Financial Regulation Group Partner, Hong Kong
“I provide clear, commercial advice to clients on all aspects of financial regulation. My in-house secondments and varied international experience enable me to offer a wider outlook in solving clients’ problems.”
Education and qualifications
Sumit is a Partner in our Hong Kong Financial Regulation Group. He advises on all aspects of Hong Kong financial services legislation and regulation. He advises on the full range of regulatory issues including licensing, ongoing conduct of business issues, regulatory change implementation, product categorisation, governance within financial institutions, market misconduct and AML. Sumit covers all sectors of the Hong Kong financial market (including under the Securities and Futures Ordinance, the Banking Ordinance, the Insurance Ordinance and the Money Lenders Ordinance). Sumit’s client base includes global and regional investment banks, asset managers, market makers, insurers, private equity houses and FinTech companies.
Sumit also provides support to the firm’s transactional teams on the regulatory aspects of M&A, corporate finance and banking transactions, including margin loans. Sumit is heavily involved with industry bodies in the region. Through Linklaters’ membership of the Hong Kong Private Wealth Management Association (PWMA) and the Asian Securities Industry & Financial Markets Association (ASIFMA), he regularly helps the industry prepare responses to regulatory consultations and assists with lobbying on issues of industry concern. Sumit has been heavily engaged in the FinTech area, having advised a number of clients on innovative financial service offerings including robo-advice, crypto-related structures and initial coin offerings. He acted for two applicants under the Hong Kong Monetary Authority’s virtual bank initiative. He is a regular speaker at FinTech-related events and sits on the Core Committee of the FTAHK’s Policy and Advocacy Group and ASIFMA’s FinTech working group.
Prior to joining the Hong Kong team, Sumit was based in the firm’s London office where he regularly advised financial institutions on wide-ranging UK and EU regulatory change projects, including on the implementation of the second Markets in Financial Instruments Directive (MiFID II), the European Market Abuse Regulation (MAR), the UK Senior Managers and Certification Regime, the UK ring-fencing regime (on which he was seconded to a major retail bank for six months) and the second European Payments Services Directive. This experience allows him to advise Asian-based clients on the extraterritorial effects of UK and European regulation.
Sumit is a qualified solicitor in both Hong Kong and England and Wales.
Sumit has developed a wide-ranging financial regulatory practice. The breadth of his practice includes, advising on, amongst others:
- Regulatory Change: he assisted a number of clients on very large European regulatory implementation projects, notably the Hong Kong Manager in Charge Regime and, in Europe, MAR, MiFID II and PSD II. He regularly advises Asian institutions on the extraterritorial impact of European regulation
- Corporate governance: he has a particular interest in corporate governance issues, having worked on several Hong Kong Manager in Charge and UK Senior Managers and Certification Regime implementation projects
- Conduct issues: he advises financial institutions on day-to-day conduct issues, including client agreement and classification concerns, market misconduct, short selling, position reporting and product distribution across all product sectors
- Corporate transactional support: recently, he was a core member of the Linklaters team advising on the regulatory aspects of the proposed merger between Deutsche Börse and the London Stock Exchange
Sumit was recently invited to speak at Hong Kong University on global compliance and regulatory issues.
While in the firm’s London office, Sumit advised WildHearts, a charitable endeavour specialising in microfinance and entrepreneurship education, on a pro bono basis.
Education and qualifications
Sumit studied law at Downing College, Cambridge University.