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
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
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
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
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
The Hong Kong Court of Appeal has suggested that a previous Court decision may have overstepped the mark by suggesting that an arbitration clause in a client agreement should generally take precedence over a creditor's right...more
On 6 June, 2019, the Privacy Commissioner for Personal Data (the “PCPD“) issued an enforcement notice against Cathay Pacific Airways (and its affiliate Hong Kong Dragon Airlines) (together, “Cathay Pacific“) in respect of a...more
On 12 October 2018, the Court of Final Appeal (CFA) found former executives of a listed company, Asia TeleMedia Limited (ATML) culpable for insider dealing. The majority four to one decision examines the "innocent purpose"...more
In March, the UK Supreme Court handed down a landmark judgment, in which it held that:
- contempt of court constitutes unlawful means for the purposes of the tort of unlawful means conspiracy, giving rise to a private...more
In late February, the SFC published its Enforcement Reporter setting out its enforcement priorities and approaches for 2018. The SFC emphasized its enhanced cross-divisional collaborative approach with more targeted...more
3/12/2018
/ Consumer Financial Products ,
Corporate Fraud ,
Corporate Misconduct ,
Corruption ,
Cross-Border Transactions ,
Enforcement Actions ,
Hong Kong ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Hong Kong Stock Exchange ,
Insider Trading ,
Money Laundering ,
White Collar Crimes
The Hong Kong Court has confirmed that a bank notified of a freezing injunction does not owe a duty of care to the party in whose favour the injunction is granted. ...more
The Market Misconduct Tribunal (MMT) recently disagreed with the Securities and Futures Commission, holding that an executive director and a number of non-executive directors did not commit the market misconduct of...more