The Government of Hong Kong gazetted the Inland Revenue (Amendment) (Miscellaneous Provisions) Bill 2021 (the “Bill”) on 19 March which, among other things, seeks to amend the Inland Revenue Ordinance (“IRO”) to expand and clarify the scope of profits tax deductions for foreign taxes ...
Did you know? The Measures for the Supervision and Administration of Online Transactions (“Measures”) released by the PRC State Administration for Market Regulation will come into force on 1 May 2021 and will replace the previous rules implemented in 2014. Among other things, the Measures impose more stringent requirements against the common practice of “bundled consent” ...
Did you know? The Measures for the Supervision and Administration of Online Transactions (“Measures”) released by the PRC State Administration for Market Regulation will come into force on 1 May 2021 and will replace the previous rules implemented in 2014. Among other things, the Measures impose more stringent requirements against the common practice of “bundled consent” ...
Following announcements during the 2021-22 Budget by the Finance Secretary Paul Chan, the Securities and Futures Commission (SFC) issued on 10 May 2021 details of the grant scheme available for Hong Kong open-ended fund companies (OFCs) and real estate investment trusts (REITs) ...
Factual background The taxpayer, Dr Leung, was a medical doctor employed by the Hospital Authority (“HA”). Part of the conditions of his employment was that he was required to be ‘on call’ on certain days including Sundays and public holidays. When ‘on call’, he was obligated, among other things, to be within the physical proximity of the hospital, to be ready to render medical services if the need arose, and to abstain from drinking alcohol ...
Private open-ended fund companies (OFCs) in Hong Kong are subject to regulation by the Securities and Futures Commission (SFC). The SFC has taken a streamlined approach to regulating private OFCs. High degree of flexibility No investment restrictions: Pursuant to the SFC’s revised Code on Open-Ended Fund Companies (OFC Code) all investment restrictions for private OFCs have been removed ...
On 6 May 2021, financial regulators in Mainland China, including various offices of the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC), and the China Securities Regulatory Commission (CSRC) in Guangzhou and Shenzhen, jointly issued a consultation paper on the Implementation Rules for the Cross-border Wealth Management Connect Pilot Business in the Guangdong- Hong Kong-Macau the Greater Bay Area, the “Consultation”, which is
Private open-ended fund companies (OFCs) in Hong Kong are subject to regulation by the Securities and Futures Commission (SFC). The SFC has taken a streamlined approach to regulating private OFCs. (I) High degree of flexibility No investment restrictions: Pursuant to the SFC’s revised Code on Open-Ended Fund Companies (OFC Code) all investment restrictions for private OFCs have been removed ...
The Bank for International Settlements (BIS) recently discussed possible approaches to establishing an interoperating central bank digital currencies (CBDC) arrangement as the future of cross-border payments. Although not an “official” definition, CBDC generally refers to a new form of digital currency issued by a central bank, denominated in an existing unit of account operating as a store of value and a medium of exchange ...
The following enhancements have been made to the Money Lenders Licence Licensing Conditions with effect from 16 March 2021: Revision of Condition 9 (content of advertisements by money lenders) to provide that advertisements published by money lenders should be fair and reasonable and not contain misleading information ...
In April 2020, we reported on the first cases that were conducted remotely via video conferencing facilities (VCF) during the court closures due to the Covid-19 pandemic. More than a year has passed and, although Covid-19 is still posing challenges, the courts have reopened and continue to embrace technology to facilitate social distancing ...
In the first part of the series, “Grey Divorce – hidden battles for protection and succession of family assets”, we looked at the recent trend of an increasing divorce rate for older couples and, in particular, the case of CSH vs LS or LS formerly known as CYY (FCMC 12435/2016; [2020] HKFC 143) (the CSH case) ...
On 14 May 2021, Hong Kong’s Secretary for Justice and the Vice-President of the Supreme People’s Court (SPC) signed a record of meeting concerning mutual recognition of and assistance to insolvency proceedings between the courts of Mainland China and Hong Kong (Record of Meeting), which signifies the consensus on the mutual recognition of and assistance to insolvency proceedings between the two jurisdictions in accordance with the principle of reciprocity and with a view to p
In the recent case of A1 & ANOR V R2 & ORS [2021] HKCFI 650, the Applicants are pursuing proceedings in the Cayman Islands and other jurisdictions in relation to an alleged fraud committed against a Cayman Islands exempted limited partnership, involving alleged misappropriation of over US$100 million ...
On 21 April 2021, the European Commission (EC) published a proposal (Proposed Regulations) which is described as the “first-ever legal framework on [Artificial Intelligence]”, aiming to turn Europe into the global hub for trustworthy Artificial Intelligence (AI). The Proposed Regulations are of general interest because they constitute a first attempt to “regulate” AI properly and, if implemented, may become influential worldwide ...
On 21 May 2021, Hong Kong’s Financial Services and Treasury Bureau (FSTB) issued its consultation conclusions (Conclusions) on the proposed licensing regime for virtual asset services providers (VASPs). The Conclusions follow publication of the FSTB’s consultation paper of 3 November 2020 (Proposal). For details of the Proposal, please refer to our article of 24 November 2020 ...
On 20 May 2021, The Stock Exchange of Hong Kong Limited (Exchange) published conclusions to its consultation on review of the Rules Governing the Listing of Securities on the Exchange (Listing Rules) relating to disciplinary powers and sanctions The Exchange decided to implement all the proposals in the consultation paper (see our previous client alert “Hong Kong Stock Exchange proposes to enhance disciplinary regime to deter misconduct” published in August 2020),
The liability of online platforms for the activities of third-party vendors has always been a controversial area. With the explosion of online shopping as a result of the pandemic, the issue has come under increased scrutiny. Although cases in the UK and EU have discussed the factors that the Court will consider in deciding whether the operator of an online platform is jointly liable, the position in Hong Kong remained uncertain, until now ...
On 8 June 2021, the Hong Kong Monetary Authority (HKMA) unveiled “Fintech 2025”, a new strategy aiming to drive fintech development in Hong Kong. In essence, “Fintech 2025” seeks to encourage the financial sector to adopt technology in their businesses and transactions comprehensively by 2025 by focusing on the following five key areas: 1 ...
In Competition Commission v W. Hing Construction Co Ltd & Ors [2021] HKCA 877, the Court of Appeal refused to determine whether the standard of proof in competition proceedings for a pecuniary penalty should be lowered from the criminal standard of proof to the civil standard of proof, after concluding that the present case was not an appropriate avenue for such issue to be argued ...
When an employment relationship comes to an end, it is not uncommon for the parties to enter into a termination agreement setting out the departing employee’s rights and obligations. A question naturally arises as to whether, and to what extent, these benefits are chargeable to salaries tax ...
On 29 June 2021, the Securities and Futures Commission (SFC) published a revised circular (Revised Circular) to provide guidance to managers on enhanced disclosures for authorised funds which incorporate environmental, social and governance (ESG) or climate change or green or sustainability factors (together, ESG factors) as a key investment focus (ESG funds) ...
