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Hong Kong’s SFC concludes proposed amendments to Code on Pooled Retirement Funds
Deacons, November 2021

On 28 October 2021, the Securities and Futures Commission (SFC) released the consultation conclusions on proposed amendments to the Code on Pooled Retirement Funds (PRF Code). The amended PRF Code will become effective upon gazettal, which is expected to be some time in November 2021 (Effective Date)...

Recent update on Term SOFR and ARRC’s best practice recommendations
Deacons, October 2021

On 27 August 2021, the Alternative Reference Rates Committee (“ARRC”), a group of private-market participants convened by the Federal Reserve Board and the Federal Reserve Bank of New York in 2014 to lead the LIBOR transition in the United States, issued FAQs and Best Practice Recommendations on, among other things, the use of the Secured Overnight Financing Rate (“SOFR”) and its term rates (“Term SOFR”), following the ARRC’s formal recommendatio

HKMA releases a technical whitepaper on Retail Central Bank Digital Currency (“CBDC”)
Deacons, October 2021

The Hong Kong Monetary Authority (“HKMA”) released a technical whitepaper on CBDC on 4th October 2021 “e-HKD: A technical perspective” (“Whitepaper”). The HKMA announced its “Fintech 2025” strategy in June this year, one part of which is to strengthen research work into CBDC with a view to future-proofing Hong Kong in terms of CBDC readiness...

The Office of the Privacy Commissioner for Personal Data (“PCPD”) Publishes FAQ on “Understanding the European Commission’s New Standard Contractual Clauses for Transfer of Personal Data from EU to Non-EU Regions”
Deacons, October 2021

The European Commission adopted a new set of Standard Contractual Clauses (“New SCCs”), effective 27 June 2021, for the transfer of personal data to non-EU regions. From 27 September 2021 onwards, data exporters and data importers can only conclude contracts which incorporate the New SCCs for the transfer of personal data out of the European Union...

Mainland China briefing: China expands the investment scope for QFIs
Deacons, October 2021

On 13 October 2021, the China Securities Regulatory Commission (CSRC) issued an Announcement on the Participation of Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors in Financial Derivatives Transactions (Announcement, available here in Chinese)...

Launch of Hong Kong re-domiciliation mechanism for foreign investment funds
Deacons, October 2021

On 30 September 2021, the Government passed into law the Securities and Futures (Amendment) Ordinance 2021 and the Limited Partnership Fund and Business Registration Legislation (Amendment) Ordinance 2021 (the Ordinances). These new laws will enable foreign investment funds to be re-domiciled and registered in Hong Kong as open-ended fund companies (OFCs) or limited partnership funds (LPFs). The Ordinances will come into effect on 1 November 2021...

Unpacking the SFC’s requirements on the management and disclosure of climate-related risks for fund managers
Deacons, October 2021

Hong Kong’s Securities and Futures Commission (SFC) held two virtual briefing sessions in October 2021 and provided useful guidance on its newest climate-related risk management requirements for fund managers, as detailed in the Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers (with amendments to the Fund Manager Code of Conduct (FMCC)) and the Circular issued on 20 August 2021...

Can a tenant get away with its payment obligations in view of COVID-19 and Government Closure Orders?
Deacons, October 2021

In our previous article, we reported that the court had refused to frustrate a tenancy agreement due to the COVID-19 pandemic and social disruption: The Center (76) Limited v Victory Serviced Office (HK) Limited HCA 1020/2020; [2020] HKCFI 2881. In this article, we will discuss several recent decisions on the same subject. The tenants’ arguments in all of these cases, that their payment obligations were discharged/suspended during the COVID-19 pandemic, failed...

Security of Payment Provisions in Public Works Contract Effective – Your Need to Know
Deacons, October 2021

In our Client Alert dated 26 March 2021, we reported that the Government had released a draft Technical Circular on the implementation of the spirit of Security of Payment Legislation (SOPL) in public works contracts. The draft Circular was provided to stakeholders to comment and the Circular aimed at implementing certain measures of SOPL on public works contracts, term contracts and related subcontracts tendered after July/August 2021...

How to Transfer Personal Information out of China under the Personal Information Protection Law
Deacons, October 2021

The Personal Information Protection Law (the “PIPL”) will take effect on 1 November 2021. It follows the fundamental rules on protecting personal information under the Cybersecurity Law and Civil Code of the People’s Republic of China (PRC). We highlight below the key points in the PIPL on processing personal information within China, and outbound transfer of personal information, which may impact businesses whether they are operating in or outside the PRC. 1...

Capacity of the applicant and the duty of full and frank disclosure in applications for enforcement of arbitral awards
Deacons, September 2021

Arbitration is an increasingly popular means for cross-border dispute resolution, and it has also led to an increasing number of court applications in Hong Kong seeking enforcement of local and foreign arbitral awards...

Court of Appeal limits application of “fraud exception” in Order 14 summary judgment applications, while such exception is set to be abolished before the end of 2021
Deacons, September 2021

There were conflicting judicial opinions of first instance courts as to whether the exception in summary judgment applications under Order 14, rule 1(2)(b) of the Rules of the High Court (Cap. 4A) (Fraud Exception) covers actions in which the defendant is not alleged to be a party to the fraud, but where allegations of fraud are made against a third party. In R. Stahl Inc...

Watch out for that “doxxing” post – what businesses need to know
Deacons, September 2021

On 29 September 2021, the Hong Kong Legislative Council passed a bill to reform the Personal Data (Privacy) Ordinance (Cap. 486) (PDPO) by introducing a two-tier offence to criminalise doxxing acts, conferring new enforcement powers on the Hong Kong Privacy Commissioner to prosecute doxxing offences and issue cessation notices with extra-territorial effect to demand the removal of doxxing contents by both Hong Kong persons and non-Hong Kong service providers...

Five key takeaways from the HK SFC’s consultation conclusions on revisions to its AML guidelines
Deacons, September 2021

On 15 September 2021, the SFC issued a press release relating to the Consultation Conclusions (Conclusions) on proposals to amend its anti-money laundering and counter-financing of terrorism (AML/CFT) guidelines, approximately one year after the SFC issued the consultation paper (Consultation) on 18 September last year...

Mainland China briefing: Southbound trading of the Bond Connect scheme launched
Deacons, September 2021

On 15 September 2021, the People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) jointly announced that southbound trading of the Bond Connect scheme (Southbound Bond Connect) would be officially launched on 24 September 2021 (the joint announcement is available here)...

Hong Kong consults on listing framework for special purpose acquisition companies (SPACs)
Deacons, September 2021

On 17 September 2021, The Stock Exchange of Hong Kong Limited (Exchange) published a consultation paper seeking market feedback on proposals to create a listing regime for SPACs in Hong Kong...

UK Supreme Court rules on correct approach to interpreting liquidated damages clauses
Deacons, September 2021

In Triple Point Technology Inc v PTT Public Company Ltd [2021] UKSC 29, the principal issue before the Court was the approach to be adopted when interpreting a liquidated damages clause in a contract i.e. a clause providing for a pre-determined sum agreed upon in the event of a specified breach by one of the parties...

Arbitration Clauses – choose words carefully
Deacons, September 2021

The recent judgment in Kinli Civil Engineering Ltd v Geotech Engineering Ltd, HCA 2141/2020, is a reminder of the importance of choosing words carefully when drafting an arbitration clause, to ensure that it reflects the parties’ intentions as to how any disputes that may arise are to be resolved.      Background The proceedings were instituted by the Plaintiff (K) against the Defendant (G) for sums, said to be due under a contract between them (Contract)...

Presumption of one-stop adjudication held to apply to multiple contracts with differing dispute resolution clauses
Deacons, September 2021

In Surrey County Council v Suez Recycling and Recovery Surrey Ltd [2021] EWHC 2015, the parties had entered into a number of agreements and England’s Technology and Construction Court had to determine what they had ultimately agreed should be the appropriate dispute resolution forum. The Court granted the application for a stay of the proceedings in favour of arbitration, under s.9 of the Arbitration Act 1996 (equivalent to s...

Single joint experts preferred in construction cases
Deacons, September 2021

In Perpetual Wealth (Hong Kong) Ltd v Be Solutions Company Ltd, HCA 1905/2018, the Court emphasised that for construction cases, the starting point for expert directions is that single joint expert (SJE) evidence is preferred, as it assists to narrow the scope of the issues in dispute, shortens the trial, facilitates settlement of issues and often leads to global settlement of the action...

New Legal Regime for Cross-Boundary Matrimonial and Family Cases and Guidance Note on Case Management in Children and Ancillary Relief Proceedings
Deacons, September 2021

The green light was recently given for two substantive changes in family law practice. First, on 15 February 2022, the Mainland Judgments in Matrimonial and Family Cases (Reciprocal Recognition and Enforcement) Ordinance (Cap. 639) (Ordinance) and Rules will come into operation. Secondly, there is a new Guidance Noteon Case Management and Time Tabling in Children and Ancillary Relief Proceedings issued by the Judiciary under Practice Direction SL10.4...

The Launch of Wealth Management Connect – Cross-Boundary Fund Distribution Across the Greater Bay Area Gets the Green Light
Deacons, September 2021

Background On 10 September 2021, the Hong Kong Monetary Authority (HKMA) and People’s Bank of China (PBoC)released their respective implementation rules in connection with the cross-boundary Wealth Management Connect (WMC) pilot scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)...

A dialogue with Deacons: New climate-related risk requirements for Hong Kong fund managers
Deacons, September 2021

In seeking to address the impact of climate change within Hong Kong’s fund management industry, the SFC has introduced new climate-related regulatory requirements for fund managers in relation to disclosures and to their investment risk and management processes. In this ten-minute podcast, Jeremy Lam outlines key features of the new regime, the timeframe for implementation and how best to plan ahead...

Tackling Chinese Counterfeits is Not Child’s Play
Deacons, August 2021

Did you know? At the end of last year, US Customers and Border Protection officers seized around US$1.3 million worth in China counterfeit toys at the Port of New York and New Jersey. The seizure included more than 141,000 counterfeit UNO card games, 9,600 "LOL Surprise! Under Wraps” balls and almost 2000 “LOL Surprise!” capsule toys...

Climate-Related Risk Requirements for Fund Managers
Deacons, August 2021

Hong Kong’s Securities and Futures Commission (SFC) has announced details of requirements for fund managers to address climate change in their investment and risk management processes and make appropriate disclosures. Where are the requirements set out? On 20 August 2021, the SFC issued: Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers with amendments to the Fund Manager Code of Conduct (FMCC) set out in Appendix B and C...

 

 

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