Herbert Smith Freehills says the HKMA push for adoption of the Ethical Accountability Framework in FinTech development represents a broader movement toward regulating artificial intelligence.
The outcome of the HKMA and TMA consultation will be a turning point for financial services firms preparing for life after LIBOR, says international law firm Herbert Smith Freehills.
The HKMA's guidance note expressly signals its desire to encourage and facilitate cooperation in investigations and enforcement proceedings, noting time, cost and resource savings for the regulator and institutions or individuals concerned.
Cryptocurrency is fast establishing itself as a mainstream asset class, evident from the emergence of several new crypto hedge funds. However, given the complex regulatory and operational issues involved, it is important for firms to review crypto-related projects carefully and engage with...