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Hauzen LLP

Insurance Authority Reprimands & Fines Insurer for Contraventions of AML & CTF Ordinances
Insurance Authority Reprimands & Fines Insurer for Contraventions of AML & CTF Ordinances 1400 788 Hauzen LLP
MetLife (now FWD Life) & Metropolitan Life Insurance (now FWD Life Assurance) fined HK$7 million. It is clear that the IA takes these failures very seriously.

Employment & Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022 Gazetted
Employment & Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022 Gazetted 1400 788 Hauzen LLP
Abolishes use of accrued benefits of employers’ mandatory contributions under Mandatory Provident Fund scheme to offset severance payment & long service payment.

Discussion Paper: Crypto-assets & Stablecoins
Discussion Paper: Crypto-assets & Stablecoins 1400 788 Hauzen LLP
The HKMA has issued a discussion paper on crypto-assets and stablecoins, inviting views on potential regulatory approaches until 22 March 2022.

High Court Finds “No Consent Regime” Unlawful
High Court Finds “No Consent Regime” Unlawful 1401 786 Hauzen LLP
While the implications of this decision remain to be seen, victims of fraud are still recommended to make a police report in any event.

SFC Reprimands & Fines Fulbright Securities $3.3M, Suspends License of RO
SFC Reprimands & Fines Fulbright Securities $3.3M, Suspends License of RO 1400 788 Hauzen LLP
Key takeaway is that SFC won’t hesitate to sanction both licensed corporation and licensed person and attribute the misconduct to licensed person.

Insurance Authority Publishes an Explanatory Note on “Regulated Activity”
Insurance Authority Publishes an Explanatory Note on “Regulated Activity” 1400 788 Hauzen LLP
An important consideration for currently unregulated entities providing insight into IA’s assessment whether activities will or won’t fall under regulatory regime of Insurance Ordinance.

Public Consultation on HK’s Copyright Regime
Public Consultation on HK’s Copyright Regime 1400 788 Hauzen LLP
This much-anticipated consultation is based on the key proposals contained in the 2014 Bill, which could not survive the previous legislative process.

Exchange Published Conclusions on Reforms to Enhance Listing Regime for Overseas Issuers
Exchange Published Conclusions on Reforms to Enhance Listing Regime for Overseas Issuers 1400 788 Hauzen LLP
To enhance and streamline the listing regime for overseas issuers. The amended Listing Rules and the new guidance materials will take effect from 1 January 2022.

New MOU Between Insurance Authority & Insurance Complaints Bureau
New MOU Between Insurance Authority & Insurance Complaints Bureau 1400 788 Hauzen LLP
MOU aims to expedite handling of claim-related disputes; complaints of a monetary nature involving disputes on the decision made by an authorized insurer.

Court Finds Trio Insider Dealing in TeleEye Shares & Order Disgorgement of Profits
Court Finds Trio Insider Dealing in TeleEye Shares & Order Disgorgement of Profits 1400 788 Hauzen LLP
We remind the reader that there are serious consequences to insider dealing and for failing to respond to SFC’s enquiries and investigation. 
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