Regulatory & Compliance

With headlines in the news of regulated entities "self-reporting" or delaying in doing so, it is timely to consider some basic considerations. Regulators like self-reports by regulated entities and...
December 2018
Just like this Industry Insights, a Securities and Futures Commission ("SFC") 2018 year end litigation report might well be (sub-)titled "Taking Care Of Business". The expression might...
December 2018
Some participants in the crypto/blockchain/DLT industry actively invite regulatory oversight but policy considerations and the usual patterns of legal and regulatory development can mean that wanting...
November 2018
Section 300(1) of the Securities and Futures Ordinance (Cap. 571) “A person shall not, directly or indirectly, in a transaction involving securities, futures contracts or leveraged...
May 2018
Both the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018 and the Companies (Amendment) Ordinance 2018 were passed by the Legislative Council...
April 2018
  The Companies (Amendment) Ordinance 2018 (‘the Companies Amendment Ordinance’) To combat money laundering and terrorist financing, the Financial Action Task Force (‘FATF’) requires...
April 2018
Both the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018 and the Companies (Amendment) Ordinance 2018 were passed by the Legislative Council...
April 2018
The Companies (Amendment) Ordinance 2018 (‘the Companies Amendment Ordinance’) To combat money laundering and terrorist financing, the Financial Action Task Force (‘FATF’) requires member...
April 2018
The Hong Kong Securities and Futures Commission (‘SFC’) has blocked ICO issuer Black Cell Technology Limited (‘Black Cell’) from continuing its initial coin offering (‘ICO’) to the Hong Kong public...
March 2018
As start-ups and small businesses continue to crowdfund through the Internet, governments and regulators have had to respond. The United States created a tailored regime for crowdfunding. The United...
March 2018
Court of Appeal Upholds Insider Dealing and Fraud Decision in favour of SFC against Two Solicitors Case background On 9 November 2017, the Court of Appeal (‘CA’) dismissed the appeal by a...
February 2018
Securities and Futures Commission v Lee Kwok Wa & Ors, CACV 33/2016, 9 November 2017, is an appeal that arises out of (among other things) the application of s. 300 of the Securities and Futures...
December 2017
The Securities and Futures Commission (“SFC”) and the Stock Exchange of Hong Kong Limited (“SEHK”) have published the consultation conclusions of their joint consultation on proposed enhancements to...
November 2017
The recent judgment in Competition Commission v Nutanix & Ors, CTEA 1/2017, 3 October 2017, refers to a legislative trend to replace the privilege against self-incrimination with a so-called...
November 2017
For Hong Kong lawyers who counsel clients in the digital currency space, a pair of enforcement actions within the past month by two of the major US agencies – the Securities and Exchange Commission...
November 2017
Insider dealing – whether s.213(2)(b) engaged – whether consent order to be made under s. 213(2)(b) restoring counterparties to pre-transaction position and/or compensating counterparties –...
October 2017
In early September, China’s central bank declared that initial coin offerings (“ICOs”) are illegal, sending shockwaves throughout the virtual currency industry. The People’s Bank of China (“PBOC”),...
October 2017
In Securities and Futures Commission v Yiu Hoi Ying Charles and Wong Nan Marian (CACV154/2016) (the “CA Decision”), the Court of Appeal (“CA”) recently upheld that dealing in securities...
October 2017
The Securities and Futures Commission (“SFC”) signed its first Co-operation Agreement with the UK’s Financial Conduct Authority (“FCA”) in May this year, followed by another similar Co...
September 2017
Credit rating agency – definition of credit ratings – “red flag” report itself did not constitute credit rating – distinction between assessment of some (but not all) elements of credit risk and...
September 2017