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Hong Kong audit regulator says it expects full compliance with laws and regulations

Hong Kong’s audit regulator, the Accounting and Financial Reporting Council (AFRC), says it expects all audit firms and their staff to comply with all relevant laws and regulations set out within the accountants’ ethics code....more

7/26/2024  /  Accountants , Accounting , Audits , Hong Kong

Financial Institutions Horizons 2023

The outlook for 2023 looks uncertain, following another tumultuous year. The collapse of a number of large cryptocurrency exchanges has shone another spotlight on the digital asset market. The financial system’s resilience...more

Restructuring & Special Situations 2022 Year in Review Key insolvency decisions in Hong Kong and the People’s Republic of China

2022 has been a year which has seen significant developments in court-led corporate rescue and insolvency law reform in Hong Kong. In light of the lingering COVID19 pandemic, it was all the more important that the Hong Kong...more

Hong Kong Court of Appeal gives boost to bondholders in significant "keepwell" victory

The Hong Kong Court of Appeal has dismissed a challenge to a first instance decision which recognized the Beijing administrators of the commercial arm of the Peking University group but granted only a limited stay of...more

Global Accountants' Liability Update – June 2022

Our global team of securities and professional liability lawyers at Hogan Lovells is uniquely positioned to monitor legal developments across the globe that impact accountants’ liability risk. We have experienced lawyers on...more

Global Accountants' Liability Update – April 2022

The Hong Kong Court of Appeal has denied an accountant’s appeal of a Disciplinary Committee of the Hong Kong Institute of Certified Public Accountants (HKICPA) order that cancelled her practicing certificate due to...more

Global Accountants' Liability Update – February 2022

In mid-2020 the German stock corporation Wirecard became suspected of having falsified its records and to have made up assets in the magnitude of EUR 1.9 billion in its balance sheets. This prompted the German legislature to...more

Global Accountants' Liability Update – December 2021

Our global team of securities and professional liability lawyers at Hogan Lovells is uniquely positioned to monitor legal developments across the globe that impact accountants’ liability risk. We have experienced lawyers on...more

Global Accountants' Liability Update – October 2021

A company that specialized in the design and production of optical instruments (hereafter: the Company) hired an accounting firm and a tax consultancy firm (hereinafter: the Accountants) to prepare its annual accounts between...more

Global Accountants’ Liability Update – September 2021

On 1 July 2021 a new bill came into force in Germany that substantially reshapes the legal framework for accountants (“Gesetz zur Stärkung der Finanzmarktintegrität – (Finanzmarktintegritätsstärkungsgesetz -FISG)”, “FISG”,...more

Vesting orders: back in vogue? Let’s hope so

Cyber fraud scams, typically involving fraudsters using spoofing / phishing tactics to bring about unlawful receipt of monies, have, unfortunately, been a mainstay in Hong Kong in recent years. As the fraudsters’ nefarious...more

Global Accountants’ Liability Update – May 2021

Court of Appeal rules in favor of accounting firm in breach of contract claim - The Court of Appeal has rejected a claim from a California-based businessman that a global accounting firm failed to ensure that its...more

Global Accountants’ Liability Update – March 2021

Recent regulatory and enforcement developments - Hong Kong - Court rules on disclosure of disciplinary decisions- Accountants and other professionals should not expect that disciplinary decisions against them will remain...more

"Too good to be true" – Hong Kong court finds bank not liable for fraudulent investment introduced by employee

The court in Luk Wing Yan v. CMB Wing Lung Bank Ltd. [2021] HKCFI 279 found the defendant not liable for the actions of one of its employees who fraudulently offered investments which caused loss to the plaintiff. ...more

Partially relieved – Hong Kong court judgment highlights difficulties facing cyber fraud victims in seeking recovery

The Hong Kong Court of First Instance in Edison Norge As v. BZZ Ltd [2021] HKCFI 135 has granted default judgment against email fraudsters whilst granting the declaratory relief applied for only in part. This decision...more

Gunning for success – Hong Kong Court of Final Appeal rules on fees in financial introductions

It is not uncommon for companies exploring expansion or other ways of raising capital to engage financial advisers to provide a range of consultancy services, including the introduction of potential investors or deals of...more

Back on track – Court of Appeal allows privatization rejected by lower court

The Hong Kong Court of Appeal has allowed the proposed privatization of a Hong Kong listed company through a scheme of arrangement, overturning the decision of the Court of First Instance (CFI). ...more

Global Accountants’ Liability Update – September 2020

On 21 August 2020, the court of Chancery of the State of Delaware granted a motion brought by three Defendant KPMG firms to dismiss a cause of action seeking to hold KPMG LLP (KPMG US) liable as the agent of KPMG Cardenas...more

Landmark order recognizes Hong Kong insolvency proceedings in Singapore

The Singapore High Court has recently granted recognition to Hong Kong liquidation proceedings and liquidators for the first time under Singapore's enactment of the United Nations Commission on International Trade Law Model...more

Global Accountants’ Liability Update – July 2020

Certified public accountants are among those who may benefit from a mechanism announced by the Hong Kong government in May 2020 to exempt certain inbound travelers from compulsory quarantine. The exemption is provided under...more

Does an arbitration agreement protect a debtor from the threat of liquidation?

In several Commonwealth jurisdictions, the corporate legislation allows creditors to petition a court to order the winding up of a debtor in circumstances where that debtor is unable to pay its debts as they fall due. Such...more

Global Accountants’ Liability Update – May 2020

Recent court decisions - Germany - Cum/Ex-trades spark litigation - So called Cum/Ex-trades have become one of the hottest legal topics in Germany. A flood of claims dealing with those trades has reached German...more

China travel restrictions in COVID-19 – what you need to know

China has placed stringent travel and quarantine restrictions on people entering the country and moving from one part of the country to another as part of the effort to contain the COVID-19 outbreak. Corporations with...more

Hong Kong Law Contract Guide

Our team in Hong Kong recently developed a Hong Kong Law Contract Guide. The guide discusses relevant legal principles that inform the most common contractual clauses in Hong Kong. The guide offers practical points to...more

Global Accountants’ Liability Update - October 2019

The Netherlands - Breach of an accountant’s duty of care does not always lead to civil liability - In the period of 2001-2002, two accountants drafted a company’s financial statements at the request of the owner who...more

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