On 24 February 2021, Financial Secretary, Mr Paul Chan Mo-po, GBM, GBS, MH, JP, delivered the Hong Kong Government’s 2021/2022 Budget Plan to the Legislative Council. The Financial Secretary emphasised the value of the financial services industry to Hong Kong’s economy, with financial services accounting for 21 percent of GDP in 2019 and its overall share of […]
On 29 January 2021, the Stock Exchange of Hong Kong (the HKEx) published its 2020 Review of Issuers’ Annual Report Disclosure. The review focuses on (i) examining issuers’ annual reports in terms of compliance with the HKEx Main Board Listing Rules and GEM Listing Rules (the HKEx Listing Rules), issuers’ corporate conduct and issuers’ disclosure […]
On 29 January 2021, the Stock Exchange of Hong Kong (the HKEx) published its 2020 Review of Issuers’ Annual Report Disclosure. The review focuses on (i) examining issuers’ annual reports in terms of compliance with the HKEx Main Board Listing Rules and GEM Listing Rules (the HKEx Listing Rules), issuers’ corporate conduct and issuers’ disclosure […]
On 8 February 2021, the Securities and Futures Commission (the SFC) published a consultation paper on (i) a proposed SFC Code of Conduct for Hong Kong Bookbuilding and Placing Activities in Equity Capital Market and Debt Capital Market Transactions (the SFC Proposed Code); and (ii) a proposal to introduce HKEX “sponsor coupling”, which would require […]
On 8 February 2021, the Securities and Futures Commission (the SFC) published a consultation paper on (i) a proposed SFC Code of Conduct for Hong Kong Bookbuilding and Placing Activities in Equity Capital Market and Debt Capital Market Transactions (the SFC Proposed Code); and (ii) a proposal to introduce HKEX “sponsor coupling”, which would require […]
The Anti-Money Laundering Measures Act (AMLMA) was amended in January 2021. This Law determines the measures for prevention of the use of the financial system for the purposes of money laundering, as well as the organization and control over their implementation. The circle of the subjects, which are obliged to apply AMLMA in their activity, […]
The Securities and Futures Commission of Hong Kong (SFC) published a Consultation Paper on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners[1] on 11 December 2020 proposing to amend the entry requirements for licence applicants and the ongoing competency standards for individual practitioners. The proposals will apply to responsible officers and licensed […]
The Securities and Futures Commission of Hong Kong (SFC) published a Consultation Paper on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners[1] on 11 December 2020 proposing to amend the entry requirements for licence applicants and the ongoing competency standards for individual practitioners. The proposals will apply to responsible officers and licensed […]
At the end of 2020, the Bulgarian Parliament adopted significant changes to the Value Added Tax Act (VATA). The changes are related to the introduction of the requirements of Council Directive (EU) 2017/2455 of 5 December 2017 amending Directive 2006/112/EC and Directive 2009/132/EC as regards certain value-added tax obligations for supplies of services and distance […]
Charltons responded on 11 January 2021 to the Hong Kong Stock Exchange’s Consultation Paper: The Main Board Profit Requirement (summarised here) on behalf of a group of 10 Hong Kong sponsor firms who are concerned that the proposals to raise the profit requirement for listing by either 150% or 200% will leave many Hong Kong […]
Charltons responded on 11 January 2021 to the Hong Kong Stock Exchange’s Consultation Paper: The Main Board Profit Requirement (summarised here) on behalf of a group of 10 Hong Kong sponsor firms who are concerned that the proposals to raise the profit requirement for listing by either 150% or 200% will leave many Hong Kong […]
The Securities and Futures Commission of Hong Kong (the “SFC”) published Takeovers Bulletin No. 55 in December 2020 (the “SFC Takeovers Bulletin 55”). The SFC Takeovers Bulletin 55 covers recent SFC disciplinary actions for breaches of Rule 26.1 of the Code on Takeovers and Mergers published by the SFC (the “Hong Kong Takeovers Code”) as well as providing […]