David Richardson

David Richardson

Dorsey & Whitney LLP

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Hong Kong Securities Laws Violations: SFC’s Case Against Moody’s – Part 2

On March 31, 2016, the Securities and Futures Appeals Tribunal (“SFAT”) upheld the disciplinary action of the SFC against Moody’s. This landmark decision is the first of its kind, as a disciplinary action brought by the...more

6/15/2016 - Credit Rating Agencies Due Diligence Enforcement Actions Fines Hong Kong Hong Kong Securities and Futures Commission (HKSFC) Internal Controls Jurisdiction Moody's

Hong Kong Market Misconduct: SFC Extends Enforcement Power to Insider Dealing in Overseas Listed Securities – Part 2

Section 300 of the Securities and Futures Ordinance (the “SFO”) prohibits the use of fraudulent or deceptive schemes or engagement in any practice which is fraudulent or deceptive “in a transaction involving securities,...more

4/21/2016 - Enforcement Authority Extraterritoriality Rules HKEx Hong Kong Hong Kong Securities and Futures Commission (HKSFC) Insider Trading Securities Fraud Taiwan

China-Hong Kong Connect: An Interconnected World

In November 2014, the Shanghai-Hong Kong Stock Connect (the ‘‘Shanghai Train’’), a pilot program for establishing mutual stock market access between mainland China and Hong Kong, was officially launched. The new cross-border...more

3/25/2016 - China Commodities Derivatives Foreign Investment HKEx Hong Kong Hong Kong Securities and Futures Commission (HKSFC) Initial Public Offerings London Stock Exchange Shanghai Stock Exchange Stock Markets

Hong Kong Market Misconduct: The SFC’s Extra-Territorial Reach

The Securities and Futures Commission of Hong Kong (the “SFC”) recently initiated proceedings for alleged market misconduct against U.S.-based Andrew Edward Left in connection with his research report (“Left’s report”)...more

3/21/2016 - Extraterritoriality Rules Hedge Funds Hong Kong Hong Kong Securities and Futures Commission (HKSFC) Jurisdiction Misleading Statements Moody's Negligence Professional Misconduct Recklessness

China-Hong Kong Connect – Part Five: An Interconnected World

In November 2014, the Shanghai-Hong Kong Stock Connect (the “Shanghai Train”), a pilot program for establishing mutual stock market access between mainland China? and Hong Kong, was officially launched. The new cross-border...more

2/16/2016 - Bonds China Commodities Derivatives Foreign Investment HKEx Hong Kong Initial Public Offerings London Metal Exchange London Stock Exchange Metals Shanghai Stock Exchange Stock Markets

China-Hong Kong Connect – Part Four: The Shenzhen Train Delay

In November 2014, the Shanghai-Hong Kong Stock Connect (the “Shanghai Train”), a pilot program for establishing mutual stock market access between mainland China and Hong Kong, was officially launched. The new cross-border...more

11/16/2015 - China Foreign Investment HKEx Hong Kong Stock Exchange Shanghai Stock Exchange

Can an Enforcement Standard be Discerned from the SFC’s Case Against Moody’s?

The hearings have recently concluded in Moody’s appeal of the November 24, 2014 decision of Hong Kong Securities and Futures Commission (the “SFC”) to fine Moody’s HK$23 million for its release of a report applying a “red...more

11/3/2015 - Credit Rating Agencies Due Diligence Emerging Markets Enforcement Actions Fairness Standard Fines Free Speech Hong Kong Hong Kong Securities and Futures Commission (HKSFC) Internal Controls Moody's

Weighted Voting Rights in Hong Kong: Hopes Dashed (For Now) - Part 3

In Part 1 of this eUpdate series, we discussed the reasons why Hong Kong regulators did not approve of share structures with disproportionate voting rights, also known as the “weighted voting rights” (“WVR”) structures in...more

10/15/2015 - Hong Kong Hong Kong Securities and Futures Commission (HKSFC) Hong Kong Stock Exchange Policy Drafting Shareholder Rights Voting Rights

Recent Developments in China Bond Markets

Tapping the Euromarkets - A number of Chinese issuers have issued bonds in the European debt markets recently. To date in 2015, more than ten Chinese companies have issued in excess of €9 billion of Euro-denominated...more

8/27/2015 - Banks Bonds China Corporate Bonds Debt Market EU Hong Kong Stock Exchange Interest Rates Municipal Bonds Real Estate Market Singapore State-Owned Enterprises

Full Steam Ahead for the Through-Train – Part Two: The Shenzhen-Hong Kong Stock Connect

The Shanghai-Hong Kong Stock Connect (“Shanghai Train”), a pilot program for establishing mutual stock market access between Mainland China and Hong Kong, was announced in April 2014 by Premier Li Keqiang at the Boao Forum...more

7/16/2015 - China Financial Regulatory Reform Hong Kong Securities SEHK Shanghai Stock Exchange Stock Exchange

Weighted Voting Rights In Hong Kong: Hopes Raised High But... – Part 2

In Part 1 of this eUpdate series, we discussed the reasons why Hong Kong regulators did not approve of share structures with disproportionate voting rights, also known as the “weighted voting rights structures” in Hong Kong...more

7/15/2015 - Emerging Technology Companies Hong Kong Hong Kong Securities and Futures Commission (HKSFC) Hong Kong Stock Exchange Investors Shareholders Voting Rights

Kaisa and Others Hope for a Miracle but Learn that Magic Does Not Exist

Kaisa Developments - The recent financial crisis of Kaisa Group Holdings Ltd. (“Kaisa”), a large-scale Chinese property developer listed on the Hong Kong Stock Exchange (“SEHK”), continues to be in the headlines. The...more

4/28/2015 - China Hong Kong Stock Exchange Real Estate Development Real Estate Investments

Full Steam Ahead for the Through-Train – The Shanghai-Hong Kong Stock Connect, Part One

The Shanghai-Hong Kong Stock Connect (the “Stock Connect”), a pilot program for establishing mutual stock market access between Mainland China and Hong Kong, was announced in April 2014 by Premier Li Keqiang at the Boao Forum...more

4/16/2015 - China Hong Kong Hong Kong Stock Exchange Investors Stock Connect

Half-Pie or No Pie? News for Kaisa’s Offshore Creditors

Kaisa Crisis - The recent financial crisis of Kaisa Group Holdings Ltd. (“Kaisa”), a large-scale Chinese property developer listed on the Hong Kong Stock Exchange (“SEHK”), has been in the headlines for several months....more

3/27/2015 - China Commercial Loans HSBC Prepayment Penalties Real Estate Development

Bitcoin – The Ever “Curiouser and Curiouser” Bitcoin Wonderland – Part Eleven

“Virtual currencies” in general, and bitcoin in particular, continue to attract media attention as well as intense public and regulatory scrutiny. In the United States, the recent establishment of the Digital Currency...more

1/27/2015 - Banking Sector Banks Bitcoin BitLicense China Department of Financial Services Hong Kong Regulatory Agenda SEC Virtual Currency

PRC State Administration of Foreign Exchange’s New Rules on Cross-Border Guarantees and Security Trigger Offshore Bond Issuances

On May 19, 2014, the PRC State Administration of Foreign Exchange (“SAFE”) formally issued and published the Foreign Exchange Administration Regulations on Cross-Border Guarantees and Security (the “Regulations”), which came...more

12/15/2014 - China Financial Guarantee Requirements SAFE

Bitcoin – Haven In Hong Kong? - Part Ten

“Virtual currencies” in general, and bitcoin in particular, continue to attract media attention as well as intense public and regulatory scrutiny. The regulators seem to have realized that the bitcoin genie is out of the...more

9/4/2014 - Bitcoin Hong Kong Popular Virtual Currency

Bitcoin – Migration from China to Hong Kong – Part Nine

“Virtual currencies” in general, and bitcoin in particular, continue to attract frenzied media attention coupled with immense public and regulatory scrutiny as an ever increasing number of countries review and clarify their...more

5/22/2014 - Banks Bitcoin Foreign Markets Global Economy Hong Kong PBOC Virtual Currency

SEC Provides Interpretive Guidance on Conflict Minerals Reporting

On April 29, 2014, the SEC’s Division of Corporation Finance issued interpretive guidance on the conflict minerals rules in response to the April 14, 2014 ruling of the U.S. Court of Appeals for the District of Columbia. The...more

5/5/2014 - Conflict Mineral Rules First Amendment Reporting Requirements SEC

Open Sesame? Not for now, Alibaba – Part 1

For months Alibaba Group Holding Limited (“Alibaba”) had tried to convince the Stock Exchange of Hong Kong Limited (“SEHK”) that they should open their doors to the internet giant. Alibaba had proposed a system through which...more

4/28/2014 - Alibaba Corporate Governance Hong Kong Stock Exchange IPO Shareholders

Bitcoin - Calls for Regulation - Part Eight

“Virtual currencies”, and bitcoin in particular, continued to attract a lot of attention. The sudden shutdowns of Mt. Gox (Japan), a large bitcoin exchange, and Flexcoin (Canada), a bitcoin bank, led to renewed and...more

4/2/2014 - Bitcoin Virtual Currency

Shedding Light on China’s Massive Shadow Banking Market - Landmark Corporate Bond Default - Part 1

The debt level of the PRC is rising. It is estimated that the PRC’s corporate debt could hit US$13.8 trillion in 2014, surpassing that of the United States (“U.S.”) as the largest in the world. This has raised increasing...more

3/13/2014 - Bonds China Corporate Bonds Debt Default Shadow Banking

Bitcoin - Turbulent Waters - Part Seven

“Virtual currencies”, and bitcoin in particular, continued to attract a lot of attention. The sudden demise of Mt. Gox (Japan), one of the largest bitcoin exchanges, adds to the mystery and mistrust surrounding the virtual...more

3/5/2014 - Bitcoin Virtual Currency

RMB Bond Issue in Hong Kong (a.k.a. A Delicious Dim Sum Offering!) – Challenges to Hong Kong – Part 5

Foreign and Chinese companies seeking to access the renminbi (“RMB”) bond market can now raise capital without time-consuming IPOs, rights issuances and secondary offerings. It also provides a cheaper form of RMB financing to...more

2/18/2014 - Bonds Foreign Investment Hong Kong Investors IPO RMB Loans

Bitcoin - Big Bounce Back - Part Six

The nature and prospects of “virtual currencies”, and bitcoin in particular, have been keenly debated. In early December 2013, Chinese government authorities took the first steps towards defining and regulating virtual...more

1/23/2014 - Asia ATMs Banking Sector Bitcoin Financial Institutions International Finance Virtual Currency Zynga

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