Resources
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...
Hong Kong – New Conduct Requirements For Offline Sale Of Complex Products
On 4 October 2018, the Securities and Futures Commission (SFC) published its Consultation Conclusions on Offline Requirements Applicable to Complex Products (Conclusions). The consultation, which was launched on 28 March 2018, focused on proposed...
Hong Kong – The SFC’s Green Finance Strategy – Impact On Asset Managers
On 21 September 2018, the SFC announced its strategic framework for the development of green finance in Hong Kong. According to the SFC, “Globally, green finance has gathered momentum since the 2015 Paris Agreement on climate change, which calls for...
