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Firm: Deacons

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Hong Kong: Trademark Practice - Small Changes, Big Differences
Deacons, May 2020

Significant changes are expected to be introduced to the trademark law of Hong Kong to cater for the examination, acceptance and administration of the International Registration of marks under the Madrid System which is tentatively scheduled for launch in 2022/23. The Hong Kong Intellectual Property Department (IPD) is revamping the trademark law to align with international practices, after holding several industry consultations to gather opinions and recommendations...

Public Gathering Ban: Clear Exemption for Shareholders’ Meetings of Listed Companies Effective from 8 May 2020
Deacons, May 2020

With a view to combating the COVID-19 pandemic, the Hong Kong Government has introduced measures to implement social distancing, including, among other things, the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation (Cap. 599G) (Regulation), which has been effective since 29 March 2020. The Regulation, when first issued, prohibited group gatherings of more than four persons in public places during the “specified period”...

Competition Tribunal Sets Out Structural Framework for Pecuniary Penalty Assessment in Landmark Judgement
Deacons, May 2020

On 29 April 2020, the Hong Kong Competition Tribunal (Tribunal) handed down its first ever judgment on pecuniary penalties against ten decoration contractors (Penalty Judgment) who were found to have violated the First Conduct Rule under the Competition Ordinance (Ordinance), which prohibits undertakings from entering into an agreement or engaging in a concerted practice that has the object or effect of harming competition in Hong Kong...

Online Dispute Resolution Scheme (ODR)
Deacons, May 2020

As part of its unprecedented relief package to alleviate the impact of COVID-19, the Hong Kong Government is launching the Online Dispute Resolution (ODR) Scheme (Scheme)...

Hong Kong’s Resolution Regime for Financial Institutions - Some Key Issues
Deacons, April 2020

Banks play a key role in facilitating and providing liquidity for economic growth. During the global financial crisis in 2008, many foreign governments were forced to use large sums of taxpayer’s money to bail out troubled banks that were “too big to fail”...

SFC Concerned over Secondary Market Liquidity of ETFs
Deacons, April 2020

The Securities and Futures Commission (SFC) issued a circular on 17 April 2020 (Circular) to managers and market makers of SFC authorised exchange traded funds (ETFs) reminding them of their responsibility to manage ETFs in the best interests of investors. The circular was prompted by the suspension of market making activities by the sole market maker of an ETF due to the quarantining of some of its trading staff...

State Council Decides to Extend Some Preferential Tax Policies
Deacons, April 2020

The Premier of the State Council Li Keqiang chaired an executive meeting on 7 April 2020 which decided to adopt a series of tax related measures to cope with the negative impact caused by the COVID-19 pandemic and to stabilise the domestic economic environment. The measures mainly include the following: 1...

Competition Commission Revises Leniency Policy for Undertakings and Introduces new Leniency Policy for Individuals
Deacons, April 2020

With nearly five years of enforcement experience since the coming into effect of the Competition Ordinance (Ordinance), on 16 April 2020, the Hong Kong Competition Commission (Commission) published a revised Leniency Policy for Undertakings Engaged in Cartel Conduct (Leniency Policy for Undertakings) and introduced a new Leniency Policy for Individuals Involved in Cartel Conduct (Leniency Policy for Individuals) (collectively, Leniency Policies)...

Construction Consultant Stanley Lo Awarded Professional Qualification of Accredited NEC4 Project Manager
Deacons, April 2020

In promoting a collaborative partnership in the delivery of public works projects, the Hong Kong Government has adopted the “New Engineering Contract” (NEC), which aims at improving construction efficiency and effectiveness in the use of public funds. Since its first publication in the UK in 1993, the NEC contract has become increasingly popular in the UK, Australia, South Africa, Hong Kong and New Zealand...

Interim Measures Arrangement between Hong Kong and the PRC - An Update
Deacons, April 2020

On 1 October 2019, Hong Kong and the PRC brought into force the Arrangement Concerning Mutual Assistance in Court-ordered Interim Measures in Aid of Arbitral Proceedings by the Courts of the Mainland and of the Hong Kong Special Administrative Region (Arrangement). The Arrangement empowers the courts of both jurisdictions to award interim measures in support of arbitration seated in the other territory...

Court Dismisses Application to Set aside Arbitral Award
Deacons, April 2020

In X v Jemmy Chien, HCCT 31/2019 the Plaintiff applied to set aside an arbitration award on the ground that there was no valid arbitration agreement between the Plaintiff and Defendant. The Plaintiff’s case was that the Defendant was not the true party to the Service Agreement containing the arbitration agreement, as he had signed it as agent for another (Chen) who was the principal and true party to the Service Agreement...

Court Upholds Validity of Calls on Contractor’s Bond
Deacons, April 2020

West Kowloon Cultural District Authority v AIG Insurance Hong Kong Limited [2020] HKCFI 569, concerned a bond obtained by the contractor, Hsin Chong Construction Company Limited (Hsin Chong), from the Defendant, AIG Insurance Hong Kong Ltd (AIG), in favour of the Plaintiff, West Kowloon Cultural District Authority (West Kowloon), as required under a construction contract...

Privacy Commissioner Warns Security Issues in Zoom
Deacons, April 2020

The COVID-19 pandemic has resulted in many employees working from home, and brought about a need for a more collaborate meeting culture in place of physical meeting and travelling. Online meetings using video conferencing systems empower businesses to stay connected with their clients, and interact and collaborate with their employees working remotely via the Internet...

Are Arbitral Hearings Prohibited by the Group Gathering Restriction?
Deacons, April 2020

According to section 3(1) of the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation (Regulation) (Cap.599G), no group gathering of more than four persons may take place in any public place during a specified period, unless it falls within one of the exceptions set out in Schedule 1 to the Regulation. The specified period will last until 7 May 2020, but may be further extended depending on the rapid changes in the public health situation...

Compliance Reminder about SFC Requirements on Use of External Electronic Data Storage
Deacons, April 2020

Hong Kong Securities and Futures Commission (SFC) licensed corporations (LCs) which store regulatory records in the cloud, data centres or other electronic storage facilities provided by external persons (EDSPs) without keeping copies of such records in their Hong Kong business premises are reminded of the need to comply with the following requirements, according to the circular issued by the SFC on 31 October 2019 (Circular): (i) notify the SFC of the external electronic data stor

Hong Kong SFC Licensing and Compliance Hints
Deacons, April 2020

Is your firm monitoring compliance with the liquid capital thresholds continuously? As the financial resilience of some firms is being tested in the face of the COVID-19 crisis, it is timely for us to remind clients that a HK SFC licensed firm’s “liquid” capital must always exceed its “required” liquid capital and that it must formally notify the SFC "as soon as reasonably practicable and in any event within one business day of becoming aware”, if, am

HKSAR: Legal Implications of the New Coronavirus – COVID-19
Deacons, March 2020

On 30 January 2020, the World Health Organisation (WHO) declared the outbreak of the new coronavirus, (subsequently renamed as COVID-19), “a public health emergency of international concern”. Various unprecedented and draconian measures were imposed by the PRC Government and other governments around the world, namely, a city lockdown, travel restrictions and bans, extension of the Lunar New Year holidays, mandatory quarantine orders, border closures, etc...

Preferential Tax Policies for Facilitating the Prevention and Control of the Outbreak of COVID-19
Deacons, March 2020

The State Taxation Administration (STA) released several announcements in the beginning of February which established preferential tax policies for facilitating the prevention and control of the outbreak of the novel coronavirus (COVID-19) and supporting enterprises to resume their business operations. Certain preferential tax treatments are specifically offered to enterprises and individuals that are directly involved in the prevention and control of the outbreak of COVID-19...

Measures and Precautions for Businesses Resuming Operations in China Following the COVID-19 Outbreak
Deacons, February 2020

Several recent reports claim that the novel coronavirus (COVID-19) epidemic in China is beginning to slow down and generally under control, prompting businesses in China to resume operations. In order to minimise further spreading of the virus as employees return to work, the PRC government has issued different local rules and guidelines to ensure enterprises are adequately prepared...

Hong Kong Court Orders Director to Personally Pay Litigation Costs
Deacons, January 2019

It appears that Big Island Construction (HK) Limited (BIC) and Wu Yi have had a long drawn out battle since 2005, with numerous judgments reported, starting from the District Court and going all the way up to  the Court of Final Appeal...

Conviction for Failing to Keep Significant Controllers Register on the Increase
Deacons, January 2019

In the beginging of 2019, the Companies Registry announced that twelve Hong Kong companies were prosecuted for failing to keep the significant controllers register at their registered offices. The result of this prosecution led to the companies being fined...

China Encourages Share Repurchase by Revising the Company Law
Deacons, December 2018

On 26 October 2018, the Standing Committee of the National People's Congress approved a decision to revise the Company Law of the People’s Republic of China (Revision), with the aim of supplementing and improving the existing share repurchase regime. We have set out a brief introduction to this Revision below. Background It has only been five years since the last revision to the Company Law of the People’s Republic of China (Company Law)...

Broader Protection from Discrimination and Harassment on The Horizon
Deacons, December 2018

The Discrimination Legislation (Miscellaneous Amendments) Bill 2018 (Bill) was gazetted on 30 November 2018...

Hong Kong Court Holds That Claim in Tort Was Not Affected by Arbitration Clause
Deacons, December 2018

“Arbitration agreement” is defined under section 19 of the Arbitration Ordinance (Cap 609) as an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not. Disputes submitted to arbitration may involve contractual claims and non-contractual claims, such as tortious claims...

Insider Dealing - Deal or No Deal
Deacons, November 2018

In the Court of Appeal (CA) decision of Securities and Futures Commission v Cheng Chak Ngok (CACV 95/2017; [2018] HKCA 590), the less disputed element of insider dealing, namely the element of “dealing” was at issue. As there was no direct evidence showing the dealing in this case, the issue was whether the circumstantial evidence was sufficient to draw inferences that there was in fact dealing in the relevant shares...

 

 

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