Archived Post for "Hong Kong Law"

Consultation Paper proposes changes on the declaration and undertaking by directors and supervisors and related matters, listed issuers’ declaration and board resolutions relating to issuance of securities

The Exchange proposes to add to CP A.5.5 a requirement to explain why the INED would be capable of devoting sufficient time to the board if he or she is holding a seventh (or more) listed company directorship.

The SEHK has published a Consultation Paper on Capital Raisings by Listed Issuers to address potential abuse in large, deeply discounted fund raisings and certain share consolidations and subdivisions.

SFC-licensed corporations and SFC-registered banking institutions engaged in internet trading are required to implement 20 baseline requirements to enhance cybersecurity resilience and mitigate hacking risks.

The Revenue (Profits Tax Exemption for Offshore Funds) Ordinance provides tax exemptions to offshore funds. The Inland Revenue (Amendment) (No. 2) Ordinance extended it to offshore private equity funds.

Hong Kong’s Financial Secretary has suggested that new economy companies with weighted voting rights structures may be allowed to list on the Stock Exchange, subject to the imposition of appropriate safeguards.

On 4 October 2017, The Honourable Justice Wong in the Court of First Instance granted leave to Television Broadcasts Limited (TVB) and allowed a judicial review of the Takeovers and Mergers Panel ruling regarding a share buy-back which TVB announced in early 2017.

On 29 September 2017, the SFC launched the SFC Regulatory Sandbox & the HKMA also announced several initiatives that prepare Hong Kong to enter a New Era of Smart Banking, including the Enhanced Fintech Sandbox

The HKEx has published a Consultation Paper on Delisting and Other Rule Amendments. It proposes improvements to the delisting framework under the Listing Rules to address prolonged suspensions of trading.

In August 2017, the SFC publicly censured and imposed a 24-month cold shoulder order against Mr Yeung Wing Yee for breaching the mandatory general offer obligation under Rule 26.1 of Takeovers Code.