Hong Kong Law

The SFC has reported on its review of licensed corporations’ provision of online brokerage, distribution and advisory services and their compliance with Hong Kong’s regulatory requirements

HKEx, SFC & HKMA Disciplinary Actions in August 2022 included censuring and imposing a prejudice to investors’ interests statement against two former directors of Ping An Securities Group, and fining Commerzbank

SFC welcomes Central Government support and the three initiatives announced by the CSRC to broaden Stock Connect and further enhance Hong Kong’s position as an offshore RMB centre and a risk management centre

Hong Kong’s proposed foreign source income exemption regime for passive income in response to the EU’s concerns about Hong Kong’s foreign-source income exemption regime expected to take effect on 1 January 2023.

Swap Connect Development is Jointly Announced by the PBOC, SFC, and HKMA; and is to be launched in January 2023 after completing preparations, finalising relevant rules, and obtaining regulatory approvals.

The HKEx Listing Newsletter discusses global sustainability reporting standards on climate disclosures, the relevance of low-carbon transition of Hong Kong SPACs, and recent HKEx listing developments.

The HKEx has concluded on its proposals to amend the Listing Rules relating to Share Schemes of Listed Issuers and Housekeeping Rules. Major changes include extending Chapter 17 to govern share award schemes

HKEx and SFC Disciplinary Actions in June and July 2022 include CES Capital for failure as investment manager in Hong Kong and Lam Ki Fung for fraudulently obtaining his quarterly incentive payment in Hong Kong

Any person carrying on DPMS in Hong Kong will need to be registered or cease operations in Hong Kong. The Amendment Bill contains transitional provisions for DPMS carrying on business in Hong Kong before 1 January 2023.

HKEx and SFC concluded disciplinary actions in May 2022 resulting in an order for the organisers of a global Ponzi scheme to compensate HK investors and the sanctioning of listed companies and their directors

The SFC has proposed significant amendments to the SFO to: allow it to seek investor compensation orders against regulated persons; narrow the ss 103(j) & (k) exemptions; & broaden the insider dealing regime

Any person operating a VA exchange in Hong Kong will need to apply for a VASP licence or cease operations in Hong Kong. The Amendment Bill contains transitional provisions for operators of VA exchanges carrying on business in Hong Kong before 1 March 2023