![Corporate-people-crowd-walk-walker-office-business-center](https://www.nortonrosefulbright.com/-/media/images/nrf/hero/corporate-people-crowd-walk-walker-office-business-center.jpg?w=265&revision=3d04236d-6ad6-4a07-850d-1f6b56a234e9&revision=5249001779897387904&hash=02AF8A7E35F1B67A8E90E42D1EA1AE7D)
Publication
Keeping your dawn raid guidance current
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
Global | Publication | December 2019
The Securities and Futures Commission (the SFC) has issued a circular (the Circular) to licensed corporations (LCs) on the use of external electronic data storage providers1 (EDSPs) and updated the frequently asked questions on the premises for business and record keeping in light of the Circular.
In addition to setting out the SFC’s expectations for the mitigation of cyber and operational risks when electronic data storage is outsourced, the Circular also details requirements that an LC should observe when regulatory records2 are kept exclusively with an EDSP without a duplicate set of records at the premises of the LC. These include ensuring that:
If any LC’s regulatory records were kept exclusively with an EDSP before the date of the Circular (i.e. 31 October 2019), the LC should notify the SFC of this and obtain approval under section 130 of the SFO. On the other hand, if the data centre of an EDSP used exclusively for keeping regulatory records has already been approved under section 130 of the SFO before the date of the Circular, the LC should provide the SFC with the names of the two MICs and a written confirmation that all regulatory records of the LC which are kept with the EDSP are fully accessible upon demand by the SFC at the LC’s principal place of business. In addition, the LC should also provide to the SFC (i) a written confirmation that paragraph 7(a) of the Circular has been complied with, (ii) a copy of the Notice (please see Appendix 2 of the Circular), (iii) the Countersignature (please see paragraph 9(a) of the Circular) and (iv) a written confirmation that the remaining requirements of the Circular has been complied with, no later than 30 June 2020.
Publication
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
Publication
In this legal update, we offer our top three key takeaways following this decision, including important questions to be considered when negotiating dispute resolution clauses, especially where the nature of the transaction is likely to result in multi-party disputes.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023