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SFC’s Revised Guidelines on Competence effective on 1 January 2022 – Part II

SFC’s Revised Guidelines on Competence effective on 1 January 2022 – Part II 1400 788 Charing

We return with the second part to our two-part series on the Consultation Conclusions on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners published on 18 June…

SFC’s Revised Guidelines on Competence effective 1 January 2022

SFC’s Revised Guidelines on Competence effective 1 January 2022 1400 788 Charing
Following the Securities and Futures Commission’s (“SFC”) publication of the Consultation Conclusions on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners on 18 June 2021, the proposed enhancements will be reflected in the revised Guidelines on Competence (“Competence Guidelines”) and the revised Guidelines on Continuous Professional Training (“CPT Guidelines”), both of which will become effective on 1 January 2022.  In this two-part series, we will focus on the key changes under the Competence Guidelines for Responsible Officers and Licensed Representatives.

Carried Interest Tax Concession Regime for Private Equity Funds

Carried Interest Tax Concession Regime for Private Equity Funds 1401 788 Charing
On 7 May 2021, the Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Ordinance came into operation introducing the much-anticipated Carried Interest Tax Concession Regime (the “Regime”). The Regime operates to provide tax concession at both the salaries tax and profits tax levels.  Eligible Carried Interest will be taxed at 0% profits tax rate and all of the Eligible Carried Interest would also be excluded from computation in the calculation of salaries tax.

SFC Licensed Intermediaries: A reminder of your self-reporting obligation

SFC Licensed Intermediaries: A reminder of your self-reporting obligation 1400 788 Charing
If you are a SFC-licensed intermediary, then you are subject to the self-reporting obligation as set out in paragraph 12.5 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (the “Code”).

SFC’s new initiative to warn against unauthorised investment schemes

SFC’s new initiative to warn against unauthorised investment schemes 1400 935 Charing
The Securities and Futures Commission (the “SFC”) launched a new initiative to warn the public against unauthorised investment arrangements which are suspected to be collective investment schemes (“CIS”).

Time is of the essence – Maximising your chance of recovering money from cybercrime in Hong Kong

Time is of the essence – Maximising your chance of recovering money from cybercrime in Hong Kong 150 150 Charing
If you find yourself an unfortunate victim of an investment scam, it is crucial to prioritize your subsequent action to maximise your chance of recovering money from cybercrime.

SFC’s Circular to licensed corporations – Operation of Bank Accounts

SFC’s Circular to licensed corporations – Operation of Bank Accounts 1401 788 Charing
The Securities and Futures Commission (“SFC”) issued a circular to licensed corporations (“LC”) on 28 June 2021 warning against unsatisfactory practices in the operation of bank accounts of LCs (the “Circular”). 

Consultation on Proposed Code of Practice for Third Party Funding in Mediation

Consultation on Proposed Code of Practice for Third Party Funding in Mediation 1400 935 Charing
On 16 August 2021, the Department of Justice launched a two month public consultation to seek comments on the draft Code of Practice for Third Party Funding of Mediation (the “Code”).

Guideline on Application for Authorization to Carry on Special Purpose Business

Guideline on Application for Authorization to Carry on Special Purpose Business 1402 790 Charing
The Guideline is issued in connection with the regime administered by the IA for authorization of special purpose insurers (“SPIs”) to carry on special purpose business (“SPB”) in Hong Kong, which is defined to mean “the insurance business of effecting and carrying out contracts of insurance that are fully funded through insurance securitization”.

Bills for re-domiciliation of foreign investment funds gazetted

Bills for re-domiciliation of foreign investment funds gazetted 1400 788 Charing
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  (collectively, the “Bills”).  The Bills sets out the respectively scheme for foreign investment funds to be re-domiciled and registered in Hong Kong as open-ended fund companies (“OFC”) or limited partnership funds (“LPFs”).
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