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Deacons | March 2016

The Hong Kong Court of First Instance recently considered another claim by a client against a bank arising from the sale of a financial product. The Judgment in Li Kwok Heem John v Standard Chartered International (USA) Limited (formerly known as American Express Bank Limited) was handed down in early January 2016. In a lengthy Judgment, the Court considered a number of issues highly relevant to banks and other institutions engaged in selling financial products ...

Deacons | August 2021

Hong Kong’s Securities and Futures Commission (SFC) has announced details of requirements for fund managers to address climate change in their investment and risk management processes and make appropriate disclosures. Where are the requirements set out? On 20 August 2021, the SFC issued: Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers with amendments to the Fund Manager Code of Conduct (FMCC) set out in Appendix B and C ...

Deacons | November 2020

Hong Kong’s Securities and Futures Commission (SFC) issued a circular last year (the Circular) in recognition of the increasing use of electronic data storage (cloud storage) for record keeping purposes. The Circular was intended to provide licensed corporations with greater flexibility in keeping regulatory records with electronic data service providers (EDSPs), as well as to clarify their general obligations in relation to electronic data ...

Deacons | November 2020

The Government proposes to consult the Panel of Financial Affairs of the Legislative Council on the introduction of a statutory corporate rescue procedure and insolvent trading provisions to the Legislative Council in the first quarter of 2021. The Companies (Corporate Rescue) Bill was originally introduced in 2000, but was never enacted and has since lapsed ...

Deacons | May 2020

On 28 April 2020, the Competition Commission entered into a Memorandum of Understanding (MoU) with the Securities and Futures Commission (SFC) to enhance their cooperation and exchange of information, so as to allow each regulator to perform their respective functions more effectively. This is the second MoU entered into by the Competition Commission with a Hong Kong regulator[1], and is the first MoU the Competition Commission entered into with a financial regulator ...

Deacons | April 2020

With nearly five years of enforcement experience since the coming into effect of the Competition Ordinance (Ordinance), on 16 April 2020, the Hong Kong Competition Commission (Commission) published a revised Leniency Policy for Undertakings Engaged in Cartel Conduct (Leniency Policy for Undertakings) and introduced a new Leniency Policy for Individuals Involved in Cartel Conduct (Leniency Policy for Individuals) (collectively, Leniency Policies) ...

Deacons | February 2021

Last year, there were a number of notable developments in competition law, as detailed in this article, several of which involve or are relevant to the construction industry. The Ocean Park case concerned proceedings against a company and its director for exchanging competitively sensitive information with a co-tenderer in a bidding exercise. A number of judgments were handed down in proceedings against contractors ...

Deacons | May 2020

On 29 April 2020, the Hong Kong Competition Tribunal (Tribunal) handed down its first ever judgment on pecuniary penalties against ten decoration contractors (Penalty Judgment) who were found to have violated the First Conduct Rule under the Competition Ordinance (Ordinance), which prohibits undertakings from entering into an agreement or engaging in a concerted practice that has the object or effect of harming competition in Hong Kong ...

Deacons | April 2020

Hong Kong Securities and Futures Commission (SFC) licensed corporations (LCs) which store regulatory records in the cloud, data centres or other electronic storage facilities provided by external persons (EDSPs) without keeping copies of such records in their Hong Kong business premises are reminded of the need to comply with the following requirements, according to the circular issued by the SFC on 31 October 2019 (Circular): (i) notify the SFC of the external electronic data stor

Deacons | April 2020

In promoting a collaborative partnership in the delivery of public works projects, the Hong Kong Government has adopted the “New Engineering Contract” (NEC), which aims at improving construction efficiency and effectiveness in the use of public funds. Since its first publication in the UK in 1993, the NEC contract has become increasingly popular in the UK, Australia, South Africa, Hong Kong and New Zealand ...

Deacons | January 2019

In the beginging of 2019, the Companies Registry announced that twelve Hong Kong companies were prosecuted for failing to keep the significant controllers register at their registered offices. The result of this prosecution led to the companies being fined ...

Deacons | July 2020

In the recent case of Hwang Joon Sang & Anor v. Golden Electronics Inc. & Ors (HCA 1529/2019; [2020] HKCFI 1084), Hong Kong’s Court of First Instance allowed a novel mode of ordinary service of court documents, using an online data room, to which the persons so served were given access by being sent a previously Court-approved letter providing a link to the data room with clear pictorial instructions, and by separate communication an access code to the data room ...

Deacons | July 2021

In Houtai Investment Holdings Ltd v Leung Yat Tung & Ors, HCA 1725/2019, the Plaintiff’s claims were made as owner of vessels, said to have been leased to CAE under oral agreements ...

Deacons | April 2020

In X v Jemmy Chien, HCCT 31/2019 the Plaintiff applied to set aside an arbitration award on the ground that there was no valid arbitration agreement between the Plaintiff and Defendant. The Plaintiff’s case was that the Defendant was not the true party to the Service Agreement containing the arbitration agreement, as he had signed it as agent for another (Chen) who was the principal and true party to the Service Agreement ...

Deacons | April 2021

In the recent case of Cheng Pan & Anor v Yau Lai Wah, HCA 376/2015, the Court held the Defendant liable for loss and damage caused by water leakage from his property into a neighbouring property, which resulted from the Defendant’s contractors carrying out works to pipes located in the Defendant’s property ...

Deacons | August 2020

The recent case of Bond Tak (Holdings) Ltd v King Fame Trading Ltd, HCA 2129/2018, concerned an application by the Defendant to dismiss or permanently stay the High Court action on the grounds that the dispute was subject to an arbitration agreement and should be submitted to arbitration or, alternatively, the action should be stayed on the grounds of forum non conveniens and in favour of the Intermediate People’s Court of Guangzhou City in Mainland China (Guangzhou Court) ...

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 ...

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) ...

Deacons | September 2021

There were conflicting judicial opinions of first instance courts as to whether the exception in summary judgment applications under Order 14, rule 1(2)(b) of the Rules of the High Court (Cap. 4A) (Fraud Exception) covers actions in which the defendant is not alleged to be a party to the fraud, but where allegations of fraud are made against a third party. In R. Stahl Inc ...

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 ...

Deacons | June 2021

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 ...

Deacons | May 2020

In 鄧錦祥 v 鄭鄧錦容 , CACV 370/2019, the Hong Kong Court of Appeal exercised its discretion to dismiss the Respondent’s late application for security for costs and reminded litigants and their legal representatives of their duty to proceed promptly with making interlocutory applications in an appeal, as delay in making such applications can be a ground for the court to dismiss them, especially where a hearing date for the appeal has already been fixed ...

Deacons | April 2021

The appeal in ABC Electrification Ltd v Network Rail Infrastructure Ltd [2020] EWCA Civ 1645, concerned the proper construction of a Target Cost Contract based upon the standard Institute of Civil Engineers Conditions of Contract, Target Cost Version, First Edition (ICE Conditions) and subject to standard amendments commonly used in the rail industry, known as Network Rail 12 (N12 Amendments) ...

Deacons | July 2020

In Hwang Joon Sang & Anor v. Golden Electronics Inc. & Ors (HCA 1529/2019; [2020] HKCFI 1233), the Court made an order requiring various banks to supply documents by way of disclosure to the Plaintiffs and permitting (indeed, encouraging) the banks to do so by use of electronic or digital versions of those documents being uploaded to a data room ...

Deacons | May 2020

In Da Shing Group Ltd v Rich Promise Limited [2020] HKCFI 588[1], the Hong Kong Court of First Instance provided guiding principles in the interpretation of a memorandum of understanding (MOU) and considered whether pre-contractual exchanges could be admitted as evidence. The MOU in Chinese related to the acquisition of about 50.46% of the shareholding (Shares) in a listed company, Crocodile Garments Limited (Crocodile) ...

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