Tag: Regulatory Ramblings

Regulatory Ramblings: Episode 44 – The Dangers of Non-Technically Trained Lawyers Advising on Technological Matters with Ronald Yu and Donald Day

Ronald Yu is the director and co-founder at MakeBell Limited. He is also a visiting fellow at the City University of Hong Kong’s (CityU’s) School of Law and a part-time law lecturer at Peking University.

As a scholar and author, his areas of interest are the nexus of law and tech: intellectual property (IP) and non-fungible tokens (NFTs), artificial intelligence (AI) and its legal ramifications, cross-border data flows across APAC, as well computer forensics. At The University of Hong Kong (HKU), he has taught courses on patents, as well as IP information technology. He has also lectured on FinTech at CUHK while also teaching courses on the commercialization of IP and patent law at CityU. He has also taught IP strategy at the Hong Kong University of Science and Technology and the Hong Kong Polytechnic University.

Donald Day is the chief operating officer of FinTech start-up firm VDX, which is building a digital asset ecosystem for institutional investors. He was also an in-house cryptocurrency/digital asset expert at Hong Kong’s capital markets regulator, the Securities and Futures Commission, where he helped shape the licensing regime for virtual asset trading platforms and designed and led the supervision of virtual asset fund managers and trading platforms.

In this episode of Regulatory Ramblings, Ron and Donald chat with host Ajay Shamdasani on the potentially pernicious consequences of non-technically trained lawyers – specifically, those without degrees or substantial experience in science, technology, engineering or math (STEM) – offering advice in situations where technology is either implicated or at the core of the matter. The law can be unforgiving to those who are ignorant of its often arcane ways, and ultimately, it is clients who pay for what lawyers either do not know or assume the guests share. In an age of AI, machine learning, and large language models (LLMs) – they do not go as far as to say lawyers need to learn how to code, but counsel needs to understand the practical legal, business, financial, and reputational implications of such technologies for their clients.

Technology can, at times, change the rules of the game, Ron and Donald stress. Yet, they also point out that sometimes lawyers suggest contractual terms that are legally feasible but, based on current technology, impractical – such as the Bitcoin 10-second consensus period, a performance requirement that is not possible to do. As our guests explain, if there are terms in a contract that are unworkable, it could lead to a lawyer killing a deal either out of ignorance of the underlying technology or a lack of commercial acumen.

The discussion moves onto how rare it is to find those who are technically trained and also licensed practicing lawyers. Clearly, the more technical a subject, the less likely an average dispute resolution practitioner at the typical multinational, Anglo-American law firm is going to be up to the task. Our guests acknowledge that leaves clients with a very narrow field of specialists to choose from if they want to be represented by lawyers who understand both the law and the underlying technology involved.

Yet, as Ron Yu notes, even ‘non-techies’ can get up to speed by educating themselves, pointing to the living example of US federal judge Randall R. Rader—as has been the case with FinTech and cryptocurrencies.

Lawyers often view technology through the lens of its legal and regulatory compliance implications, with less focus on its implementation. How it will work and how and where best to use it is an afterthought. As for cybersecurity, it is regarded as an IT issue, they say. If a lawyer overlooks cybersecurity issues, Yu said, then they are glossing over important technical details that can harm a client.

The conversation concludes on the point that when it comes to ‘tech lawyers’, it certainly seems that, generally speaking in APAC, those practitioners that market themselves well have the biggest platforms and the loudest voices and are, therefore, regarded as authorities in their respective fields.

Clearly, there are times when the right kind of technical background is not substituted. For example, as Donald Day recalls, patent litigators do not infrequently have to deal with solicitors who don’t understand the tech, and those solicitors soon become a hindrance.

Both guests underscore the lingering perception that it is not ideal to engage in IP-related litigation in Hong Kong because of the lack of talent; even if a specialist carefully explains something to a solicitor, the latter will invariably get it wrong or simply not understand the subject matter.

Podcast Discussion:

03:24 Intersecting Realms: Non-Technical Lawyers and Technical Expertise in Legal Practice
09:02 Deciphering the Code: The Role of Legal Practitioners in an Increasingly Technical World
17:45 Tech Literacy for Lawyers: Navigating Smart Contracts and Beyond
25:32 Tech Savvy and Legal Deals: Avoiding Pitfalls
40:17 Beyond Technology: Complex IP and Financial Considerations in Legal Practice
45:08 Balancing Expertise and Common Sense in Legal Proceedings
54:13 Ensuring Legal and Technical Competency in Virtual Asset Licensing
1:04:11 Adapting to Change at the Intersection of Law and Technology in Fintech

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Tags Donald Day, Regulatory Ramblings, Ronald Yu

Regulatory Ramblings: Episode 43 – Why ESG Matters? With Jon Solorzano

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Post date April 26, 2024
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Jon Solorzano is a Los Angeles-based attorney who serves as counsel and co-head of the environmental, social, and governance (ESG) task force at the law firm of Vinson & Elkins. Prior to this role, he served as senior director for legal and corporate development at the Clorox Company.

Beyond ESG, Jon is also a highly sought-after thought leader with significant expertise in related fields such as M&A, corporate governance, securities regulation, corporate and business development, consumer products, technology, human capital management, business financial strategy, and international matters for both high-growth start-ups and established Fortune 500 companies.

Few topics are as vexatious and polarizing in contemporary times as the acronym ESG. Legendary investors such as Warren Buffet and his second-in-command, the late Charlie Munger, along with other prominent corporate and finance figures, argue that ESG should not be a consideration in investment decisions.

Against this backdrop, Jon discusses with Regulatory Ramblings host Ajay Shamdasani why ESG matters to investors, companies, and society, alongside corporate social responsibility (CSR) and diversity, equity, and inclusion (DEI). He stresses that while these concepts and movements are related and overlap to some degree, they are not necessarily the same thing. Indeed, Jon notes that those who coined the term ESG might have garnered more support for their cause had they emphasized (G)overnance rather than (E)nvironmental, as even skeptics of global warming can appreciate the importance of well-governed companies and how that affects share prices.

Jon also shares insights into his upbringing, background, and path into the legal profession, as well as how, as a transactional lawyer, he ended up leading his firm’s ESG practice.

While acknowledging the concerns of ESG detractors and naysayers, Jon predicts that 10-15 years from now, the nature of the debate and discussion will be very different. By then, few will even question the importance of ESG to the world’s well-being, he says, as millennials and Zoomers take over the reins of society in developed countries.

A telling sign that Jon’s predictions are accurate is that for younger investors, ESG definitely matters as a yardstick in gauging what constitutes a socially conscious and sustainable investment.

The conversation concludes by examining the extent to which ESG mandates intersect with financial regulation, and why banking and financial institutions globally need to take ESG as seriously as their regulatory compliance and risk management requirements.

Podcast Discussion:

02:01 A Journey through Corporate Law and Stakeholder Engagement
08:05 Unveiling the Complexity: ESG vs. CSR in Corporate Responsibility and Investor Value
20:20 Exploring the ESG Backlash: Understanding Perspectives on Investor Value and Corporate Responsibility
25:01 Corporate Indifference: The Evolution of ESG Amidst Regulatory Pressures
32:59 ESG in a World of Socio-Economic Uncertainty and Geopolitical Tumult
36:28 How do you rebrand ESG: Adapting Perception and Purpose in Corporate Sustainability?
41:26 Insights into the Intersection of ESG and Financial Regulation
44:22 Generation Shift: The Future Landscape of ESG
48:31 The Evolving Role of Professionals in ESG Decision-Making
52:41 Solorzano: Assessing a Practitioner’s Journey in the Evolving ESG Landscape

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Tags ESG, Jon Solorzano, Regulatory Ramblings

Regulatory Ramblings

Regulatory Ramblings: Episode 42 – The Intersection of Digital Assets and Data Protection with Jonathan Crompton

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Post date April 12, 2024
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Jonathan Crompton is a partner at the law firm Reynolds, Porter & Chamberlain (RPC), based in Hong Kong. There, he helps companies and individuals navigate complex cross-border disputes and investigations involving their Asian operations. He specializes in commercial matters (particularly for the retail industry), financial services, technology-related disputes, and cyber incidents.

As the lead for RPC’s ‘ReSecure’ cyber incident response service in Asia, he advises local and multinational clients on cyber-attacks, data privacy, and law enforcement investigations. He also helps clients worldwide recover money transferred to Hong Kong bank accounts as a result of cyber and other frauds.

Jonathan advises on all forms of disputes, including litigation before national courts and arbitral tribunals operating under various rules (in particular, the HKIAC, ICC, and UNCITRAL) and on investigations by regulators (notably financial services regulators such as the Securities and Futures Commission). His clients include senior individuals, asset managers, and leading multinational corporations and brands. As a result of RPC’s predominantly ‘conflict-free’ model for financial services disputes, Jonathan represents senior individuals and companies in claims brought by or against leading banks where other firms are often unable to act.

He is also a founding member of the Hong Kong chapter of the Crypto Fraud and Asset Recovery (CFAAR) network, the first global association for such professionals. The London chapter was launched in London in 2021, and the Hong Kong chapter was formed in August 2022.

In this episode of Regulatory Ramblings, Jonathan chats with host Ajay Shamdasani about his background, upbringing, and how he ended up in the legal profession. The bulk of the conversation, however, is devoted to data protection and digital assets, specifically the February raid of the offices of WorldCoin by the Hong Kong Office of the Privacy Commissioner (PCPD). They discuss the PCPD’s expression of concern about WorldCoin’s collection and storage of iris scans in exchange for its WorldCoin token (WLD).

As Jonathan points out, the case was a clear example of the increasing intersection of personal data protection principles and digital assets. The conversation also covers his recent LinkedIn post in which he stated that Privacy Commissioner Ada Chung’s action was further proof that she was flexing her existing powers—even before the amendments to the territory’s Personal Data (Privacy) Ordinance are expected to be enacted within the next year.

They also discuss the shape Jonathan envisages those amendments taking, the recent cases he has seen in his practice involving virtual assets, digital contracts, and cybersecurity, and related emerging methodologies, trends, and themes.

Podcast Discussion:

3:01 Journey from Military Roots to Legal Frontiers
11:00 Perspectives on Legal Specialization in the Virtual Asset Sphere
20:52 Understanding Cryptocurrency Fraud and Legal Challenges in Recovery
29:16 Assessing the Efficacy of Asset Tracing Rules in Cryptocurrency Fraud Cases
38:12 Money Mules, Cybercrime, and the Evolution of Financial Fraud
42:48 Complexities of Cybercrime and Deepfake Deception in Financial Fraud
45:29 Insights into Crypto Regulation and Risk Management from CFAAR
59:34 Intersection of Personal Data and Digital Assets: Insights from WorldCoin and NFTs
1:05:52 Personal Data Privacy: Insights into Legislative Amendments and Regulatory Enforcement in Hong Kong
1:17:01 Adapting Legal Careers to Emerging Technologies, Change and Uncertainty

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Tags data protection, digital assets, Jonathan Crompton, Regulatory Ramblings

Regulatory Ramblings

Regulatory Ramblings: Episode 41 – The Challenges of Taking Startups Public in India with Madhurima Mukherjee

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Post date April 5, 2024
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Madhurima Mukherjee heads the J Sagar Associates law firm’s capital markets division in New Delhi. She has over two decades of experience in securities offerings in domestic and international markets, including initial public offerings (IPOs), further offers, rights offers, qualified institutional placements, and block trades.

Sometimes referred to as India’s “queen of capital markets,” Madhurima has been involved in some of the country’s highest-profile capital-raising efforts, including the 2010 Coal India IPO, which eventually raised over US$2.5 billion and remains one of India’s largest IPOs.

Before joining JSA, she was a Senior Partner at AZB & Partners until April 2020. She also worked with Luthra & Luthra as a national head and partner until 2013, and before that, she was a partner at the firm of Amarchand & Mangaldas & Suresh A. Shroff & Co., as a partner until 2006.

Madhurima had taken credit courses and some seminars in Capital Markets at The West Bengal National University of Juridical Sciences and National Law School, New Delhi.

Given that India is currently in a solid growth mode compared to much of the world, it’s no surprise that such an environment has birthed a budding startup scene. Indeed, in the three-plus decades since the Indian economy liberalized, even more young entrepreneurs have arrived on the scene, many with dreams of becoming publicly listed companies via the IPO route. Yet, as a developing nation, myriad challenges remain for startups seeking public listings in India, which Madhurima delineates in her chat with Regulatory Ramblings host Ajay Shamdasani in this episode.

She discusses how she found her way in the legal profession, her passion for working with startups, and the challenges they face in India beyond those of legal, regulatory, financial/liquidity, and managerial issues.

Madhurima stresses the challenges of getting and retaining talent and the degree of governmental support—or the lack thereof—in the form of red tape, tax, and support programs that Indian startups face.

The conversation concludes with her views on how the Securities Exchange Board of India (SEBI)—the country’s capital markets watchdog—can improve securities and listing rules to facilitate startups’ public offerings.

Podcast Discussion:

2:47 Charting New Paths: A Woman’s Journey in India’s Evolving Corporate Landscape
5:31 From Fax Machines to Specialized Expertise: Navigating India’s Corporate Evolution
9:58 Growing Up Global: India’s Corporate Landscape
14:30 Challenges for Indian Startups in Public Markets: Market Sentiment, Valuations, and Regulatory Hurdles
2329 Balancing Regulation and Innovation: The Tricky Landscape of Public Markets for Indian Startups
37:26 Early Stage Essentials: The Importance of Corporate Governance and Capital Structure for Startups
44:14 Startup Market Sentiment in India: Overvaluation, Saturation, and Regulatory Uncertainties
51:16 Deciphering India’s Business Landscape, The Need for a Secondary Market for Startups

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Tags India, Madhurima Mukherjee, Regulatory Ramblings, Startups

Regulatory Ramblings

Regulatory Ramblings: Episode 40 – Super Apps, FemTech and Financial Resilience with Neha Mehta

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Post date March 22, 2024
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Neha Mehta is a member of the Department of Mathematics at Nanyang Technological University in Singapore. She also teaches in that institution’s Master of Science program in FinTech.

Her work with SG Women in Tech demonstrates her interests in financial inclusion, using FinTech to achieve it, climate sustainability, innovating for a blue economy and greener future, and encouraging more women to enter the tech industry.

Neha is also a FinTech lawyer, former diplomat, and social entrepreneur. She authorized a new book called “One Stop” on Super Apps.

As she points out, new software applications are churned daily to respond to people’s needs. “Super Apps,” she says, allow users to access several services from one application. Super Apps like Grab and WeChat are gaining popularity, and tech giants and FinTechs want to stake their claim in this digital revolution. In “One Stop,” Neha traces the history of Super Apps. She analyses the cultural differences in their adoption and popularity—and, in some cases, the lack thereof—in the East versus the West. Through stories of well-known Super Apps and in-depth interviews with central banks, entrepreneurs, and FinTech industry experts, Neha’s book illustrates how the Super App revolution disrupts, innovates, and creates opportunities.

With the COVID-19 pandemic as a background highlighting the need to move to digital platforms, “One Stop” also examines how Super Apps can potentially create an inclusive and sustainable world for all in an increasingly digital future.

With that as a launching pad, Neha shares with Regulatory Ramblings host Ajay Shamdasani about her upbringing in Bangalore, how she first became interested in matters of financial inclusion, climate sustainability, the green economy, and women in tech, and what she sees as the interconnections between them—namely, economic growth and good stewardship of the planet.

The discussion also delves into creating talent pools in the tech entrepreneur and/or corporate realms to see more women at the decision-making table in boardrooms. A key part of the equation, Neha says, is getting more females enrolled in STEM subjects earlier in life. In that vein, she stresses the need for policy frameworks incentivizing parents of young girls to send them to schools focused on how they can be software engineers or enter the emergent fields of artificial intelligence or data management.

She draws on her experiences to share her views about Singapore’s tech ecosystem and entrepreneurial environment. In 2019, Neha set up FemTech Partners to represent women in tech, especially in the fintech space. The focus was on how to make them financially resilient and receive the pro bono mentorship they need.

The conversation includes Neha’s thoughts on being a member of the NTU math faculty and a summary of her book’s key conclusions, observations, and policy recommendations.

Podcast Discussion:

03:27 – Unveiling the Super App Revolution: From Cultural Shifts to Financial Inclusion
10:14 – Journey from India to Singapore: Navigating Discrimination, Legal Empowerment, and Financial Inclusion
14:32 – Adapting to Tech Evolution and Embracing Change
31:36 – Striving for a Level Playing Field: Empowering Women in STEM and Entrepreneurship
43:12 – What do you celebrate on International Women’s Day?
45:41 – Singapore’s Success Recipe: Infrastructure, Talent, Capital, and Ecosystem Synergy
53:07 – Empowering Through Education: Fintech’s Role in Learning, Teaching, and Financial Inclusion
55:03 – Empowering Foreign Domestic Workers: Fintech Solutions for Financial Inclusion in Unbanked Communities
58:23 – Super Apps and Financial Resilience: Navigating Data Privacy, Consumer Protection, and Cybersecurity
1:03:29 – Lessons for Young Professionals on Career Flexibility and Resilience

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Tags FemTech, Financial Resilience, Neha Mehta, Regulatory Ramblings, Super Apps

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