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- New Law to Expand Reciprocal Recognition and Enforcement of Civil Judgments Between Mainland and Hong Kong
The new law is expected to overcome jurisdictional barriers and better promote business interactions in Mainland China and Hong Kong. Key Points: ..Hong Kong recently passed a new law to enact a January 2019 arrangement (2019 Arrangement) to expand the scope of reciprocal recognition and enforcement of judgements between Mainland China and Hong Kong. ..Once the 2019 Arrangement becomes effective, monetary and non-monetary judgments in most civil and commercial disputes may be recognised and enforced between the two jurisdictions. ..Judgment creditors would be able to enforce their judgments against judgment debtors’ assets located in both the Mainland and Hong Kong. Please see full Alert below for more information.
- Hong Kong Introduces Major Updates to Its Copyright Regime
A recent amendment addresses key loopholes and aims to align Hong Kong’s copyright regime with international standards. On 16 December 2022, the Hong Kong Copyright (Amendment) Ordinance 2022 (Amendment) was finally gazetted, providing a long-overdue update of the Copyright Ordinance (Cap. 528) (Ordinance). The Amendment introduces... Please see full Alert below for more information.
- Hong Kong Corporate & Regulatory Insights – October 2022
The Stock Exchange of Hong Kong (SEHK) takes disciplinary action against Good Resources Holdings Limited (delisted) (previous stock code: 109) and its former director Key messages: • Listed companies must not use their funds to provide financial assistance without complying with the Listing Rules. Please see full Publication below for more information.
- Hong Kong Proposes Reforms to Address Cybercrime
The reforms aim to address the rise in cybercrime and cyberattacks in an age of rapid digital developments. The Law Reform Commission of Hong Kong (the LRC), via its Sub-committee on Cybercrime, issued a consultation paper “Cyber-Dependent Crimes and Jurisdictional Issues” (the Paper) in July 2022. The Paper sets out initial proposals for law reform to address the growing number of cybercrimes and cyberattacks and the challenges for cybersecurity in connection with advancements in information technology and the risk of technological exploitation for criminal purposes. Please see full Alert below for more information.
- Virtual Asset Snapshot – Hong Kong
The Regulation of Virtual Assets in Hong Kong – nature, features and risk determine treatment Regulation of virtual assets (including cryptocurrencies) (“VA”) in the Hong Kong Special Administrative Region (“Hong Kong”) has been tightened up in recent years: regulators are moving from regulating VA within the ambit of current legislation to introducing rules that are specific to VA. There is currently no specific or dedicated digital or VA regulator in Hong Kong. The Securities and Futures Commission ("SFC") regulates VA which fall within the definition of "securities" and "futures contracts" under the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) ("SFO"). The Hong Kong Monetary Authority ("HKMA") adopts a risk-based approach to supervising bank virtual asset activities, in line with applicable international standards. Please see full Publication below for more information.
- ESG Guide – Hong Kong
In recent years, environmental, social, and governance (ESG) policies have become a touchstone in terms of how corporates present themselves as responsible, caring citizens to the outside world, many of them seeking to roll out in Asia policies agreed in their global headquarters. In parallel with this, Hong Kong regulators have been increasingly focused on promoting sustainable finance initiatives and developing the ESG regulatory regime, especially with respect to the compliance obligations of listed companies and SFC-authorised “ESG funds”. Please see full Publication below for more information.
- Hong Kong Proposes Reform to Listing Regime for Specialist Technology Companies
Market capitalisation, research and development investment, and historical financing would be the primary bases for listing such companies under the new proposal. On 19 October 2022, The Stock Exchange of Hong Kong Limited (the SEHK) issued a consultation paper (the Consultation Paper) on the listing regime for specialist technology companies proposing to include a new Chapter 18C within the Rules Governing the Listing of Securities on the SEHK (the Listing Rules).The SEHK is inviting public comments on the proposals until the end of the consultation period on 18 December 2022. This reform proposal has been long-awaited after the 2018 Listing Reform, which permitted the listing of qualifying pre-profit biotech companies and innovative companies with weighted voting rights (WVR) structures, and also created a secondary listing route for overseas issuers listed on qualifying exchanges. These proposals, once adopted, would further diversify Hong Kong’s capital market with broader opportunities for investors. Please see full Alert below for more information.
- A guide to Hong Kong’s cybersecurity laws and practices
Introduction - The past decade has seen a huge increase in the incidence of cybercrime in Hong Kong. The number of cybercrime reports rose from 2,206 in 2011 to 16,159 in 2021. This trend has been exacerbated by the global pandemic, which has forced criminals on-line, with the number of cases in 2021 representing a 162% increase on the 2020 figure alone. The value of those crimes also increased twenty-fold between 2011 and 2021, rising from HKD148 million to HKD3.02 billion. Please see Publication below for more information.
- Hong Kong Corporate & Regulatory Insights – August 2022
The Stock Exchange of Hong Kong (SEHK) publishes new enforcement bulletin (August 2022 edition) (the Enforcement Bulletin) SEHK published the Enforcement Bulletin regarding the latest learnings and actions of its enforcement work. The Enforcement Bulletin discusses the importance of good record-keeping by issuers and company directors for building strong corporate governance. It further covers summaries on private reprimands and enforcement cases in the first half of 2022. Please see full Publication below for more information.
- Hong Kong Corporate & Regulatory Insights – July 2022
The Stock Exchange of Hong Kong (SEHK) publishes revised e-forms and guidelines for new listing applicants - SEHK published the following revised e-forms and their corresponding revised form filling guidelines: On the Main Board: • SE001 – Sponsor and sponsor-overall coordinator engagement notification. See here for the revised e-form and here for the revised form filling guideline. Please see full Publication below for more information.
- Hong Kong Privacy Law Update: New Legislation and User Guidelines
Hong Kong has one of the oldest privacy laws in the world, and The Office of the Hong Kong Privacy Commissioner has recently been very active in shaping the ongoing evolution of Hong Kong’s data privacy regime. The past few weeks have seen the Privacy Commissioner publish detailed...
- Hong Kong Capital Markets Quarterly News -- October 2012
In This Issue: Highlights of the new Hong Kong Companies Ordinance; New Listing Decisions; New Guidance Letters; Enforcement News; and Regulatory Watch Excerpt from Highlights of the New Hong Kong Companies Ordinance - On 12 July 2012, the new Companies Ordinance (CO) was passed by...
- Hong Kong-China Mutual Funds Recognition Passport
Since a public statement by the Hong Kong Securities and Futures Commission (SFC) in January regarding the new Hong Kong-China Mutual Funds Recognition Passport scheme, there have been no additional formal announcements by either the SFC or the China Security Regulatory Commission (CSRC) on the...
- Globalizing in Hong Kong
With dynamic soaring towers, elaborate bright lights, and heart warming traditional customs, Hong Kong’s enigmatic economic and business climate serves as a financial capital for all industries, companies, and firms. Indeed, Hong Kong is a pivotal financial center of Greater Asia! As a former...
- Open Sesame? Not for now, Alibaba – Part 1
For months Alibaba Group Holding Limited (“Alibaba”) had tried to convince the Stock Exchange of Hong Kong Limited (“SEHK”) that they should open their doors to the internet giant. Alibaba had proposed a system through which a handpicked group of “partners” would nominate a majority of its board. ...
- Clarification on PRC Capital Gains Tax Under the Stock Connect Scheme
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. For a comprehensive overview and analysis of the unresolved issues in the rules and operations of the Stock Connect Scheme....
- Privacy Laws in Asia - May 2015
Privacy legislation in Asia has been extremely active in the past few years, and the level of activity and enforcement does not show any signs of slowing down. Eleven jurisdictions in Asia now have comprehensive privacy laws: Australia, Hong Kong, India, Japan, Macao, Malaysia, New Zealand, the...
- Weighted Voting Rights in Hong Kong: Hopes Dashed (For Now) - Part 3
In Part 1 of this eUpdate series, we discussed the reasons why Hong Kong regulators did not approve of share structures with disproportionate voting rights, also known as the “weighted voting rights” (“WVR”) structures in Hong Kong, whether this could be an impediment to the listing of new wave...
- What you need to know about Hong Kong Competition Law (Part 6) - Practical Compliance with the Competition Ordinance
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....
- New Requirements to Hong Kong Professional Investor Regime to Become Effective on 25 March 2016
The Hong Kong Securities and Futures Commission (the “SFC”) issued a consultation paper titled “Consultation Paper on the Proposed Amendments to the Professional Investor Regime and the Client Agreement Requirements” on 15 May 2013 (the “First Consultation”)....