Dentons (JD Supra Hong Kong)

48 results for Dentons (JD Supra Hong Kong)

  • 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...

  • 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.

  • 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.

  • Dentons COVID-19 Retail Tracker - China / Hong Kong (UPDATED)

    Status – Has any special status been introduced? No curfew, no emergency status. Special measures apply.

  • "Abuse of process" is the touchstone for injunction restraining a winding-up petition

    In Hung Yip (HK) Engineering Company Limited v. Kinli Civil Engineering Limited [2021] HKCFI 153, the Honourable Mr Justice Harris reiterated the test governing when the court will restrain the presentation of a winding-up petition.

  • The New Hong Kong Limited Partnership Fund Regime

    The LPF regime was established by the Limited Partnership Fund Ordinance (Chapter 637 of the Laws of Hong Kong) (LPFO). Similar to an Exempted Limited Partnership (ELP) in the Cayman Islands, an LPF does not have separate legal personality and acts through its general partner (GP).

  • Hong Kong and Mainland China sign supplemental arrangement concerning mutual enforcement of arbitral awards

    The Arrangement Concerning Mutual Enforcement of Arbitral Awards between the Mainland and the Hong Kong Special Administrative Region (the “Existing Arrangement”) was signed in June 1999 and came into effect in February 2000 (see our post of 29 May 2020).

  • Implementation of the Interim Measure Arrangement between Hong Kong and Mainland China

    The Arrangement Concerning Mutual Assistance in Court-ordered Interim Measures in Aid of Arbitral Proceedings by the Courts of the Mainland and of the Hong Kong Special Administrative Region (the “Interim Measure Arrangement”) was signed on 2 April 2019 and came into effect on 1 October 2019. In the era before the Interim Measure Arrangement, except for maritime disputes, a Mainland court...

  • Hong Kong regulators call for all cryptocurrency trading platforms to be regulated

    On 3 November 2020, the chief executive of the Securities and Futures Commission (SFC), Ashley Alder, said in a speech that Hong Kong will soon regulate all cryptocurrency trading platforms, whether or not they trade securities.

  • National Security Law and employers’ obligations to safeguard employee data

    The Law of the PRC on Safeguarding National Security in the HKSAR (the National Security Law) was promulgated by the Standing Committee of the National People’s Congress of the PRC on 30 June 2020 and took effect as of 11 p.m. on 30 June 2020.

  • SFC’s Annual Report 2019/20: 10 things we learnt

    The Securities and Futures Commission has published its 2019/20 Annual Report setting out its strategy for upholding market integrity and supporting Hong Kong’s development as a leading international financing centre. The role of the SFC in supporting Hong Kong’s position, along with London and New York, as one of the top three global financial centres continues to be critical.

  • Hong Kong's National Security Law – Things that businesses should know about

    On 30 June 2020, The Law of the People’s Republic of China (“PRC”) on Safeguarding National Security in the Hong Kong Special Administrative Region (the “National Security Law”) was gazetted for promulgation and came into immediate effect in Hong Kong on the same day. Whilst some may welcome the implementation of the National Security Law, others may be concerned about the likely implications of...

  • Hong Kong passed bills to help grow the insurance sector

    On 17 July 2020, the Hong Kong Legislative Council passed the Insurance (Amendment) Bill 2020 and the Insurance (Amendment) (No. 2) Bill 2020. The two bills seek to amend the Insurance Ordinance (Cap. 41) in order to create new business opportunities for the insurance sector. Key changes introduced by the two bills are (a) to provide for a new regulatory regime for the insurance-linked securities

  • Post-employment compensation – is it taxable?

    When an employment relationship comes to an end, it is not unusual for the employer and the employee to negotiate and enter into a separation agreement to put in writing the employee’s benefits, entitlements and post-employment obligations. It may be within the leaving employee’s expectation that most of the payments under the termination agreement (such as accrued salary, payment in lieu of...

  • China vows "zero tolerance" towards financial fraud in the capital markets

    The Central People’s Government has called for "zero tolerance" towards financial fraud in the Mainland capital markets and has pledged to clamp down on major capital market violations, following a recent meeting held by the Financial Stability and Development Committee (FSDC) under the State Council presided over by Vice-Premier Liu He.

  • PRC Enterprises’ Bond Offering in Hong Kong

    Under this structure, the onshore entity will directly issue the bonds offshore, typically to a trustee who will hold these bonds on behalf of the investors and act as their representative to exercise the investors’ rights under the bonds. The terms for these bonds will depend on the international credit rating of the onshore entity.

  • Top five reasons for rejection of HKEX listing applications – and how to avoid them

    Since 2013, the Stock Exchange of Hong Kong Limited (the “Exchange”) has been publishing decisions on reasons for rejection of listing applications to provide greater transparency to the market. Prior to that, the Exchange published selected rejection letters or listing decisions, but they did not cover every rejected application. Based on these published letters and decisions, we have...

  • Chinese banking and insurance regulator introduces new measures to tackle financial crime

    On 2 June 2020, the China Banking and Insurance Regulatory Commission (CBIRC) released new guidelines on how banking and insurance institutions (together, “Financial Institutions”) should deal with criminal cases. The new guidelines will come into effect on 1 July 2020 and are intended to improve reporting requirements as well as holding banks and insurance companies accountable for employee...

  • The duty of care of directors in a cyberfraud

    In the recent case, Emirate Distributors Ltd v. AALL & Zyleman Co Ltd, the High Court considered the standard of the duty of care owed to the two plaintiff companies in a cyberfraud by the defendant management and secretarial service company (the Management Company) and its three employees, who were also nominee directors of the plaintiffs (the Directors).

  • Directors' duties amidst the coronavirus outbreak

    The COVID-19 pandemic has affected businesses all over the world. Whilst directors will actually consider that their primary responsibility is to keep the business running during difficult times, it is equally important to bear in mind that this should be done in accordance with the law and via appropriate means. A director should always have regard to the company's financial status and avoid...

  • Recognition and enforcement of Mainland Arbitration Awards in Hong Kong

    Before 1997, arbitral awards were recognised and enforced between Hong Kong and Mainland China by way of a mutual arrangement under The Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”). The New York Convention no longer applied after 1997 as Hong Kong and Mainland China were no longer “separate parties” to the convention. Consequently, the...

  • Hong Kong Companies Judge grants recognition order for “soft-touch” provisional liquidators of offshore company appointed for corporate restructuring

    “As is well known, other than schemes of arrangement, Hong Kong has no legislation that provides for corporate debt restructuring or rehabilitation. This unsatisfactory state of affairs has been the subject of much invariably adverse comment for two decades now. It is brought into unforgiving focus by the economic problems that Covid-19 is causing. It makes it all the more important that the...

  • Recognition and enforcement of Mainland judgments in Hong Kong

    Under the constitutional principle of “one country, two systems”, Hong Kong’s common law system is contrasted with Mainland China’s law system, which is based primarily on the model of civil law. Before the return of sovereignty, if a plaintiff obtained a judgment or arbitration award in Mainland China and became a judgment or award creditor, and if he intended to enforce the relevant judgment or

  • Hong Kong Court Imposes “Hadkinson Order” for Persistent Breach of Disclosure Order – a lesson from La Dolce Vita Fine Dining Co Ltd v. Zhang Lan and Others [2020] HKCFI 622

    Failure to comply with court orders can have grave consequences. One punishment the court can impose on delinquent litigants is by way of “Hadkinson Orders” (named after an English case, Hadkinson v. Hadkinson [1952] 2 All ER 567), which could bar a party who has ignored a court order (and is thus in contempt of court) from being heard by the court until the party purges himself of the contempt.

  • First SFC Licensed Cryptocurrency Fund launched in Hong Kong

    On 20 April 2020, Venture Smart Asia launched its cryptocurrency fund in Hong Kong that purchases, holds and tracks the price of Bitcoin. This is the first time a pure cryptocurrency fund is licensed to trade virtual assets in Hong Kong since the introduction of the regulatory framework for management and distribution of virtual assets by the Securities and Futures Commission (SFC) on 1 November 2

  • A Comprehensive Guidance for Crypto Exchange Operators in Hong Kong – New SFC Regulatory Regime for Virtual Asset Trading Platforms

    Over the past few years, various forms of virtual asset investment products have sparked investors’ interest globally, and Hong Kong is no exception. As a result, the demand for local crypto exchanges which allow people to trade crypto assets with Hong Kong dollars via bank transfer is also increasing. As was the case with other securities regulators in major jurisdictions, the initial regulatory

  • Winding-up proceedings: further challenge to Lasmos

    The case of Lasmos Limited v. Southwest Pacific Bauxite (HK) Limited (“Lasmos”) has been widely discussed as it departs from the traditional approach towards the dismissal of winding-up petitions. 

  • Update on Bankruptcy Proceedings

    In a recent bankruptcy case, the Hong Kong Court has once again emphasised that it will take a strict approach on proper service of a statutory demand. Recalcitrant debtors often go to great lengths to evade service of statutory demand. Nevertheless, if a creditor decides to adopt the statutory demand mechanism in order to commence bankruptcy proceedings against a debtor, the creditor will need...

  • Arrangement for results announcements for listed companies in light of the coronavirus epidemic

    On 4 February 2020, the Securities and Futures Commission (“SFC”) and The Stock Exchange of Hong Kong Limited (“Exchange”) issued a statement to provide guidance to listed companies and their auditors in relation to the disclosure of financial information in view of travel and other restrictions that have arisen in response to the outbreak of the Severe Respiratory Disease associated with a Novel

  • Can businesses be excused from performing their contracts during the novel coronavirus outbreak? - An overview of the application of force majeure clauses and the doctrine of “frustration” under Hong Kong law

    Since the outbreak of the novel coronavirus early this year, renamed COVID-19, China has implemented a number of unprecedented measures including a public holiday extension, mandatory quarantine, and travel restrictions in an attempt to contain the spread of the virus. These measures, whilst they may be necessary, have at the same time caused severe disruptions to commercial activities and posed...

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