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Firm: Deacons

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How Far will the Rainbow Stretch?
Deacons, September 2020

Since 2017, the courts in Hong Kong have recognised various rights of same-sex couples, including the right to be granted a dependent visa, spousal benefits, and tax benefits. In 2020, two more cases went before the court seeking determination on issues relating to foreign same-sex marriage...

The Freezing of Customer Bank Accounts for Money Laundering Reasons
Deacons, September 2020

There a number of reasons why Hong Kong banks freeze a customer’s bank account but this article is limited to exploring why Hong Kong banks may be required to do so for money laundering reasons. The money laundering offence in Hong Kong law The offence of “money laundering” is prosecuted in Hong Kong under section 25(1) of the Organized and Serious Crimes Ordinance, Cap. 455 (“OSCO”)...

MOFCOM Amends and Releases FIE Complaint Measures
Deacons, September 2020

In recent years, foreign investment laws and regulations have undergone sweeping reform of which the complaint mechanism introduced under the new Foreign Investment Law and its implementing regulations for foreign invested enterprises (FIEs) is particularly noteworthy...

Arrangement for Mutual Service of Judicial Documents in Civil and Commercial Cases between the HKSAR and Macao SAR
Deacons, September 2020

An official channel has been established between Hong Kong and Macao, with effect from 1 August 2020, whereby the Courts of Hong Kong and Macao may entrust each other with the service of judicial documents in civil and commercial proceedings. The Rules of High Court and Rules of District Court have been amended to give effect to the Arrangement...

Section 30A(6) of the Bankruptcy Ordinance (Cap.6): Care to be Exercised by Creditors when Making Objections to Automatic Discharge from Bankruptcy
Deacons, September 2020

In the recent case of Re Shum Tung Lam formerly known as Shum Wan Man [2020] HKCFI 1720, the Court of First Instance was asked to clarify the requirements under section 30A(6) of the Bankruptcy Ordinance (Cap. 6) (BO) which governs objections made by creditors or trustees to the automatic discharge of a bankrupt from bankruptcy...

Court of Appeal Reaffirms Three Core Requirements to Wind Up Foreign Company
Deacons, September 2020

Under section 327 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32), the Court can exercise its discretion to wind up a foreign-incorporated company. A recent case reaffirms the three core requirements necessary to enable the court to exercise that discretion...

Bespoke WFH Policies to Minimise Risks for Employers
Deacons, September 2020

The world is gradually embracing remote working as an alternative way of work – hosting virtual meetings, supporting customers through online communications, and accessing data remotely from outside the office. In the past, working from home (WFH) had not been popular in Hong Kong even though evolving technologies and improved Internet speed made it possible for digital migration...

When Can an Arbitration Award be Corrected?
Deacons, September 2020

In SC v OE1 & Anor, HCCT 48/2019 and OE1 & Anor v SC, HCCT 66/2019, the Court had to consider whether the arbitral Tribunal could make corrections to an arbitration award under Article 33(1)(a) of the Model Law (adopted in section 69 of the Arbitration Ordinance, Cap 609) because the award had failed to address two types of relief which had been claimed...

Court Held that Pre-Bid Agreement Appointing Sub-Subcontractor could not be Inferred
Deacons, September 2020

In the recent case of Redland Precast Concrete Products (China) Ltd v Permasteelisa Hong Kong Ltd, HCCT 35/2018, the Court had to decide whether a contract existed between the Plaintiff and Defendant whereby the Defendant agreed to appoint the Plaintiff as its subcontractor for works to be carried out on a project...

When will the Court Grant an Interim Injunction to Stay Arbitration Proceedings?
Deacons, September 2020

In the recent case of Atkins China Ltd v China State Construction Engineering (Hong Kong) Ltd, HCMP 1193 2020, the Plaintiff sought in its Originating Summons (i) a declaratory judgment that, as a matter of construction, a settlement agreement entered into between the parties had settled all claims and counterclaims arising under a Design Agreement; and (ii) a final injunction restraining the Defendant from taking further steps in the arbitration proceedings commenced in the name of the

The Ministry of Commerce Releases Third Version of the Pilot Programme Plan for the Innovative Development of the Trade in Services
Deacons, September 2020

On 12 August 2020, the Ministry of Commerce released via Circular the State Council approved Master Plan for the Comprehensive Deepening of the Pilot Programme for the Innovative Development of the Trade in Services together with a schedule of specific measures (2020 Plan). The 2020 Plan includes 8 pilot tasks and 122 specific measures to open, facilitate and support the innovative development of the Trade in Services...

HK SFC Announces Significant Enhancements to the Private Open-Ended Fund Company
Deacons, September 2020

The Securities and Futures Commission (SFC) has recently released its consultation conclusions on the proposed enhancements to the open-ended fund companies (OFC) regime. Highlights include: Removal of investment restrictions for private OFCs; Expansion of entities eligible to act as custodian of private OFCs; and Confirmation of the SFC’s intention to provide for a statutory mechanism to re-domicile overseas corporate funds to Hong Kong as OFCs...

CCTV and Data Privacy
Deacons, August 2020

The installation of CCTV cameras is a highly emotive and controversial issue in many countries. Hong Kong’s data privacy law does not contain any specific provisions regarding the use of CCTV, although the Privacy Commissioner (PC) has issued guidance on CCTV surveillance and the use of drones...

State Council Promotes New Policies to Stabilise Foreign Trade and Foreign Investment
Deacons, August 2020

On 29 July 2020, the State Council held an executive meeting (Meeting) which centred on stabilising the main body of foreign trade, the industrial chain and the supply chain, and establishing four policies to stabilise foreign trade and foreign investment (Four Policies)...

China Announced Draft 2020 Catalogue of Encouraged Industries for Foreign Investment
Deacons, August 2020

According to the annual study “Doing Business” released by the World Bank Group in recent years, China’s business environment has improved greatly during 2018 to 2020, with its global ranking moved up from 78th to 31st. In terms of investment policies, the Chinese government mainly uses the Catalogue of Encouraged Industries for Foreign Investment to facilitate and guide foreign investment in specific industries, fields, and regions in China...

A New Hong Kong Structure for Private Equity Funds: Limited Partnership Funds
Deacons, August 2020

The Limited Partnership Fund Ordinance (LPFO), which provides for registration of eligible funds as limited partnership funds (LPFs) in Hong Kong, will come into operation on 31 August 2020. The enactment of the LPFO is a very welcome development, and is part the Hong Kong government’s stated aim to enhance the competitiveness of Hong Kong in becoming a preferred centre for international asset and wealth managers in Asia...

Reform of Hong Kong MPF Operations: An Electronic Platform and Trustee Fees
Deacons, August 2020

The Mandatory Provident Fund Schemes (Amendment) Ordinance 2020 (Amendment Ordinance) was gazetted on 24 July 2020 and came into effect on the same day...

Mainland China Briefing: CSRC Issues Consultation Papers on New Measures for Managers of Public Funds
Deacons, August 2020

On 31 July 2020, the China Securities Regulatory Commission (CSRC) issued consultation papers on Measures for the Supervision and Administration of Public-offered Securities Investment Fund Managers (the Measures, available here in Chinese)and the Provisions on Issues concerning the Implementation of the Measures for the Supervision and Administration of Public-offered Securities Investment Fund Managers (the Implementation Provisions, available here in Chinese)...

COVID-19 Anti-Epidemic Fund: Second Tranche of Employment Support Scheme Announced
Deacons, August 2020

On 8 April 2020, the Government rolled out the first tranche of the Employment Support Scheme (ESS) for subsidising wages of employees (see our client alerts dated 14 and 20 May 2020 for details of the ESS and its implementation). The Government has just announced details of the second tranche of the ESS covering September to November 2020, which are summarised below...

The Guangdong Government Promulgated Implementation Plan of the “Opinions on Financial Support for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area”
Deacons, August 2020

Background On 24 April 2020, the People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and the State Administration of Foreign Exchange jointly released the “Opinions on Financial Support for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area” (Opinions)...

Hong Kong Stock Exchange Proposes to Enhance Disciplinary Regime to Deter Misconduct
Deacons, August 2020

On 7 August 2020, The Stock Exchange of Hong Kong Limited (Exchange) published a consultation paper on proposed changes in respect of the Exchange’s disciplinary regime. The proposals have a particular emphasis on strengthening the Exchange’s powers to hold accountable, and impose appropriate sanctions on, individuals responsible for misconduct and breaches of the Listing Rules...

The Madrid Protocol is Finally on its Way
Deacons, August 2020

Did you know? The new Trade Marks (Amendment) Ordinance 2020 which came into effect on 19 June 2020 empowers the Registrar of Trade Marks to make the rules for implementing the long-awaited Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks (the “Madrid Protocol”) in Hong Kong...

Cross-Border Marriages: Connection Substantial Enough to Divorce in Hong Kong?
Deacons, August 2020

The Covid-19 pandemic has been reshaping many personal relationships. Cracks in some family relationships have been exacerbated due to high-pressure confinement under the same roof in lockdown. Such rise in marital conflicts has inevitably caused more breakdown of marriages. Amongst these cases, are families who have homes or businesses both in Hong Kong and Mainland China, who need to consider whether the divorce proceedings should be instituted in Hong Kong or Mainland China...

The Financial Action Task Force (FATF)’s Reports on Risks of Virtual Assets
Deacons, August 2020

The Financial Action Task Force (FATF) recently published a report on its 12-month review of the Revised FATF Standards on Virtual Assets and Virtual Asset Service Providers, and a report on so-called stablecoins which highlighted associated risks of money laundering/terrorism financing (“ML/TF”)...

The Global Financial Markets Association’s (GFMA) comments on challenges raised by “Global Stablecoin” Arrangements
Deacons, August 2020

The GFMA recently provided its response to the Financial Stability Board’s (“FSB”) consultation paper (“the Paper”) titled Addressing The Regulatory, Supervisory And Oversight Challenges Raised By “Global Stablecoin” Arrangements. The GFMA put forward certain recommendations to support the implementation of global stablecoin (“GSC”) arrangements provided for in the Paper...

 

 

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