Financial Markets

High Court finds “No Consent Regime” unlawful

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

HKMA releases Technical Whitepaper on Retail Central Bank Digital Currency

HKMA releases Technical Whitepaper on Retail Central Bank Digital Currency 1400 788 Hauzen
With global trend of issuance of CBDC, HKMA released whitepaper exploring potential architecture and design options that could be applied to distributing e-HKD.

AML Regtech Lab “AMLab” launched in Hong Kong

AML Regtech Lab “AMLab” launched in Hong Kong 1400 788 Kelly
Through AMLab, it is hoped that the general effectiveness and efficiency of the AML ecosystem in Hong Kong will be improved.  

New MOU to enhance fintech regulation in GBA

New MOU to enhance fintech regulation in GBA 1400 788 Kelly
This new network link-up creates a one-stop platform for firms to conduct pilot trials of cross-boundary fintech initiatives in HK and GBA cities concurrently.

Joint Inspection by IA & HKMA on use of premium financing to take out long term insurance policies in Hong Kong

Joint Inspection by IA & HKMA on use of premium financing to take out long term insurance policies in Hong Kong 1401 788 Hauzen
On 30 September 2021, the Insurance Authority and the Hong Kong Monetary Authority published a circular on the IA and the HKMA’s joint inspection exercise relating to premium financing of long term insurance policies in Hong Kong.

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.

Joint announcement by HKMA & PBoC on implementation arrangements of cross-boundary wealth management connect scheme

Joint announcement by HKMA & PBoC on implementation arrangements of cross-boundary wealth management connect scheme 1400 788 Hauzen
In September 2021, the HKMA and the PBoC released a joint announcement on the implementation arrangements for the cross-boundary wealth management connect pilot scheme in the Guangdong-Hong Kong-Macao Greater Bay Area.

SFC’s new initiative to warn against unauthorised investment schemes

SFC’s new initiative to warn against unauthorised investment schemes 1401 788 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”).

Guideline on Fit and Proper Criteria for Licensing of Money Lenders

Guideline on Fit and Proper Criteria for Licensing of Money Lenders 1401 786 Hauzen
On 29 January 2021, the Companies Registry (the “CR”) published the Guideline on Fit and Proper Criteria for Licensing of Money Lenders to outline the criteria and matters that the CR considers in determining the fitness and properness of applicants for money lenders licences.
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