Financial Markets

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.

Bills for re-domiciliation of foreign investment funds gazetted
Bills for re-domiciliation of foreign investment funds gazetted 1400 788 Hauzen
Exciting possibilities for hedge funds, private equity funds and others, whether close-ended or open-ended, to move their domicile to Hong Kong.

Court of Appeal grants SFC compensation orders against former directors of EganaGoldpfeil
Court of Appeal grants SFC compensation orders against former directors of EganaGoldpfeil 1401 786 Hauzen
Court of Appeal grants the Securities and Futures Commission $622 million compensation orders against former directors of EganaGoldpfeil (Holdings) Ltd.

Commencement dates for new inspection regime under Companies Ordinance
Commencement dates for new inspection regime under Companies Ordinance 1400 787 Hauzen
HKSAR published in the Gazette on 18 June 2021 the following commencement notices and subsidiary legislation for implementation of the inspection regime.

SFC suspends a Responsible Officer of GEO Securities Ltd
SFC suspends a Responsible Officer of GEO Securities Ltd 1400 788 Hauzen
The Hong Kong Securities and Futures Commission suspends a Responsible Officer of GEO for breach of licensing conditions.

Exemptions for senior executives of licensed corporations from compulsory quarantine arrangements
Exemptions for senior executives of licensed corporations from compulsory quarantine arrangements 1402 790 Hauzen
On 28 May 2021, the SFC issued a circular regarding the grant of exemptions for senior executives of licensed corporations from the three-week compulsory quarantine arrangements in Hong Kong under Cap. 599C and Cap. 599E.

FSTB Concludes Landmark Consultation on New Licensing Regime for VASPs
FSTB Concludes Landmark Consultation on New Licensing Regime for VASPs 1400 788 Basil Hwang
Proposal has received broad support from respondents, who understand the importance of regulating VASPs in fulfilment of the obligations outlined by the FATF.

The Show Must Go On – Signing with Electronic Signatures in Hong Kong
The Show Must Go On – Signing with Electronic Signatures in Hong Kong 1401 788 Hauzen
Electronic signatures have been recognised in under Hong Kong laws as early as January 2000 with the enactment of the Electronic Transactions Ordinance (Cap. 553). This article provides a summary of the current legal framework governing electronic signatures in commercial settings and in litigation settings.

Joint statement on IPO-related misconduct
Joint statement on IPO-related misconduct 1920 1080 Hauzen
On 20 May 2021, SFC and HKEx issued a joint statement setting out the general approach taken by them to address regulatory issues formed in recent new listings.  The statement described how the regulators would deploy their respective powers under the SFO, the SMLR and the Listing Rules to tackle issues that mainly involved suspected arrangements to artificially satisfy the initial listing requirements, or facilitate market manipulation of the shares after the IPO.
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