In September 2017, Hong Kong’s SFC and Stock Exchange released their Joint Consultation Conclusions on Proposed Enhancements to the Exchange’s Decision-Making and Governance Structure for Listing Regulation
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Financial Resources Rules: SFC’s Consultation Conclusions and Further Consultation on Changes
The Securities and Futures Commission published consultation conclusions on the regulatory capital regime for LCs engaged in over-the-counter derivatives activities and other proposed changes to the FRR.
Charltons emphasises Hong Kong’s “super connector” role at the Belt and Road Forum in Chengdu
China’s Belt and Road initiative aims to promote infrastructure development in 69 countries, which taken together account for approximately 4.4 billion people or 65% of the world’s population.
Companies (Amendment) Bill 2017 introduces Significant Controllers Register
The Companies (Amendment) Bill 2017 (“Bill”) was published in the Gazette on 23 June 2017. Under the Bill, Hong Kong companies will be required to disclose their significant controllers (beneficial owners).
SFC Proposes Rules and Code for Open-ended Fund Companies (OFCs)
The consultation follows the approval of the Securities and Futures (Amendment) Bill 2016, which introduced the new structure to enable investment funds to be established in Hong Kong in corporate form
Issuers’ Annual Reports Disclosure Review by HKEx
In January 2017, the Hong Kong Stock Exchange released its “Review of Disclosure in Issuers’ Annual Reports to Monitor Rule Compliance”, as part of it monitoring of issuers’ compliance with the Listing Rules
TVB ruling on whitewash waiver by Takeovers Panel
On 10 May 2017, the Takeovers Panel ruled that a waiver of the general offer obligation (Whitewash Waiver) should be granted, subject to conditions, in relation to a share buy-back offer announced by TVB.
AML (Anti-Money Laundering) and Counter-Terrorist Financing Bill
Anti-Money Laundering and Counter-Terrorist Financing Ordinance will require designated non-financial businesses and professions to observe statutory customer due diligence and record-keeping requirements
BVI Beneficial Ownership Secure Search System Act 2017
BVI’s Beneficial Ownership Secure Search System Act 2017 came into force on 30 June 2017 to establish a search system facilitating the retrieval of beneficial owner information for corporate & legal entities
SFC clarifies Requirements for Asset Management Activity
The SFC issued a circular providing guidance for existing licensed corporations and individuals seeking to be licensed for Type 9 regulated activity (asset management) under the Securities and Futures Ordinance