On 5 July 2018, the Securities and Futures Commission (SFC) launched a Consultation Paper[1] on amendments to the Guideline on Anti-Money Laundering and Counter-Terrorist Financing (the Guideline) to keep it in line with the Financial Action Task Force (FATF) standards on international anti-money laundering and counter-financing of terrorism (AML/CFT).Read More… Hong Kong Law Newsletter | […]
Introduction Amendments to Hong Kong’s Codes on Takeovers and Mergers and Share Buy-backs (Codes) took effect on 13 July 2018 with the publication by the Securities and Futures Commission (SFC) of its Consultation Conclusions on proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs (Consultation Conclusions). This follows a 3-month public consultation […]
Fintech is a relatively new concept that encompasses a whole variety of businesses also beneath the broader umbrella of financial services. The term generally incorporates any use of technology to […]
Read moreIntroduction CCB International Capital Limited (CCBIC) has been reprimanded and fined $24 million by the Securities and Futures Commission (the SFC) for its failure to discharge its duties as a sole sponsor in the listing application of Fujian Dongya Aquatic Products Co., Ltd (Fujian Dongya). In particular, CCBIC breached paragraph 17 of the Code of […]
Introduction On 27 July 2018, the Stock Exchange of Hong Kong Limited (the Stock Exchange) published its Consultation Conclusions on the Review of the Corporate Governance Code and Related Listing Rules (the Consultation Conclusions), pursuant to which various amendments to the Listing Rules will take place on 1 January 2019 so as to enhance the […]
Introduction The Stock Exchange of Hong Kong Limited (the Stock Exchange or HKEx) published Guidance Letter HKEX-GL97-18 (the Guidance Letter) on 6 July 2018 setting out certain relaxations from the HKEx Listing Rules which it may allow for listing applicants in the internet technology sector or that have internet-based business models (the IT Sector). Read […]
1. Introduction The Stock Exchange of Hong Kong Limited (Hong Kong Stock Exchange or HKEx) published a Consultation Paper on Backdoor Listing, Continuing Listing Criteria and Other Rule Amendments (Consultation Paper) on 29 June 2018 containing proposals to tighten the HKEx Listing Rules on reverse takeovers (i.e. backdoor listings) and the criteria for continued listing […]
New Hong Kong Corporate Fund Regime to Take Effect 30 July 2018 Hong Kong’s new corporate fund regime allowing investment funds to incorporate as open-ended fund companies (OFCs), as an alternative to the currently permitted unit trust form, will take effect on 30 July 2018, subject to the legislative process. Currently, a Hong Kong open-ended […]
The complexity of global commerce inevitably leads to disputes between parties doing business together across borders, cultures and time zones. The increasing frequency, scale and complexity of commercial disputes has […]
Read moreA new delisting framework will take effect on 1 August 2018, subject to the legislative process, under amendments to the Main Board Listing Rules (MB Rules) and GEM Listing Rules (GEM Rules) of the Hong Kong Stock Exchange (the Stock Exchange or HKEx). The HKEx Listing Rule changes address concerns about prolonged trading suspensions and, as […]
Introduction The Securities and Futures Commission (SFC) published a Consultation on Proposed Enhancements to the Investor Compensation Regime (Consultation) on 27 April 2018. The cut-off date for responding to the Consultation is 27 June 2018, and the SFC is hoping to finalise the proposals by mid-2018 and to introduce legislative amendments into the Legislative Council […]
The Hong Kong Monetary Authority (HKMA) published its revised Guideline on Authorization of Virtual Banks (the Guideline) on 30 May 2018 following a public consultation which closed in March 2018. The Guideline is intended to encourage virtual banking in Hong Kong, one of seven HKMA initiatives to move Hong Kong to a “new era of […]
