Hong Kong Law

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.

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

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.

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.

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).

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

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

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.

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’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