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Firm: Deacons

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Practical Tips on Private OFCs, Subsidy Grant Scheme and Re-Domiciliation
Deacons, July 2021

On 25 June 2021, Fiona Fong, one of our financial services partners, interviewed Elizabeth Wong, an Associate Director of Investment Products at Hong Kong’s Securities and Futures Commission (SFC)...

HKIAC Statistics
Deacons, July 2021

The HKIAC recently published its “Average Costs and Duration Report”, which reveals some interesting statistics about the average cost and duration of arbitrations administered by the HKIAC under the HKIAC Administered Arbitration Rules (Rules). The statistics are derived from cases in which a final award was issued between 1 November 2013 and 31 May 2021 (Relevant Period)...

Court Refused to Restrain Payment Under Surety Bond
Deacons, July 2021

In JML-Craft Pty Ltd v China Ping An Insurance (Hong Kong) Company Ltd, HCCT 27/2021, the subcontractor (P) applied for an interlocutory injunction to restrain the main contractor (D2) from making any further demand under a surety bond (Advance Payment Bond) and receiving any payment under it pending disposal of the action, on the grounds that the demand was made fraudulently and/or in bad faith, knowing that it was not entitled to make the demand under the Advance Payment Agreement and/

Court Confirms Modern Approach to Construing Arbitration Clauses
Deacons, July 2021

In Houtai Investment Holdings Ltd v Leung Yat Tung & Ors, HCA 1725/2019, the Plaintiff’s claims were made as owner of vessels, said to have been leased to CAE under oral agreements...

Inconsistent and Conflicting Contractual Terms – What is the Court’s Approach?
Deacons, July 2021

In Septo Trading Inc v Tintrade Ltd [2021] EWCA Civ 718, the issue before England’s Court of Appeal was whether a quality certificate issued by an independent inspector at the load port was intended to be conclusive evidence of the quality of a consignment of fuel oil supplied under an international sale contract...

An Arbitrator’s Duty to Avoid Conflicts of Interest
Deacons, July 2021

In Secretariat Consulting Pte Ltd v A Company [2021] EWCA Civ 6, England’s Court of Appeal held that, depending on the terms of the retainer, the relationship between a provider of litigation support services/expert and his or her client, may have one of the characteristics of a fiduciary relationship, namely a duty of loyalty or, to put it another way, a duty to avoid conflicts of interest...

Blameless Employer Claiming Against the Wrongdoer – How Much Can the Employer Recover?
Deacons, July 2021

The Employees’ Compensation Ordinance Cap. 282 is a non-fault based system of compensation. Under this scheme, compulsorily-insured compensation is speedily paid to injured employees or their family members. A blameless employer who has paid the compensation upfront may find consolation in s.25(1)(b) of the Ordinance which confers the employer a right of recovery against the wrongdoer...

Data Export Compliance under China’s Data Security Law
Deacons, July 2021

On 10 June 2021, the Data Security Law (DSL), which will become effective as of 1 September 2021, was adopted in China. The enactment of the DSL marks the introduction of China’s first fundamental law in the field of data security, which, together with the Cybersecurity Law and the upcoming Personal Information Protection Law, will lay a legal foundation for safeguarding national data security, promoting data utilisation and mitigating the risks of data processing activities...

China’s New Guidelines – Good News for Software Patents
Deacons, July 2021

Did you know? The Chinese National Intellectual Property Administration (CNIPA) recently revised the Examination Guidelines for software patents including artificial intelligence (AI), big data and blockchain. Why does this matter to you? These new Examination Guidelines provide much needed clarity as to the boundaries of patentable subject matter in China...

Amendment Bills on Hong Kong Re-Domiciliation for Foreign Investment Funds
Deacons, July 2021

On 2 July 2021, the Government gazetted the Securities and Futures (Amendment) Bill 2021 and the Limited Partnership Fund and Business Registration Legislation (Amendment) Bill 2021 (Bills). These new laws aim to open up new channels enabling foreign investment funds to be re-domiciled and registered in Hong Kong as open-ended fund companies (OFCs) or limited partnership funds (LPFs)...

SFC Publishes New Guidance on ESG Fund Disclosures
Deacons, July 2021

On 29 June 2021, the Securities and Futures Commission (SFC) published a revised circular (Revised Circular) to provide guidance to managers on enhanced disclosures for authorised funds which incorporate environmental, social and governance (ESG) or climate change or green or sustainability factors (together, ESG factors) as a key investment focus (ESG funds)...

Salaries Tax Alert: Payment of Bonus Shares to Former Employee Held Not Taxable
Deacons, July 2021

When an employment relationship comes to an end, it is not uncommon for the parties to enter into a termination agreement setting out the departing employee’s rights and obligations. A question naturally arises as to whether, and to what extent, these benefits are chargeable to salaries tax...

Court of Appeal Refuses to Determine the Competition Commission’s Challenge to the Criminal Standard of Proof in Competition Proceedings for a Pecuniary Penalty
Deacons, June 2021

In Competition Commission v W. Hing Construction Co Ltd & Ors [2021] HKCA 877, the Court of Appeal refused to determine whether the standard of proof in competition proceedings for a pecuniary penalty should be lowered from the criminal standard of proof to the civil standard of proof, after concluding that the present case was not an appropriate avenue for such issue to be argued...

“Change and resilience”: the SFC’s keynote messages for fund managers
Deacons, June 2021

On 7 June 2021, Ms Julia Leung, the Deputy Chief Executive Officer and Executive Director, Intermediaries, of the Securities and Futures Commission (SFC), gave the keynote address at the Hong Kong Investment Funds Association’s annual conference...

SFC moves forward on its revisions to the competency framework for intermediaries and individual practitioners
Deacons, June 2021

On 18 June 2021, the Securities and Futures Commission (SFC) issued its Consultation Conclusions on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners (Conclusions)...

HKMA’s Announcement on “Fintech 2025” Strategy
Deacons, June 2021

On 8 June 2021, the Hong Kong Monetary Authority (HKMA) unveiled “Fintech 2025”, a new strategy aiming to drive fintech development in Hong Kong. In essence, “Fintech 2025” seeks to encourage the financial sector to adopt technology in their businesses and transactions comprehensively by 2025 by focusing on the following five key areas: 1...

Landmark Decision Clarifies Hong Kong Law on Parallel Imports and Liability of Online Platforms for IP Infringement as well as the Jurisdiction of Hong Kong Courts in Relation to Online Sales by Platforms Based Outside of Hong Kong
Deacons, June 2021

The liability of online platforms for the activities of third-party vendors has always been a controversial area. With the explosion of online shopping as a result of the pandemic, the issue has come under increased scrutiny. Although cases in the UK and EU have discussed the factors that the Court will consider in deciding whether the operator of an online platform is jointly liable, the position in Hong Kong remained uncertain, until now...

Enhanced Disciplinary Regime with Emphasis on Holding Individuals Including Senior Management Accountable for Listing Rule Breaches
Deacons, June 2021

On 20 May 2021, The Stock Exchange of Hong Kong Limited (Exchange) published conclusions to its consultation on review of the Rules Governing the Listing of Securities on the Exchange (Listing Rules) relating to disciplinary powers and sanctions The Exchange decided to implement all the proposals in the consultation paper (see our previous client alert “Hong Kong Stock Exchange proposes to enhance disciplinary regime to deter misconduct” published in August 2020),

Final Shape of the Licensing Regime for Virtual Asset Services Providers
Deacons, June 2021

On 21 May 2021, Hong Kong’s Financial Services and Treasury Bureau (FSTB) issued its consultation conclusions (Conclusions) on the proposed licensing regime for virtual asset services providers (VASPs). The Conclusions follow publication of the FSTB’s consultation paper of 3 November 2020 (Proposal). For details of the Proposal, please refer to our article of 24 November 2020...

European Commission Proposal for a Regulation on a European Approach for Artificial Intelligence
Deacons, June 2021

On 21 April 2021, the European Commission (EC) published a proposal (Proposed Regulations) which is described as the “first-ever legal framework on [Artificial Intelligence]”, aiming to turn Europe into the global hub for trustworthy Artificial Intelligence (AI). The Proposed Regulations are of general interest because they constitute a first attempt to “regulate” AI properly and, if implemented, may become influential worldwide...

A Reminder from the Court of Appeal that Giving Evidence by VCF is Not the Norm Under Covid-19
Deacons, May 2021

In April 2020, we reported on the first cases that were conducted remotely via video conferencing facilities (VCF) during the court closures due to the Covid-19 pandemic. More than a year has passed and, although Covid-19 is still posing challenges, the courts have reopened and continue to embrace technology to facilitate social distancing...

The New Legal Regime in Recognising and Enforcing Judgments in Cross-Boundary Matrimonial and Family Cases
Deacons, May 2021

In our previous article, we outlined the features of the Mainland Judgments in Matrimonial and Family Cases (Reciprocal Recognition and Enforcement) Bill. On 5 May 2021, the Bill was passed by the Legislative Council...

Grey Divorce Part Two – Passing Family Wealth Across Generations
Deacons, May 2021

In the first part of the series, “Grey Divorce – hidden battles for protection and succession of family assets”, we looked at the recent trend of an increasing divorce rate for older couples and, in particular, the case of CSH vs LS or LS formerly known as CYY (FCMC 12435/2016; [2020] HKFC 143) (the CSH case)...

Milestone in Hong Kong-Mainland China Cross Border Insolvency: Mutual Recognition of and Assistance to Insolvency Proceedings Between Hong Kong and Mainland China
Deacons, May 2021

On 14 May 2021, Hong Kong’s Secretary for Justice and the Vice-President of the Supreme People’s Court (SPC) signed a record of meeting concerning mutual recognition of and assistance to insolvency proceedings between the courts of Mainland China and Hong Kong (Record of Meeting), which signifies the consensus on the mutual recognition of and assistance to insolvency proceedings between the two jurisdictions in accordance with the principle of reciprocity and with a view to p

Proper Procedure in Application for Gagging Order and Norwich Pharmacal Order Against a Bank
Deacons, May 2021

In the recent case of A1 & ANOR V R2 & ORS [2021] HKCFI 650, the Applicants are pursuing proceedings in the Cayman Islands and other jurisdictions in relation to an alleged fraud committed against a Cayman Islands exempted limited partnership, involving alleged misappropriation of over US$100 million...

 

 

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