The updated Directive aims to modernize the existing liability regime, in particular in the light of past and future technological developments as well as the challenges faced by plaintiffs in proving a claim. According to...more
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
A recent English case may cause concern amongst Hong Kong auditors hoping to protect themselves from liability towards third parties by the inclusion of standard disclaimer wording in their engagement agreements. The decision...more
Suppliers and contractors from China: The panacea for the capacity problems and price increases in the European offshore wind market? The European offshore wind nations – similar to many other nations worldwide – have very...more
The Hong Kong Court of Final Appeal has held that the Securities and Futures Commission (SFC) can serve overseas defendants as of right, without needing the court’s permission, making it easier for the SFC to go after persons...more
A wide-ranging mechanism allowing for easier reciprocal enforcement of judgments in mainland China and Hong Kong will come into force on 29 January 2024. The new enforcement regime should reduce the need to re-litigate...more
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
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
Recent incidents such as the United Kingdom (UK) Advertising Standards Authority's banning of a bank's advertisements for potentially misleading consumers about its green credentials and the outcry over an automobile...more
In Securities and Futures Commission v Sound Global Ltd [2022] HKCFI 3025, the Honourable Madam Justice Linda Chan was forthright in her view that regulators should step up when it comes to enforcing investor protection with...more
The Court of First Instance has dismissed a judicial review application against certain provisions in the Securities and Futures Ordinance (Cap. 571) (SFO) which empower the Securities and Futures Commission (SFC) to issue...more
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
The Hong Kong Court of First Instance case has denied declaratory and payment order relief sought by a company that had been the victim of cyber fraud because of issues with their pleadings. In the judgment, the Honourable...more
On 2 June 2022, the Hong Kong Court of Appeal (“Court”) handed down a judgment almost doubling the financial penalties imposed by the Competition Tribunal (“Tribunal”) on five respondents in two decisions. The Tribunal had...more
On 12 January 2021, the China Banking and Insurance Regulatory Commission (CBIRC) issued the Regulating the Informatization Work of Insurance Intermediaries Measures (Insurance Intermediaries Measures), which took effect on 1...more
11/12/2021
/ Capital Markets ,
China ,
Consumer Insurance Products ,
Foreign Exchanges ,
Foreign Investment ,
Hong Kong ,
Indonesia ,
Insurance Regulations ,
Regulatory Oversight ,
Singapore ,
Vietnam
The global pandemic brought a wave of changes and developments that have impacted, and continue to impact, the insurance sector. As we look ahead, we see further change on the horizon.
Around the world, we continue to...more
7/13/2021
/ Acquisitions ,
Business Interruption ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
Germany ,
Insurance Industry ,
Insurtech ,
Mergers ,
Reinsurance ,
Sanctions ,
UK
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
The tracker covers a range of developments across the region, including steps taken by the Chinese authorities to decentralise regulations in the insurance sector, a new amendment bill passed by the Hong Kong Legislative...more
4/1/2021
/ China ,
Consumer Insurance Products ,
Financial Services Industry ,
Hong Kong ,
Indonesia ,
Insurance Regulations ,
Legislative Agendas ,
Life Insurance ,
Regulatory Agenda ,
Regulatory Oversight ,
Singapore
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
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
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
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
CBIRC issued newly revised Health Insurance Measures -
On 31 October 2019, the China Banking and Insurance Regulatory Commission (CBIRC) promulgated the newlyrevised Administrative Measures for Health Insurance (Health...more
9/18/2020
/ Asset Management ,
China ,
Commercial Insurance Policies ,
Consumer Insurance Products ,
Foreign Investment ,
Health Insurance ,
Hong Kong ,
Indonesia ,
Insurance Regulations ,
Property Insurance ,
Reinsurance ,
Singapore
On the evening of 30 June 2020, the Hong Kong Government gazetted the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region (NSL) with the new law taking...more
On 29 April 2020, the Competition Tribunal handed down its first judgment on financial penalties in a competition case in Hong Kong. The Tribunal had earlier found that the respondents, ten flat decorators, had contravened...more