Hong Kong

News & Analysis as of

Hong Kong Amends Recycling Ordinance

Hong Kong has issued the Promotion of Recycling and Proper Disposal (Electrical Equipment and Electronic Equipment) (Amendment) Ordinance 2016, which will amend the Product Eco-Responsibility Ordinance and the Waste Disposal...more

China Tax Newsletter - May / June 2016

In this issue, we have covered a number of developments and cases in the PRC and Hong Kong which could impose legal and tax implications to your business. On the PRC side, following the national rollout of the...more

Financial Services Weekly News - August 2016 #3

Editor's Note - MetLife Fights On. MetLife continued to fight its designation as a nonbank systemically important financial institution (SIFI) this week as the insurer filed its reply brief in the Financial Stability...more

China Gives Green Light to the Launch of Shenzhen-Hong Kong Stock Connect

According to the joint announcement of the China Securities Regulatory Commission ("CSRC") and the Securities and Futures Commission of Hong Kong ("SFC") dated 16 August 2016, the two regulatory authorities have approved, in...more

Bitcoin theft highlights cryptocurrency regulatory uncertainty

The recent suspension of trading on Hong Kong based Bitcoin exchange Bitfinex following the apparent theft of approximately US$60m worth of bitcoins is the latest in a series of Bitcoin thefts. With Bitcoin still in its...more

This Week In Securities Litigation

The D.C. Circuit handed down the first circuit court decision ruling on the Appointments Clause question concerning the retention of SEC ALJs. The court concluded that there was no violation of the Clause....more

Recalling Mt. Gox, Bitfinex Exchange is Latest Target of Bitcoin Hackers

On August 2, 2016, Hong Kong-based bitcoin exchange Bitfinex was the latest target of hackers who stole 119,756 bitcoins, for a total loss of approximately $72 million at that time. Some are estimating it to be as high as...more

ESMA Advice Extending the AIFMD Passport: Including the United States, Hong Kong, Singapore and Switzerland

On 18 July 2016 the European Securities and Markets Authority (ESMA) published its advice to the European Parliament, the Council and the Commission on the application of the Alternative Investment Fund Managers Directive...more

Bitcoin Exchange Bitfinex Hacked

Bitcoin Exchange Bitfinex, based in Hong Kong, was hacked last week, incurring a whopping loss of $65 million. It was shut down last week after 119,756 bitcoins were stolen from users’ accounts....more

This Week In Securities Litigation

The SEC prevailed on summary judgment in an action centered on an offering fraud. The principals of the scheme were found to have violated the antifraud provisions while a codefendant was determined to have acted as an...more

Third Party Funding: a New Chapter in Hong Kong & Singapore

The legal landscape is changing in South East Asia for third party funding of international arbitration. Third party funding – by which a commercial fund finances a case in exchange for a share of the damages – has...more

One of the Largest Member Clubs in Singapore Is Liquidated

California Fitness’s closure has left many consumers who have purchased prepaid packages without any remedies. On 20 July, California Fitness, which was once fronted by action movie star Jackie Chan, announced that it...more

Television Broadcasts Limited v Communications Authority & Anor [2016] HKCU 222

On 29 January 2016, the Hong Kong Court of First Instance handed down its eagerly awaited judgment in a judicial review application brought by Television Broadcasts Limited (“TVB") against the Communications Authority (“CA”)...more

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

Tadjudin Sunny vs. Bank of America National Association - implied term of anti-avoidance

In 2007, the Bank terminated an Analyst in its Distressed Debt Trading Group by payment in lieu of notice, following completion of a Performance Improvement Plan (PIP). She was not awarded any bonus on her departure. The...more

Listing Indian Companies on the Hong Kong Stock Exchange

India is now included as an “acceptable jurisdiction” by The Stock Exchange of Hong Kong Limited (the “HKEx”). The HKEx also published a new “Country Guide – India” (the “India Guide”) relating to India-incorporated issuers....more

The Financial Report, Volume 5, Number 13

On June 23, just hours after we published our last edition, the United Kingdom voted to exit the European Union. Brexit, as it has come to be known, immediately raised a number of issues of potentially enormous significance...more

This Week In Securities Litigation

The SEC filed a settled FCPA action in which the employees in the China subsidiary of the firm designed and adopted a bribery scheme to circumvent the compliance procedures the company had installed as a result of an earlier...more

New Electronic Visa Update System (“EVUS”) required by U.S.A. for B-1/B-2 & B-2 Chinese Nationals after November, 2016 | Industry...

Effective November, 2016, Chinese nationals, including nationals from People’s Republic of China, Taiwan, Hong Kong and Macau will be required to use an on-line enrollment system, referred to as EVUS to update biographic...more

"Recent Developments in the Use of Variable Interest Entities"

The variable interest entity (VIE) structure has been around since the listing of Sina.com on the Nasdaq Stock Market in 2000. It enables companies to exercise control over operating entities and derive economic benefits from...more

Tax Newsletter - March / April 2016 (China and Hong Kong)

Welcome to the latest issue of our Tax Newsletter. In this issue, we have covered a number of developments and cases in the PRC and Hong Kong which could impose legal and tax implications to your business. In the PRC, an...more

Hong Kong & Singapore: Awaiting a New DOJ Tax Program for Asian Banks?

As the Department of Justice is wrapping up its prosecution of over a dozen Swiss banks, federal prosecutors and IRS special agents are analyzing a treasure trove of previously undeclared taxpayer account information that...more

"Hong Kong Regulatory Update - June 2016"

This Hong Kong regulatory update provides a brief overview of the principal Hong Kong regulatory developments in the preceding three months relevant to companies listed or proposed to be listed on The Stock Exchange of Hong...more

Financial Services Quarterly Report - Second Quarter 2016: The Hong Kong Professional Investor Regime

Similar to the situation in many other jurisdictions, fund managers, banks and other market participants in Hong Kong were, until recently, not required to apply the same regulations to high net worth, corporate or...more

CFTC Brings Significant Enforcement Action Against Online Cryptocurrency Exchange

The action reflects the CFTC’s expanded jurisdiction and provides further clarity on what constitutes “actual delivery” in cryptocurrency trading. On June 2, 2016, the US Commodity Futures Trading Commission (CFTC)...more

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