Financial Services Quarterly Report - Fourth Quarter 2018: Hong Kong Regulation of Crypto-Related Investments

by Dechert LLP

Dechert LLP

In light of growing investor interest in gaining exposure to crypto-related investment products, regulators are seeking to provide guidance as to the marketing and distribution of these products. On 1 November 2018, the Hong Kong Securities and Futures Commission (SFC) issued circulars setting out the regulatory standards relating to virtual asset portfolio managers and fund distributors (Regulatory Standards), as well as the conceptual framework for the potential regulation of virtual asset trading platform operators (Conceptual Framework). This article provides an overview of the new Hong Kong regulatory regime, which is an expansion of the existing regulatory regime.

Existing Regulatory Regime

The regulatory regime in Hong Kong had been relatively limited, as it was based only on a number of circulars issued by the SFC, which are described below. It was unclear whether crypto-assets should be regarded as “securities” under the Securities and Futures Ordinance1 (SFO).

In its circular on 5 September 2017, the SFC stated that the distribution of funds that invest (partly or solely) in crypto-assets (Crypto-funds), as well as the management of funds of Crypto-funds, are “regulated activities”. Accordingly, such distributors and managers must be appropriately licensed, irrespective of whether the parties involved are located in Hong Kong, so long as their activities target the Hong Kong public. Crypto-funds and funds of Crypto-funds may also be subject to registration or authorisation requirements under the local law, unless an exemption applies under the SFO or the Companies (Winding Up and Miscellaneous Provisions) Ordinance.

Further, the SFC stated in its circular issued on 11 December 2017 that where crypto-assets (or “virtual assets”) fall within the definition of “securities” or “futures contracts” as defined in the SFO, the dealing in, advising on, or managing of, these products in Hong Kong may fall within the regulatory ambit of the SFC. In particular, Bitcoin futures contracts launched by certain well-established futures and commodities exchanges regulated by the U.S. Commodity Futures Trading Commission and authorised by the SFC to provide automated trading services are explicitly considered by the SFC as “futures contracts”. Accordingly, persons intending to provide regulated activities relating to Bitcoin futures contracts must be appropriately licensed and subject to the suitability and conduct requirements relating to derivative products under the Hong Kong Code of Conduct2, as well as other regulations applicable to such regulated persons issued by the SFC (e.g., the Fund Manager Code of Conduct (FMCC)).

On 1 June 2018, the SFC reiterated that existing licensed corporations or registered institutions that decide to provide trading and asset management services relating to crypto-assets must notify the SFC of their intention to engage in such activities, and may start conducting these activities only after obtaining the relevant licensing approval from the SFC3. Engaging in such activities without a relevant licence or authorisation from the SFC may be considered the commission of a criminal offence under the SFO.

However, the SFC’s regulatory ambit was limited to “securities” and “futures contracts”. Thus, the SFC had no jurisdiction to regulate where crypto-assets did not fall within such definitions (Non-SF Cryptos).

Regulatory Standards and Conceptual Framework

Regulatory Standards Relating to Virtual Asset Portfolio Managers and Fund Distributors

To enhance investor protection in respect of Non-SF Cryptos and Crypto-funds, the SFC introduced the Regulatory Standards, under which the distributors and managers of Crypto-funds are subject to the same regulatory requirements irrespective of whether or not the crypto-assets under management constitute “securities” or “futures contracts” under the SFO. These requirements include SFO rules and regulations, the Code of Conduct, FMCC, guidelines, circulars and frequently asked questions issued by the SFC from time to time (Existing Requirements). Accordingly, after a licensed corporation or a licence applicant (Firm) obtains licence approval for their business activities relating to Crypto-funds, the Existing Requirements will be imposed in the form of a set of principles-based licensing terms and conditions developed by the SFC (Standard T&Cs).

Scope of Application

The Standard T&Cs are negotiable to adapt to the business model of the Firm to ensure that those proposed by the SFC are reasonable and appropriate. After the SFC is satisfied that a Firm appears to be capable of meeting the expected regulatory standards, Standard T&Cs will be provided. Once the Firm and the SFC have negotiated and finalised the Standard T&Cs, the SFC will impose such Standard T&Cs on the Firm by way of a licensing condition.

Standard T&Cs will not be imposed on: (1) Firms with business activities involving funds that invest 10% or less of their respective gross asset values in crypto-assets (De Minimis Threshold) and do not have a stated investment objective to invest in crypto-assets; or (2) funds of Crypto-funds. In the event that the De Minimis Threshold is exceeded as a result of an increase in prices of the crypto-assets in a portfolio, there will not be a breach of the Standard T&Cs, provided that all reasonable steps are taken to reduce the exposure in a timely manner below the De Minimis Threshold and the situation does not persist.

Brief Summary of the Standard T&Cs

The Standard T&Cs require a licensed corporation to:

  • Comply with all of the Existing Requirements, as well as future guidance that may be provided by the SFC from time to time;
  • Offer the Crypto-funds under its management only to “professional investors” as defined under the SFO;
  • Select and adopt the most appropriate custodial arrangement (i.e., self-custody, appointment of a third-party custodian and/or depositing with an exchange), taking into accounting the advantages and disadvantages of different host locations with respect to “hot wallets”, “cold wallets” and “deep cold wallets”, as well as the accessibility of the crypto-assets under the arrangement and the security of the custodial facility;
  • Exercise due skill, care and diligence in the selection, appointment and ongoing monitoring of an eligible custodian in respect of its Crypto-funds;
  • Where self-custody is adopted, ensure that: the reasons for adopting self-custody are properly documented; appropriate safeguards are implemented; records are properly maintained; the licensed corporation’s own assets can be effectively segregated from crypto-assets in the event of insolvency of the licensed corporation; adequate insurance is maintained to cover over the crypto-assets; and proper disclosure is made to investors regarding the risks associated with such arrangements;
  • Exercise due care in selecting valuation principles, methodologies, models and policies, which are reasonably appropriate in the circumstances and in the best interests of the Crypto-fund investors, and make proper disclosures to such investors;
  • Set appropriate limits in respect of each product, market, counterparty and each crypto-asset exchange for each Crypto-fund it manages;
  • Conduct periodic stress testing to determine the effect of abnormal and significant changes in market conditions on the Crypto-funds it manages;
  • Implement additional procedures to assess the reliability and integrity of crypto-asset exchanges before entering into transactions with them, taking into account certain factors (including, among others, the exchange’s cybersecurity risk management measures, financial resources and insurance coverage);
  • Select and appoint an independent auditor to perform audits of its Crypto-funds’ financial statements, which should take into account (among other things) the auditor’s experience and capability to check the existence and ownership, and ascertain the reasonableness of the valuation, of the relevant crypto-assets; and
  • Maintain a required liquid capital of not less than the greater of: (i) HK$3 million or equivalent; or (ii) its variable required liquid capital (i.e., 5% of its adjusted liabilities as calculated in accordance with the Securities and Futures (Financial Resources) Rules).

Compliance with the Standard T&Cs

If a new licence applicant does not agree to comply with the Standard T&Cs, its licensing application will be rejected. Similarly, if an existing licensed corporation does not agree to comply with the Standard T&Cs, it may not manage any new or existing Crypto-funds unless an exemption applies. In the case where a licensed corporation has invested in Crypto-funds for its clients without agreeing to the Standard T&Cs, the licensed corporation must unwind the positions within a reasonable time, taking due account of the interests of the funds’ investors.

Where a Firm has agreed to comply with the Standard T&Cs imposed by way of licensing conditions, a subsequent failure to comply will be regarded as misconduct under the SFO, and will reflect adversely on the Firm’s fitness and properness, which may lead to disciplinary action by the SFC.

Conceptual Framework for Potential Regulation of Virtual Asset Trading Platform Operators

In contrast to the Regulatory Standards, the Conceptual Framework (which at this stage only pertains to potential regulation) would adopt an opt-in approach. If a crypto-asset trading platform operator (Platform Operator) commits to adhere to the conduct standards set by the SFC (thus setting itself apart from those that are unwilling or unable to meet such conduct standards), the Platform Operator could be placed in the SFC “Regulatory Sandbox” in order to determine whether it would be an appropriate entity to regulate. Once the SFC concludes that it may grant a licence to the Platform Operator, the SFC would impose certain licensing conditions that, other than complying with the Existing Requirements, might include the core principles (Core Principles) and other terms and conditions (Example T&Cs) set out in the Conceptual Framework, which are briefly summarized below.

Core Principles

The Core Principles that may be applicable to a proposed qualified Platform Operator are:

  • All trading and business activities relating to crypto-assets (including Non-SF Cryptos), on and off platform, and any wholly incidental activities conducted by the Platform Operator’s group of companies, but excluding the distribution or management of Crypto-funds covered by the Regulatory Standards above, (collectively, Relevant Activities) should be carried under a single legal entity licensed by the SFC.
  • The Platform Operator should not conduct the Relevant Activities in relation to crypto-assets that are futures contracts or other derivatives.
  • The Platform Operator should comply with all applicable regulatory requirements in respect of the Relevant Activities.
  • The Platform Operator should provide its services only to “professional investors”.
  • The Platform Operator should not admit to trading on its platform a crypto-asset issued in an initial coin offering (ICO) until the earlier of 12 months after the completion of the ICO or when the ICO has started to generate a profit.
  • The Platform Operator should only execute a trade for a client if there are sufficient fiat currencies or crypto-assets in the client’s account to cover that trade. No financial accommodation should be provided to clients.

Example T&Cs

The Example T&Cs that may be imposed on a proposed qualified Platform Operator cover the following areas:

  • Financial Soundness. The Platform Operator should maintain financial resources commensurate with the role and functions it performs and the level of risk it undertakes. The SFC could require the Platform Operator to maintain a reserve equivalent to 12 months of operating expenses as a financial buffer. The actual amount required would be decided by the SFC on a case-by-case basis.
  • Insurance Requirement. The Platform Operator should maintain an insurance policy providing full coverage for crypto-assets held by it in hot storage and a substantial insurance coverage (e.g., 95%) for those held in cold storage.
  • Client Knowledge Assessment. Other than for “institutional professional investors” (as defined under the SFO), the Platform Operator should assess the client’s knowledge of crypto-assets before providing any service. Where the client does not possess sufficient knowledge, the Platform Operator should only provide any service if that would be in the best interests of the client.
  • Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT). The Platform Operator should ensure that its AML/CFT systems can adequately manage the risks relating to the Relevant Activities, which should cover (among others): conduct of the Relevant Activities in respect of a client through a designated bank account opened in the name of the client with an authorised institution; enhanced customer due diligence and ongoing monitoring of transactions; periodic review of the AML/CFT systems, taking into account applicable laws and regulations; and selection and monitoring of any third-party service providers.
  • Disclosure Requirements. The Platform Operator should fully disclose, and ensure that investors understand, the nature and risks of: trading crypto-assets (including Non-SF Cryptos); and engaging the Platform Operator's services with respect to the Relevant Activities. Compositions and descriptions of all relevant fees also should be disclosed.
  • Product Due Diligence. The Platform Operator should conduct all reasonable due diligence on the crypto-products available on its platform, and establish and disclose the criteria for admitting a crypto-asset (including a Non-SF Crypto) to its platform.
  • Soft Dollars. A committee should be established to make decisions regarding the admission of crypto-products. Where payments are received for admission, the Platform Operator should adopt a fee structure that avoids any potential, perceived or actual conflicts of interest.
  • Trading Rules. The Platform Operator should prepare and publish on its website comprehensive trading rules governing its platform operations.
  • Other Policies and Procedures. The Platform Operator should establish and implement written policies and procedures covering (among other matters): market manipulative or abusive activities; employee dealings; and proprietary trading.
  • Holding of Clients’ Money and Crypto-Assets. The Platform Operator should comply with the Securities and Futures (Client Money) Rules, which (among other matters): require the establishment and maintenance in Hong Kong of one or more segregated accounts for client money in a designated trust account or client account. Separate segregated accounts should be established for the purpose of holding Crypto-Assets on behalf of clients. A substantial amount (e.g., 98%) of the Crypto-Assets should be stored under cold storage.
  • Ongoing Reporting Obligations. The Platform Operator should provide the SFC with certain information as specified by the SFC on a regular basis.


The Regulatory Standards have aligned the requirements relating to Non-SF Cryptos with those relating to “securities” and “futures contracts” as defined under the SFO. Under this approach, the SFC will no longer need to classify each specific crypto-asset as a “security” or “futures contract”, given the practical difficulties in making such classification. The Regulatory Standards essentially close the regulatory loophole for escaping licensing requirements in respect of distributing or managing Non-SF Cryptos and Crypto-funds.

The opt-in approach under the Conceptual Framework demonstrates that the SFC is actively trying to learn about the operations of Platform Operators, and seeking to regulate Platform Operators despite its limited regulatory ambit in this respect. Although the Conceptual Framework is already comprehensive and the proposed requirements are wide-ranging, it is expected that this will be updated and/or upgraded to mandatory requirements in the future.

However, there are ambiguities that are not addressed in these circulars, including:

  • Audit. It is unclear who should be considered as an auditor with the relevant experience and capability to conduct an audit on crypto-assets. Currently, there is no single uniform auditing standard relating to the audit and valuation of crypto-assets, and thus it is difficult to assess who may have such experience or capability. Nonetheless, this may require a global consensus before it can be resolved locally by the SFC.
  • Tax. It is unclear how crypto-assets (especially Non-SF Cryptos) will be treated for tax purposes. Globally, there are only a few regulators that have issued guidance on the taxation of crypto-related assets (e.g., the Tax and Duty Manual on taxation of cryptocurrency transactions published by the Irish Tax and Customs). Although it is expected that certain legislation or guidance may be issued in the future to align the tax treatment of transactions relating to crypto-assets with transactions similar in nature and characteristics, a lengthy dialogue between the regulators globally is expected to reach a general consensus on tax treatment and to cover the automatic exchange of information relating to crypto-asset accounts.


1) Chapter 571 of the Laws of Hong Kong.

2) Code of Conduct on Persons Licensed by or Registered with the SFC.

3) This is required by the Securities and Futures (Licensing and Registration) (Information) Rules.

4) These risks include (among other things) that the protection offered by the Investor Compensation Fund does not apply to crypto-assets.


Written by:

Dechert LLP

Dechert LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.