JD Supra Hong Kong

Publisher:
JD Supra
Publication date:
2019-04-29

Publisher

Latest documents

  • Sustainable finance and ESG in Hong Kong

    Background – global drivers of sustainable finance and ESG -
 In recent years, there has been increasing attention globally on environmental, social and governance (ESG) issues, with accelerated focus following the 2020 outbreak of the pandemic on concerns of sustainability and broader social issues such as healthcare, rising poverty and social inequalities. COP26 this year will be the fifth anniversary of the entry into force of the Paris Agreement, as a legally binding international agreement under the United Nations Framework Convention on Climate Change. Many countries and governments are committing to meeting Paris-aligned climate targets, towards limiting global warming to well below 2°C and pursuing efforts to limit it to 1.5°C. There is increasing urgency that much more concrete steps and significant levels of investments are needed through green or sustainable finance, or the world would likely miss this target, with potential catastrophic consequences of climate change that would need to be addressed.
 
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  • Hong Kong Court awards damages for misuse of personal data collected by CCTV system

    In Hong Kong, it is not unusual to see closed circuit television (CCTV) systems installed in public places, common areas of private buildings and in road vehicles. Whilst CCTV surveillance for security reasons or for deterrence of crimes is generally considered to be legitimate, the use of any personal data collected by CCTV must be within the bounds of data privacy laws.

  • Hong Kong's Proposed Licensing Regime for Virtual Asset Service Providers

    The Hong Kong Government released the conclusions of its public consultation on a proposed licensing regime for virtual asset services providers ("VASPs") on 21 May 2021 (the "Consultation Conclusions"). Having received broad support for its proposals, the Government will now proceed to prepare draft legislation without any significant changes to the consultation proposals and aim to introduce a bill in the 2021-22 legislative session.

  • The New Cross-Border Arrangement Between Hong Kong and Mainland China on Insolvency and Restructuring Matters – A Comparison with Chapter 15 of the United States Bankruptcy Code

    On May 14, 2021, the Department of Justice of the government of the Hong Kong Special Administrative Region announced that the Secretary for Justice of Hong Kong and the Vice-president of the Supreme People’s Court (the “SPC”) had signed the Record of Meeting on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings between the Courts of the Mainland and of the Hong Kong Special Administrative Region (the “ROM”). The ROM concerns the commencement and implementation of the much anticipated cross-border mutual recognition, assistance and cooperation arrangement between Hong Kong and mainland China (the “Mainland”) in relation to corporate insolvency and restructuring matters (the “Cooperation Arrangement”). 
 
 To give effect to this milestone agreement, on the same day the SPC issued The Supreme People’s Court’s Opinion on Taking Forward a Pilot Measure in relation to the Recognition of and Assistance to Insolvency Proceedings in the Hong Kong Special Administrative Region (the “SPC Opinion”) and the Hong Kong government issued a Practical Guide setting out the procedure for a Mainland administrator’s application to the Courts of Hong Kong for recognition and assistance (the “Guide”).
 
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  • Hong Kong Corporate & Regulatory Insights – April 2021

    Equity Capital Markets - 
 
 The Stock Exchange of Hong Kong Limited (SEHK) publishes consultation paper on review of corporate governance code and related Listing Rules - 
 
 SEHK published a consultation paper outlining proposed enhancements to the Corporate Governance Code and Corporate Governance Report (the Code), as well as related amendments to the Rules Governing the Listing of Securities on SEHK (Listing Rules). Key proposals include...
 
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  • Hong Kong Confirms New Regulatory Licensing Regime for Virtual Asset Exchanges

    The Hong Kong government has issued its widely anticipated consultation conclusions on a new framework to regulate virtual asset exchanges. On 21 May 2021, the Hong Kong Financial Services and the Treasury Bureau (FSTB) issued its consultation conclusions (Conclusions) on the introduction of a new regulatory framework in Hong Kong to licence and regulate virtual asset exchange (VA Exchange) operators.

  • Suspension of employment: Employers’ rights clarified

    In the recent decision of Lengler Werner v. Hong Kong Express Airways Ltd the High Court examined and clarified issues surrounding an employer’s legal right to suspend an employee’s duties.

  • Hong Kong’s Carried Interest Tax Concession – Zero % Tax!

    Following the enactment last year of the Limited Partnership Fund Ordinance, which has seen strong take up in its first eight months of operation, the new tax concession on carried interest earned from the activities of private equity funds which was proposed by the Hong Kong Government in 2020, has now been introduced. The Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Ordinance 2021 (“Ordinance”) was enacted into law on 7 May, 2021, by way of amendment to the Inland Revenue Ordinance (“IRO”). Under this new concession, eligible carried interest received or accrued on or after from 1 April, 2020 will be subject to zero percent profits tax. Individuals who have received carried interest or to whom any such sum has accrued, will also be eligible for a 100% deduction for those sums against their assessable income.

  • HK Court of Appeal confirms the exceptional nature of the taking of evidence by way of video conferencing facilities

    Amidst the COVID-19 pandemic, various travel restrictions and quarantine requirements remain in place. As the Hong Kong Judiciary recognises in the Guidance Note for Remote Hearings for Civil Business in the Civil Courts (Phase 3: Wider Video-Conferencing Facilities and Telephone), the public health situation “may impact the ability of witnesses and other participants to travel to and appear in the Hong Kong courts”.

  • Hong Kong and mainland China agree new co-operation mechanism for cross-border insolvency

    Hong Kong and the Mainland have agreed a new co-operation mechanism for cross-border insolvency. Under the agreement, liquidators from Hong Kong may apply to Mainland courts for recognition of insolvency proceedings in Hong Kong ...

Featured documents

  • Hong Kong Capital Markets Quarterly News - February 2012

    In this issue: SFC Report on HKEx 2010 Performance; HKMA Report on Sponsor Activities; Pre-deal Research Reforms; Revised HKSIR 400 “Comfort Letters and Due Diligence Meetings”; Consultation Conclusions; Revised Property Valuation Requirements; New and Revised Guidance Letters; New Listing...

  • Legal and Regulatory Issues in Hong Kong PIPE Transactions

    Introduction - Private investment in public equity (or PIPE) transactions are an increasingly common source of funding for companies listed on The Stock Exchange of Hong Kong Limited (the HKEx). For listed issuers, PIPEs are filling a gap created by the unavailability of traditional funding sources ...

  • Tiger Asia Case – Hong Kong Regulators Take Insider Dealing Enforcement to New York Fund

    The Securities and Futures Commission (the SFC), Hong Kong’s principal securities regulator, won a significant victory this past April in a long-running, high-profile case against New York hedge fund Tiger Asia Management LLC and three of its officers (Tiger Asia)....

  • Hong Kong Banks Pledge to Treat Customers Fairly

    Public pressure over vulnerable populations spurs banks to act - 
 
 
 
 On 28 October 2013, 22 retail banks in Hong Kong launched the Treat Customers Fairly Charter (Charter) to enhance customer protection and education in the financial realm and in turn to boost customers’...

  • Hong Kong Regulators Remind Intermediaries of Selling Practice Requirements for Complex Bonds and High-Yield Bonds

    Intermediaries need to review and enhance their policies and procedures to address any issues relevant to their institutions. 

 

 On 25 March 2014, the Securities and Futures Commission (SFC) issued a circular (Circular) to remind SFC-licensed corporations of their obligations...

  • Launch Date Announced for the Shanghai-Hong Kong Stock Connect

    The Shanghai-Hong Kong Stock Connect (Stock Connect Scheme) is a pilot programme for establishing mutual stock market access between Mainland China and Hong Kong. According to an announcement made jointly by the Hong Kong and Chinese regulators, the Stock Connect Scheme will officially commence...

  • Full Steam Ahead for the Through-Train – The Shanghai-Hong Kong Stock Connect, Part One

    The Shanghai-Hong Kong Stock Connect (the “Stock Connect”), a pilot program for establishing mutual stock market access between Mainland China and Hong Kong, was announced in April 2014 by Premier Li Keqiang at the Boao Forum for Asia, and was officially launched3 in November 2014....

  • Costs Awards – Who Pays?

    The financial stakes in investment treaty arbitration are high. The growing complexity of investment treaty proceedings, coupled with the increasing sophistication of the parties, is pushing up average party costs, which now stand at approximately USD4.5m. Against this backdrop, the cost of...

  • What you need to know about Hong Kong Competition Law (Part 5) - Investigation and Enforcement

    The implementation of the new Competition Ordinance (Chapter 619 of the Laws of Hong Kong) (the Competition Ordinance) on 14 December 2015 will mark the first time that Hong Kong has a general and cross-sector competition law....

  • Draft Bill on Open-Ended Fund Companies Gazetted

    Following public consultation in March 2014, the Financial Services and the Treasury Bureau (FSTB) has now published the “Consultation Conclusions on Open-ended Fund Companies”, and the related Securities and Futures (Amendment) Bill 2016 (Amendment Bill) was gazetted on 15 January 2016....

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