K&L Gates LLP (JD Supra Hong Kong)

In response to the challenges caused by COVID-19, the Hong Kong government (“Government”) unveiled a HK$120 billion relief package in its 2020–21 Budget announced on 26 February 2020 (the “Budget Measures”), which was supplemented by the establishment of a HK$30 billion Anti-epidemic Fund approved on 21 February 2020 (the “First Round Measures”), and further supplemented by a second round of HK$13

On January 18, 2019, Hong Kong and China signed the Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters by the Courts of the Mainland and of the Hong Kong Special Administrative Region (“2019 Arrangement”).

At its recent plenary meeting in the United States on 20 June 2019, the Financial Action Task Force (“FATF”) commended Hong Kong for its strong legal foundation and effective systems regarding anti-money laundering and counter-terrorist financing (“AML/CTF”). It assessed Hong Kong’s AML/CTF regime as compliant and effective in comparison with international standards.

On 11 February 2019, in the case of AA & EA v The Securities and Futures Commission [2019] HKCFI 246, the Hong Kong Court of First Instance (“CFI”) dismissed an application for judicial review against a decision of the Securities and Futures Commission (“SFC”) to share with Japanese regulators information obtained by the SFC under compulsion.

Hong Kong’s Inland Revenue (Profits Tax Exemption for Funds) (Amendment) Bill 2018 (the “Bill”), which will take effect on 1 April 2019, represents a significant development for Hong Kong’s privately-offered funds industry by amending the Hong Kong profits tax exemption regime to “unify” the tax exemption treatment for onshore and offshore privately-offered funds operating out of Hong Kong.

On November 1, 2018, the Securities and Futures Commission (“SFC”) announced that it will bring virtual asset funds under its regulatory purview to improve investor protections.

On 28 April 2017, in Leung Chun Kwong v Secretary for the Civil Service and Another (HCAL 258/2015), the Hong Kong Court of First Instance (HKCFI) decided that the same-sex spouse of a civil servant working at the Civil Service Bureau (CSB) was entitled to spousal benefits. Shortly after, on 25 September 2017, in QT v Director of Immigration (CACV 117/2016), the Hong Kong Court of Appeal (HKCA)...

The workplace is an environment where tempers can flare and conflicts arise between co-workers, employers and external parties. More often than not, a simple apology might defuse the tension and help bring the parties towards an amicable resolution. Unfortunately, these apologies are often not forthcoming for two reasons: pride and fear of legal liability.

Following the official launch of the Shanghai-Hong Kong Stock Connect ("Shanghai Connect") on 17 November 2014, the Hong Kong Securities and Futures Commission ("SFC") and the China Securities Regulatory Commission ("CSRC") made a joint announcement on 16 August 2016 ("2016 Joint Announcement"), to approve, in principle, the establishment of the Shenzhen-Hong Kong Stock Connect ("Shenzhen Connect"

On 25 November 2016, the Securities and Futures Commission of Hong Kong ("SFC") and the China Securities Regulatory Commission ("CSRC") announced that the Shenzhen-Hong Kong Stock Connect ("SZ-HK Stock Connect") would formally commence trading on 5 December 2016. This follows their grant of the approval in principle of the SZ-HK Stock Connect on 16 August 2016.

On 10 June 2016, the Securities and Futures (Amendment) Bill 2016, which introduces the legal framework for the open-ended fund company (“OFC”) regime, was enacted as an ordinance (“Ordinance”) in Hong Kong. The Ordinance is not currently in operation, but will commence on a date to be determined by the Secretary for Financial Services and the Treasury.

The SFC published the “Circular to management companies of SFC-authorized funds on liquidity risk management” dated July 4, 2016 (the “Circular”), designed to provide guidance to the management companies (each a “Fund Manager”) of SFC-authorized funds (each a “fund”) on liquidity risk management of funds. The Circular sets out principles with which the Fund Managers are expected to comply and...

On 29 January 2016, the Hong Kong Court of First Instance handed down its eagerly awaited judgment in a judicial review application brought by Television Broadcasts Limited (“TVB") against the Communications Authority (“CA”) and the Chief Executive in Council (“CEIC”).

On 8 December 2015, the Securities and Futures Commission of Hong Kong (the “SFC”) released the “Consultation Conclusions on the Client Agreement Requirements” (“Consultation Conclusions”), in which the SFC has resolved to proceed with the proposal to require the incorporation of a new clause into client agreements.

On 27 November 2015, the Securities and Futures Commission of Hong Kong (the “SFC”) published the “Consultation to expand the scope of short position reporting and on the corresponding amendments to the Securities and Futures (Short Position Reporting) Rules” (the “Consultation”). In June 2012, the Securities and Futures (Short Position Reporting) Rules (Chapter 571AJ of the Laws of Hong Kong) (th

On 22 May 2015, the Securities and Futures Commission of Hong Kong (SFC) and the China Securities Regulatory Commission (CSRC) signed a Memorandum of Regulatory Cooperation on Mainland-Hong Kong Recognition of Funds, which will enable Mainland Chinese and Hong Kong funds to be distributed in each other’s markets through a streamlined vetting process (Mutual Fund Recognition Scheme).

The Hong Kong Court of Final Appeal (Court of Final Appeal) made a landmark decision on 20 March 2015 in relation to advertisements for collective investment schemes (CISs), upholding an appeal by Pacific Sun Advisors Limited (Pacific Sun) and its director Mr. Andrew Pieter Mantel (Mr Mantel). It overturned a decision by the Hong Kong Court of First Instance (Court of First Instance) on the...

At a compliance seminar held last month, officials from the Asset Management Association of China (AMAC) and the State Administration of Taxation (SAT) informed industry executives that Chinese regulators are planning to retrospectively implement a 10% capital gains tax (CGT) on equity investments made under the Qualified Foreign Institutional Investors (QFII) and Renminbi Foreign Qualified...

The Employment (Amendment) Ordinance was passed on 24 December 2014 and came into force on 27 February 2015. It amends the Employment Ordinance (Cap 57) and entitles working fathers and fathers-to-be up to three days of paid paternity leave.

On 22 January 2015, the Securities and Futures Commission of Hong Kong (SFC) issued a set of frequently asked questions to provide practical guidance on the criteria and application of the new principles based assessment for corporate professional investors (CPI Assessment), and the description of services to be included in client agreements as required under paragraph 6.2(d) of the Code of...

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.

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 trading on 17 November 2014.

In July 2013, the Hong Kong Government commenced a three-month public consultation on three options to deal with parody under Hong Kong copyright law. One of the options was the introduction of a fair dealing exception for parody under Hong Kong copyright law, where the “distribution and communication of parody will not attract any civil or criminal liability if the qualifying conditions for...

The Hong Kong funds industry has faced significant challenges in recent years, having had to deal with the fallout from several financial scandals and a securities regulator that has become more aggressive in an effort to minimize the possibility of future scandals. Hong Kong also faces increasing competition from Singapore and Taiwan, which have been trying to attract financial business from...