The SFC's feedback on their recent round of inspections of Investment Advisers (IAs) was shared with members of the Institute of Financial Planners of Hong Kong on 8 May 2007. The SFC reported that the main issues they identified were: insufficient knowledge of clients and lack of justification to illustrate suitability of advice ...
The SFC recently appointed Mr. Mark Steward from the Australian Securities and Investment Commission (ASIC) as Executive Director of Enforcement. While enforcement initiatives of the SFC under his new leadership are still evolving, reference to the past record of ASIC’s enforcement may provide some hints ...
On 7 May 2007, the SFC updated the Licensing Related Frequently Asked Questions (FAQs) on its website under the heading, "Other Topics relating to the Securities and Futures Ordinance (SFO)".The updated FAQs assist licensed corporations or licensed applicants in understanding the SFC's view on factors relating to suitability of business premises ...
A licensed corporation, registered institution, licensed individual, substantial shareholder of a licensed corporation, corporate licence applicant or an individual licence applicant can apply to the SFC to have certain sections of the Securities and Futures Ordinance (SFO) or any provision of rules made by the SFC modified or waived under the SFO according to section 134 of the SFO ...
On 11 June 2007, the Securities and Futures Commission (SFC) issued a circular (http://www.sfc.hk/sfcRegulatoryHandbook/EN/displayFileServlet?docno=H461) outlining a set of initiatives to streamline and simplify its licensing processes. The circular, which provides practical guidance to fund managers intending to apply to the SFC for a licence, is principally directed at overseas hedge fund managers from the US and the UK ...
Since we are in the season for the distribution of dividends, it is not without use to review and update, our last charter on this issue. It shall be recalled that in 2005 the Portuguese tax system streamlined its rules for the taxation of dividends, by harmonising rates which previously varied in accordance to the nature of the recipient of the dividends ...
On June 7, 2007, the National Assembly passed Bill 10, which amends the National Holiday Act and the Act Respecting Hours and Days of Admission to Commercial Establishments.Under the amended provisions of the National Holiday Act, June 24, the day of the National Holiday, will henceforth always be a public holiday, even when it falls on a Sunday, as is the case this year ...
Regulation 45-106 respecting prospectus and registration exemptions (“Regulation 45-106”) has caused much concern and plenty of ink to flow since it came into force on September 14, 2005. The purpose of this newsletter is to discuss the modification made by Regulation 45-106 with respect to the restrictions that must be contained in an issuer’s constating documents in order for the issuer to have private issuer status(1) ...
On 16 March 2007, the Standing Committee of the National People’s Congress promulgated the Enterprise Income Tax Law of the People’s Republic of China. The Law harmonises the tax laws applicable to foreign and domestic enterprises. The new law marks a major change in PRC tax policy. Effective 1 January 2008, both domestic enterprises and foreign-invested enterprises (FIEs) will be subject to income tax at the unified rate of 25% ...
The State Administration of Taxation issued the Measures on the Self- Declaration of Personal Income Tax (Trial Implementation) on 6 November 2006. The Measures cover the filing process for those who satisfy one of the following conditions:1. Annual income of 120,000RMB or more; 2. Wages or stipends earned from two or more sources within China; 3. Income earned outside China; 4. Any acquired taxable income without withholding; 5 ...
On 27 November 2006, the Ministry of Finance and State Administration of Taxation jointly issued the Notice Regarding Several Stamp Tax Policies. The Notice states that:1. Stamp tax will be levied on contracts submitted electronically. 2. Stamp tax will be levied on purchase and sale contracts between power plants and power grid networks and on those between two power grid networks ...
The Employment Ordinance of Hong Kong is the main legislation prescribing the minimum rights, benefits and protection for employers and employees in Hong Kong. Under the ordinance, the employer and the employee cannot contract out of the minimum rights, benefits and protection given to the respective parties by the ordinance ...
Several court opinions show that employers are to make a careful considerations before deciding not to follow a company doctor's advice to mediate. This particularly applies if that doctor has found that a situation qualifies as a labour conflict rather than as an employee being ill. An offer of mediation by an employee cannot simply be denied either ...
The Department of State recently issued formal guidance instructing consular officers to refer nonimmigrant visa applicants with prior drunk driving arrests or convictions, or any other evidence that suggests an alcohol problem, to panel physicians (physicians appointment by the DOS) for medical examination. A single arrest or conviction within the last 3 calendar years, or two or more incidents at any time would trigger this requirement. The referral is mandatory ...
The Immigration Reform and Control Act of 1986 (IRCA) requires employers to verify the identity and eligibility for employment of all employees by completing the I-9 form within 3 days of their employment in the United States.After a ten year delay, on November 7, 2007, the USCIS announced that the long awaited revised Form I-9 is now available to the public for use in verifying employment authorization ...
On 3 October, the European Commission fined Visa €10.2 million (approximately £7 million) for its refusal to admit Morgan Stanley Bank International Limited of the UK as a member of the Visa network. The fine is to be seen in the context of continuing regulatory scrutiny of the financial sector, and the banking sector in particular, at both the EU and UK level ...
There is less than one month before the deadline imposed by the Act to amend the Supplemental Pension Plans Act, particularly with respect to the funding and administration of pension plans (“Bill 30”) for the adoption of an internal by-law by your pension committee, and it still isn’t too late to meet this requirement ...
In Still v. Great Northern Insurance Company, No. 07-2425, 2007 U.S. App. LEXIS 26024 (3d Cir. Nov. 87, 2007), the Third Circuit affirmed the District Court’s grant of summary judgment to an insurer relying on the “business pursuits” exclusion in a homeowner’s policy. The Third Circuit found the exclusion was unambiguous and precluded coverage for a counterclaim brought by the insured’s former employer for malicious prosecution. Id. at *5-6 ...
The Department of State (DOS) has announced two changes to the visa application process at consular posts. Effective January 1, 2008, non-immigrant visa application fees increase from $100 to $131. DOS claims that the new fees are meant to recover costs associated with increased security measures and other security enhancements ...
Most applicants for adjustment of status (“green card”) must obtain travel permission from the USCIS before departing the U.S. Failure to obtain an “advance parole” can cause the USCIS to automatically deem the application abandoned and to deny the case. An exception to this rule applies to H-1 and L nonimmigrants and their dependents. Until now, individuals returning to the U.S ...
1. On 31 December 2008, Law 67-A/2007, of 31 December, which enacted the 2008 State Budget, was published. In this booklet, we will discuss the main changes that will take place in our tax laws as a result of this Law, with effect from 1 January 2008. A) PERSONAL INCOME TAX (IRS) i) Capital income – IRS Category E 2 ...
