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This Hong Kong regulatory update is intended to provide a brief overview of the principal Hong Kong regulatory developments in the preceding three months relevant to companies listed or proposed to be listed on The Stock Exchange of Hong Kong Limited (the HKEx) and their advisers, including HKEx announcements and rule changes, Securities and Futures Commission (SFC) decisions and updates, and both HKEx and SFC enforcement related news.
On 4 September, the EU's European Central Bank published its final list of 'significant supervised entities' and 'less significant institutions' for the purposes of the Eurozone's single supervisory mechanism (SSM), which comes into effect in November 2014. The list constitutes a significant step in the new EU bank regulatory framework, as the SSM regulations will subject significant and non-significant entities to differing supervisory regimes.
The debate over the EU's ‘Banker Bonus Cap’ is moving towards its end game as European Commission vice president, Michel Barnier, has asked the European Banking Authority for a decision this month on whether allowances paid by EU banks to key staff constitute variable compensation. This alert explains the background to the debate and suggests some possible next steps.
On Sept. 8, 2014, the FTC filed a federal antitrust complaint against five pharmaceutical defendants — AbbVie, Abbott Laboratories, Unimed Pharmaceuticals, Besins Healthcare and Teva Pharmaceuticals — alleging that the companies entered into an agreement to maintain a monopoly over and restrain generic competition to AndroGel, a testosterone replacement therapy product. The complaint — the first FTC reverse-payment case to be filed in the wake of the Supreme Court's seminal Actavis decision — alleges that the underlying patent infringement litigation was baseless and motivated by anti-competitive purposes (i.e., a “sham”), which marks a departure from the FTC's previous approach in these cases.