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- 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.
- The SFC’s recent regulatory enforcement trends
Recent annual and quarterly reports published by the Securities and Futures Commission (SFC) of Hong Kong highlight the SFC’s regulatory work for the period dated April 2020 to December 2021 (the 2020/2021 Period). The reports take a look back at the 2020/2021 Period and also sets out the SFC’s strategic priorities which it plans to pursue in order to fulfil its intention to strengthen Hong Kong’s status as an international financial centre. This article summarises the key trends in the SFC’s enforcement agenda which market participants can expect to continue in the year ahead. Please see full Publication below for more information.
- SFC Enforcement Actions Tracker (UPDATED)
Showing SFC enforcement actions which resulted in fines of HKD1 million or more as at 25 July 2022. Please see full Publication below for more information.
- Amendments to Listing Rules Relating to Share Schemes of Hong Kong Listed Issuers
The requirements under Chapter 17 of the Listing Rules applicable to share option schemes will also govern share award schemes under the amendments that will become effective 1 January 2023. Both share option schemes (which grant options to subscribe for new shares) and share award schemes (which grant shares or equivalent units) serve to reward and incentivise employees to continue to contribute to the growth of the listed issuer and to ensure that their interests are aligned with those of the listed issuer and shareholders. The existing Chapter 17 of The Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the Listing Rules) currently only governs share option schemes. Please see full Alert below for more information.
- Hong Kong Formalises Legal Framework to Regulate Virtual Asset Exchanges
On 24 June 2022, the Hong Kong government published in the Gazette the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (Amendment Bill). The Amendment Bill proposes amendments to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615) (AMLO) to introduce a new framework for a licensing regime for VASPs, impose statutory AML/CTF obligations on the VASP sector, and establish specific investor protection safeguards relating to virtual assets, amongst other amendments. Please see full Alert below for more information.
- New Hong Kong Legislation on outcome-related fee structures for arbitration
On 30 June 2022, Hong Kong enacted framework legislation which introduces legislative amendments aimed at allowing outcome-related fee structures (ORFS) in arbitration and related proceedings (the Amendments). Please see full Publication below for more information.
- Hong Kong Court Breathes New Life Into Rule in Gibbs
Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone. A recent first instance decision in Hong Kong has relied upon the so-called rule in Gibbs to cast doubt on the ability of an offshore scheme of arrangement to compromise debt governed by a foreign law. In Re Rare Earth,1 a case that on its facts did not seem to require consideration of the issue, Mr Justice Harris voluntarily joined the fray. In so doing, he highlighted an important conflict of laws issue that will inform debtor groups with a Hong Kong presence on where to promote a restructuring. Please see full Alert below for more information.
- Hong Kong Corporate & Regulatory Insights – April 2022
The Stock Exchange of Hong Kong(SEHK) launches board diversity repository and enhances ESG academy SEHK launched a board diversity repository to improve access to information on and transparency around board diversity, and enable investors and other stakeholders to stay informed of businesses' policy and approach to good governance and board diversity. Please see full Publication below for more information.
- Hong Kong’s Listing Rules Amendments Relating to Bookbuilding and Placing Activities in ECM Transactions
Intermediaries in bookbuilding and placing activities should prepare for the new rules, which will take effect on 5 August 2022. The Securities and Futures Commission of Hong Kong (SFC) published the “Consultation Conclusions on (i) the Proposed Code of Conduct on Bookbuilding and Placing Activities in Equity Capital Market and Debt Capital Market Transactions and (ii) the ‘Sponsor Coupling’ Proposal” on 29 October 2021. The Code of Conduct provisions (New Code Provisions) will come into effect on 5 August 2022. Please see full Alert below for more information.
- 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...
- 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’ confidence and trust in ...
- 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 when selling...
- 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....