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Firm: Deacons

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Rome was not Built in a Day – It’s Never Too Early to Review your Personal Data Protection Practice in China!
Deacons, January 2021

Did you know? The long-awaited draft of the Personal Data Protection Law (PDPL) was released for public consultation in October 2020. If enacted, it will be the first comprehensive law setting out the overall legal framework, as well as the obligations of different stakeholders throughout the entire lifecycle of personal data in China. Why does this matter to you? The data protection regime in China has developed rapidly in recent years and is stricter than one might think...

Special Arrangement for Visa Extension Application from Overseas
Deacons, January 2021

In general, individuals admitted into Hong Kong under various types of visa may apply for extension of stay within four weeks before the date of expiry, and they must be physically present in Hong Kong at the time of submitting the application and the collection of visa label upon approval. Due to the ongoing pandemic across the globe, this restriction has brought extra hurdles to a lot of applicants who are employees of companies and/or members of families...

Post Brexit: How Are Your Trade Marks Impacted?
Deacons, December 2020

The Agreement on the Withdrawal of the United Kingdom (UK) from the European Union (EU) provides for a transition period ending on 31 December 2020. Thereafter, EU trade marks (EUTM) will cease to extend protection to the UK. To safeguard these rights, the UK government has implemented measures to ensure that EUTM owners will continue to enjoy trade mark rights in the UK. Trade mark rights registered as of 31 December 2020 will be automatically cloned into national UK registrations...

A Step Forward in Local Legislation to Implement Reciprocal Recognition and Enforcement of Judgments in Matrimonial and Family Cases between Hong Kong and Mainland China
Deacons, December 2020

The Mainland Judgments in Matrimonial and Family Cases (Reciprocal Recognition and Enforcement) Bill (Bill) was introduced into the Legislative Council on 2 December 2020...

A Revisit of Director Eligibility and Duties for Hong Kong OFCs
Deacons, December 2020

With the growing popularity of the Hong Kong open-ended fund company (OFC) structure following revisions to the OFC Code in September 2020, fund managers are increasingly looking at practical considerations when planning ahead on the establishment of new OFCs. One of the key areas is the appointment of the OFC’s board of directors. The key operators of an OFC are the directors, the investment manager and the custodian...

SFC Issues FAQs for Compliance with Electronic Data Storage Rules
Deacons, December 2020

On 10 December 2020, the Securities and Futures Commission (SFC) issued Frequently Asked Questions (FAQs) providing guidance to licensed corporations(LCs) on how to meet the obligations in its 31 October 2019 circular on use of external electronic data storage providers (EDSP). The SFC also made consequential amendments to its Frequently Asked Questions on the premises for business and record keeping...

SFC Issues Consultation Conclusions and Revised REITs Code
Deacons, December 2020

Hong Kong’s Securities and Futures Commission (SFC) revised the Code on Real Estate Investment Trusts (REITs) after a two-month consultation on the proposed amendments. The revised Code on REITs can be viewed here...

China Finally Amends its Patent Law – Part 1: Enforcement
Deacons, December 2020

Did you know? After more than a decade of discussion, China finally published the 4th amendment to the Patent Law on 17 October 2020. The amendments will come into effect on 1 June 2021. Why does this matter to you? Patent enforcement in China has long been criticised for being ineffective at deterring infringers. The new law enhances the enforcement of patent rights. The amendments introduces punitive damages in patent infringement cases...

Three Month Time Limit to Set Aside an Arbitral Award will Rarely be Extended
Deacons, December 2020

In the recent case of A v D, HCCT 52/2020, the court dismissed the Applicants’ application for an extension of time to set aside an arbitral award. It held that bearing in mind the objectives of the Arbitration Ordinance (Ordinance) there should be finality in an award and the short period of three months to apply to set aside an award in Article 34 (3) of the Model Law (adopted by s...

When will an Omission Attract Liability in Negligence?
Deacons, December 2020

In Rushbond Plc v The JS Design Partnership LLP, England’s Technology and Construction Court held that the Defendant firm of architects was not liable for damage to the Claimant’s property caused by a fire started by intruders, when one of its architects left the door to the property open while inspecting it for a potential purchaser...

Court Makes it Clear that Prosecution Decisions are Only Amenable to Judicial Review in Very Limited Circumstances
Deacons, December 2020

In the recent case, Wong Wai Yin v Buildings Department, HCAL 1722/2020, the Court dismissed the Applicant’s application for leave to apply for judicial review against a decision made by the Director of Buildings (Director) of the Buildings Department (BD) to prosecute her for failing to comply with an order to demolish unauthorized building works (UBW)...

Mainland China and Hong Kong Sign Supplemental Arrangement on Mutual Enforcement of Arbitral Awards
Deacons, December 2020

On 27 November 2020, the Secretary for Justice, Ms Teresa Cheng SC, and the Vice-President of the Supreme People’s Court, Mr Yang Wanming, signed the Supplemental Arrangement Concerning Mutual Enforcement of Arbitral Awards between Mainland China and the HKSAR (Supplemental Arrangement)...

When Will an Arbitration Clause Apply to Bill of Exchange Disputes?
Deacons, December 2020

In the recent case of T v W, HCA 366/2020, the Plaintiff had commenced court proceedings against the Defendant for HK$5 million plus interest payable under a post-dated cheque drawn by the Defendant. The Defendant applied to stay the proceedings to arbitration, relying on the arbitration clause in the Loan Agreement that referred to the cheque...

OGP or not to OGP? That is the question…
Deacons, December 2020

Did you know? Almost a year ago, on 19 December 2019, the Hong Kong government introduced a new route for obtaining patents in Hong Kong...

Abolition of Double Ad Valorem Stamp Duty on Non-Residential Property Transactions
Deacons, December 2020

In response to the extraordinary economic and social impact of the ongoing Covid-19 public health crisis, the Government of Hong Kong has sought to provide support to the beleaguered commercial property sector. In the 2020 Policy Address, the Chief Executive announced the abolition of the Double Ad Valorem Stamp Duty (DSD) on non-residential property (NRP) transactions pursuant to the Public Revenue Protection (Stamp Duty) Order 2020 taking effect from 26 November 2020...

Can a Tenant Claim that a Tenancy Agreement has been Frustrated by Reason of COVID-19 or Social Unrest?
Deacons, December 2020

In the recent judgment of The Center (76) Limited V Victory Serviced Office (HK) Limited HCA 1020/2020; [2020] HKCFI 2881, the Hong Kong Court of First Instance rejected a tenant’s argument that the tenancy agreement was frustrated due to the COVID-19 pandemic and social disruption...

Year in Review: Employment Law 2020
Deacons, December 2020

In this Review, we provide a summary of the most significant developments in employment law in Hong Kong throughout 2020 that you should be aware of. It also covers an outlook for 2021 in respect of the likely changes in employment law...

New Rules on Mortgage Rights in the Civil Code
Deacons, December 2020

Based on the Property Law[1] and the Security Law[2] of the People's Republic of China, the Property section of the Civil Code[3] has made important modifications and added some new principles to the rules of mortgage of property. In this article, we will focus primarily on the interpretation of the new system of mortgage rights in the Civil Code in the following three aspects: pactum commissorium provision, transfer of mortgaged property, and the priority order of security interests...

Long Hair or Short Hair? That’s the Question…Finally Answered by the Court of Final Appeal!
Deacons, November 2020

In the recent judgment of Leung Kwok Hung (also known as “Long Hair”) v. Commissioner of Correctional Services [2020] HKCFA 37, the Court of Final Appeal (CFA) ruled in favour of Leung Kwok Hung (Leung) in his fight against the Commissioner of Correctional Services (Commissioner). After being convicted and sentenced to imprisonment, Leung, the appellant, was required to have his hair cut at Lai Chi Kok Reception Centre pursuant to Standing Order 41-05...

Hong Kong Monetary Authority's ("HKMA") Expectations on Remote On-Boarding of Corporate Customers
Deacons, November 2020

Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles...

Guideline on Oversight of Designated Retail Payment Systems (“Guideline”)
Deacons, November 2020

In September 2020, the Hong Kong Monetary Authority (“HKMA”) issued the Guideline explaining the HKMA’s interpretation of some of his oversight requirements under the Payment Systems and Stored Value Facilities Ordinance (“PSSVFO”) relating to designated Retail Payment Systems (“Designated RPS”) so as to assist system operators (“SO”) or settlement institutions (“SI”) of Designated RPS to understand and comply with such requiremen

The Hong Kong Institute for Monetary and Financial Research (“HKIMR”) releases report on “Artificial Intelligence in Banking: The Changing Landscape in Compliance and Supervision”
Deacons, November 2020

On 21 August 2020, the HKIMR, the research arm of the Hong Kong Academy of Finance, released its second report, entitled “Artificial Intelligence in Banking: The Changing Landscape in Compliance and Supervision”. The report is intended as a starting point for understanding the broad implications of Artificial Intelligence (“AI”) adoption in the banking industry, as well as in relation to compliance and supervision...

Hong Kong Monetary Authority (“HKMA”) Develops Two-Year Roadmap to Promote Regtech Adoption
Deacons, November 2020

The HKMA has developed a two-year roadmap to promote Regtech adoption in the Hong Kong banking sector (“Roadmap”), as set out in a White Paper entitled “Transforming Risk Management and Compliance: Harnessing the Power of Regtech” (“White Paper”). The White Paper presents the case for wider adoption of Regtech in Hong Kong, outlining a series of actions that the HKMA will take, or consider taking, to accelerate its adoption...

Financial Stability Board (“FSB”) Provides Global Stablecoin Regulatory Recommendations and Timeline in Final Report
Deacons, November 2020

The FSB, the organisation that coordinates the development of effective regulatory, supervisory and other financial sector policies at an international level, published its final report on the regulation, supervision and oversight of global stablecoin (“GSC”) arrangements (“Final Report”) in October 2020...

Hong Kong Monetary Authority ("HKMA")’s Expectations on Remote On-Boarding of Corporate Customers
Deacons, November 2020

Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles...

 

 

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