗸𝗲𝘆 𝗳𝗮𝗰𝘁𝗼𝗿𝘀: Applying the objective test for assumption of responsibility, the Court focused on: (1) the 1st Defendant’s lack of authority and knowledge for advising on cross-border remittances; (2) the informality of the context in which the information was imparted; (3) the Plaintiff’s characteristics (such as his sophistication and business experience); and (4) the contractual context.  • 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻, 𝗻𝗼𝘁 𝗮𝗱𝘃𝗶𝗰𝗲: The Court drew a key distinction between furnishing information and giving advice. Whether information amounts to advice depends on the precise circumstances in which the relevant information is given. Here, the 1st Defendant’s communication about the remittance channels was purely informational. It contained no representation, did not involve an assumption of responsibility, and offered no assurance for its accuracy.  • 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝘂𝗮𝗹 𝗰𝗼𝗻𝘁𝗲𝘅𝘁: The Court emphasised that the existence of a duty of care is fundamentally shaped by the contractual context. The account-opening documents signed by the Plaintiff for his CIES investment contained disclaimers stating that the 2nd Defendant does not provide any advice and that the client makes independent decisions. Although the information from the 1st Defendant related to the Plaintiff’s facilitation of his partner’s CIES investment, not his own, the contractual provisions define the parties’ overall dealings and could not be artificially confined to only a subset of interactions. The decision reinforces the distinction between providing information and giving advice, and underscores the importance of contractual disclaimers and the characteristics of a plaintiff in determining whether a duty of care arises. The full judgment can be viewed here: https://shorturl.at/LStmp. Esther Mak, instructed by Boase Cohen & Collins, acted for the 1st Defendant.

The Chambers and Partners Banking & Finance 2025 Global Practice Guide has now been published. BAHR partners Ida Marie Windrup, Markus Nilssen, Magnus Tønseth and Daniel Jovanovic have written the Norway chapter of the 2025 edition of Chambers Banking & Finance Global Practice Guide. The guide provides the latest legal information on the loan market in Norway, including loan structuring, alternative credit providers, financial assistance, the high-yield market and enforcement and bankruptcy. Read the Norway chapter here → https://lnkd.in/dPteRAKv

Public statements on private credit: ASIC scrutinises Australia's $200 billion private credit market The Australian Securities and Investments Commission has released a comprehensive report commissioned by it on the nation's rapidly growing private credit sector. The report highlights significant concerns about transparency and investor protection across the $200 billion market. Fund managers should anticipate a regulatory response to the report from ASIC that will heighten scrutiny of their operational practices. As the market matures, the distinction between market operators adhering to best practices and those relying on less transparent practices (including fee structures) is likely to become a competitive differentiator – and a regulatory imperative. To read Partner, Nick Amore’s comments on key points and a link to the report commissioned by ASIC, click here or on the image below https://lnkd.in/g98ziPFH #CornwallsLaw #OurPeople #ASIC #PrivateCredit

Reflecting on last week's report on private credit by ASIC, I think it's important to dispel the myth that private credit in Australia is unregulated.    'Misleading and deceptive conduct' and 'license duties' have always applied, and when ASIC issues guidance, if you’re not disclosing risk in a certain way or reaching disclosure standards, then you will be investigated. This has been borne out in enforcement action in recent weeks. There is now no doubt about ASIC’s areas of focus – with areas like conflicts of interest, fees and remuneration, transparency (valuations and portfolio composition) and consistent use of industry terminology. ASIC’s new report on the private credit sector is timely, but it is a stepping stone, not the finish line. It has signalled a continued focus on private credit, and stated it will actively investigate problem cases, survey the broader market, and bring everyone up to a common standard, via enforcement if needed. However, this report crystallises the themes and priorities for private credit managers.   ASIC is clearly signposting a desire for industry to step in and create guidance which adopts, where appropriate, principles and best practice from offshore. This is the window for industry to shore up best practice, and it needs to take it.   #PrivateCredit #AOShearman

📣 UK Financial Services Firms Face a Turning Point – Is Your Operating Model Ready? UK financial institutions are reassessing their outsourcing strategies in response to evolving regulatory expectations and operational pressures. The latest Banking Litigation Update – Autumn 2025 highlights a surge in legal scrutiny around customer protection, fiduciary duties, and fraud recovery, with courts increasingly holding firms accountable for operational failures. 🔍 What does this mean for banks, lenders, and building societies? 1️⃣ Operational resilience is no longer optional. 2️⃣ Customer servicing and arrears management are under the spotlight. 3️⃣ Outsourcing to FCA-regulated partners is becoming a strategic necessity. At Target Group, we’re helping financial institutions stay ahead by: ✅ Delivering compliant, scalable servicing platforms ✅ Supporting vulnerable customers with AI-powered solutions ✅ Reducing retention loss through smarter delegation 💬 As litigation risks rise and customer expectations evolve, outsourcing isn’t just about efficiency—it’s about protecting your brand and your bottom line. 👉 Explore our latest insights: Target Group News – Smart Delegation & Servicing Priorities https://lnkd.in/e4Fpabgj #FinancialServices #Outsourcing #OperationalResilience #CustomerExperience #TargetGroup #UKFinance #LitigationRisk #DigitalTransformation https://lnkd.in/eHG6P5Zh

🌉 RBS and the Rise of IP-Backed Finance: When Ideas Become Collateral The Royal Bank of Scotland has just announced a new financing model that could change the rules for innovative companies: loans backed by intellectual property. Under this model, patents, trademarks, and copyrights can serve as collateral, allowing high-growth startups and tech firms — often asset-light — to access fairer credit terms. 📊 Why it matters: • It redefines how we value innovation — not just through revenue, but through intellectual capital. • It opens new discussions on legal recognition and valuation of intangible assets. • It highlights the need for a robust legal framework to protect and certify these IP-based securities. As a jurist passionate about law, technology, and innovation, I see this as a major step forward: → The financial system is finally learning to finance ideas, not just infrastructures. → What do you think — could IP-backed loans become a new standard for funding innovation in Europe? #Finance #Innovation #FinTech #IntellectualProperty #LawAndTechnology #Banking #UKFinance #LegalInnovationa