Hong Kong Law
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Hong Kong SFC Consults on Proposed Regulatory Requirements for Hong Kong’s new Virtual Asset Service Provider Regime
The SFC proposes new regulatory requirements for Hong Kong licensed VA trading platform operators and seeks feedback on whether they could offer services to retail investors, subject to additional requirements
HKEx Issues 7th Listed Issuer Regulation Newsletter
HKEx published its 7th Listed Issuer Regulation Newsletter covering amendments to the HKEx Listing Rules on share option and share award schemes and financial year-end reporting and AGMs
HK Companies Ordinance to Allow Fully Virtual & Hybrid General Meetings
Under the Companies (Amendment) Ordinance 2023, companies incorporated in Hong Kong will be able to hold fully virtual or a hybrid mode of virtual and physical general meetings
HKMA to Adopt Licensing Regime for Stablecoins in 2023/24
On 31 January 2023, the HKMA published its Consultation Conclusions on proposals to regulate payment-related stablecoins set out in its Discussion Paper on Crypto-assets and Stablecoins published a year earlier
FSTB Consults on Expanding Hong Kong Crowdfunding Regulation
All fundraising activities, online or offline, that raise funds publicly from individuals or entities of Hong Kong, or individuals or entities located in Hong Kong, would require prior approval
Hong Kong and Mainland China to Expand Stock Connect
The scope of stocks eligible for Southbound trading will be expanded to include the stocks of international companies that are primary-listed in Hong Kong and are constituents of Hang Seng Composite Indices
HKEX Consults on Expanding the Paperless Listing Regime
The HKEX has published a Consultation Paper on proposals to expand the paperless listing regime. This follows the adoption of various paperless initiatives in 2021 to improve efficiency and lower costs.
Hong Kong’s foreign source income exemption regime for passive income effective 1 January 2023
Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Ordinance 2022 gazetted on 23 December 2022 which enacts a Hong Kong foreign source income exemption regime for passive income
Hong Kong Legislative Council delays the Implementation Timetable of the Hong Kong Virtual Asset Service Provider Regime and the Hong Kong Securities and Futures Commission Statement on Virtual Assets
In December 2022 the HK Legco delays the Implementation Timetable of the Hong Kong VASP Regime under the HK AML/CTF Bill 2022 and the SFC issues a statement on VA Arrangements in Hong Kong.
SFC and CSRC Hold High-Level Enforcement Cooperation Meeting
The SFC and CSRC held its 13th high-level meeting on enforcement cooperation. It included a briefing on recent enforcement outcomes and cooperation, and a consensus to further their cooperation in future.
HKEx and SFC Disciplinary Actions of October 2022
The SFC actions included an order under s214 SFO for Sound Global’s chairman to purchase shareholders’ shares and the first conviction of an individual under s382 SFO for obstructing SFC search operations.
SFC Practice Note 24: Receivers, Liquidators and Commencement of Offer Periods
The SFC issued Practice Note 24 regarding receivers, liquidators and when to commence offer period(s) based upon its observations following the SFC Takeovers Bulletin No. 52 of March 2020.