OFAC revokes so-called U-turn authorization for Cuba-related financial transactions
OFAC published a final rule that modifies the Cuban Assets Control Regulations to revoke the so-called "U-turn" authorization.
The Hong Kong Legislative Council passed the Insurance Companies (Amendment) Bill 2014 on July 10, 2015. We consider the main changes being introduced in order to modernise the regulation of Insurance in Hong Kong.
The Financial Secretary has indicated that the Ordinance will be brought into force in three stages. This is to facilitate the transition from the existing Office of the Commissioner of Insurance (OCI) and the self-regulatory regime for insurance intermediaries to the independent Insurance Authority (IA), which will be established under the Ordinance.
Stage 1: a Provisional Insurance Authority (PIA) is expected to be set up by the end of 2015. The PIA will be given certain administrative powers to undertake key preparatory work, such as recruitment of senior executives. The self-regulatory system for insurance brokers and insurance agents will continue.
Stage 2: The IA will take over the work of the OCI, starting approximately one year after the PIA is set up. The IA will carry out preparatory work for regulating insurance intermediaries, including subsidiary legislation, codes of conduct for insurance intermediaries and regulatory guidelines. Public consultations are expected.
Stage 3: Introduction of the statutory licensing regime for insurance intermediaries to replace the existing self-regulatory regime (currently operated by the Insurance Agents Registration Board, the Hong Kong Confederation of Insurance Brokers and the Professional Insurance Brokers Association (SROs).
The three-stage process is expected to take two to three years.
Highlights of the Ordinance include:
The Insurance Companies (Amendment) Ordinance 2015 was gazetted on 17 July 2015 and certain provisions will be effective on 7 December 2015
On 5 September 2019, Professor John McMillan AO’s Final Report (Report) on the operation of the Narcotic Drugs Act 1967 (ND Act) was tabled in Parliament. Section 26A of the ND Act required the Minster to cause a review of the operation of the ND Act to be undertaken.