Resources
Hong Kong – SFC Rolls Out FRR Amendments.
On 19 October 2018, the SFC published the Conclusions to Further Consultation on Proposed General Changes to Update the Securities and Futures (Financial Resources) Rules (FRR) and gazetted the proposed FRR amendments. The one-month consultation, which was launched in...
Hong Kong – Revised Fund Manager Code Of Conduct Now In Effect.
The SFC’s revised Fund Manager Code of Conduct (FMCC) came into effect on 17 November 2018. By this date, any SFC-licensed fund manager responsible for the overall operation of a fund (ROOF) should have completed review and enhancement of the fund’s offering and...
Hong Kong Stiffens Regulation Of Crypto Assets.
New rules have been introduced in Hong Kong to shield retail investors from risks associated with investing in cryptoassets. The measures were outlined last week by the Securities and Futures Commission (SFC) in Hong Kong and will impact both fund managers and...
New Hong Kong Regulatory Approach To Virtual Assets
The Hong Kong Securities & Futures Commission (SFC) today issued a statement and an accompanying circular setting out a new regulatory approach on virtual assets, referred to as a “digital representation of value” (encompassing “cryptocurrency”,...
Hong Kong Strengthens Banks’ Resilience To Shocks By Implementing Loss-Absorbing Capacity Rules.
In line with recent global priorities, Hong Kong has been working towards further safeguarding financial stability by strengthening banks’ resilience to shocks. The implementation of FIRO in 20172, the statutory resolution framework, was the first step in the process....
Hong Kong – Key Messages From The SFC’s New Regulatory Framework On Virtual Asset Management, Fund Distribution And Trading Platform Operation.
It was reported by the Financial Stability Board that crypto-assets, such as bitcoin and ether, reached an estimated total market capitalisation of US$830 billion on 8 January 2018. With the rapid growth of virtual assets around the world, there are also growing...
Hong Kong Court Of First Instance Upholds Rule Against Litigation Funding Agreements
The Court of First Instance upheld the well-established common law rule against maintenance and champerty in the recent test case of Raafat Imam v Life (China) Co Ltd[2018] HKEC 2237. The decision confirms that litigation funding agreements will not be blessed by...
Hong Kong Competition Commission Publishes Decision In Respect Of The Code Of Banking Practice
On 15 October, 2018, the Hong Kong Competition Commission (“Commission”) published a decision (“Decision”) finding that the Code of Banking Practice (“Code”) is not excluded from the application of the First Conduct Rule under the Competition Ordinance (“Ordinance”)....
Hong Kong’s First Decision On The Exclusion Of Competition Rules
The Hong Kong Competition Commission has recently published its first decision on the exclusion of the competition rules under the Competition Ordinance. The Commission found that the Code of Banking Practice is not excluded from the prohibition...
Hong Kong – Insider Dealing – Deal Or No Deal
In the Court of Appeal (CA) decision of Securities and Futures Commission v Cheng Chak Ngok (CACV 95/2017; [2018] HKCA 590), the less disputed element of insider dealing, namely the element of “dealing” was at issue. As there was no direct evidence...
