Financial Services Regulation

Bills for re-domiciliation of foreign investment funds gazetted
Bills for re-domiciliation of foreign investment funds gazetted 1400 788 Hauzen LLP
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 LLP
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 LLP
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 LLP
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 LLP
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 LLP
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 LLP
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.

HKEx Consultation Conclusions on the Main Board Profit Requirement
HKEx Consultation Conclusions on the Main Board Profit Requirement 1401 789 Hauzen LLP
On 20 May 2021, the Stock Exchange of Hong Kong Limited published conclusions to its consultations on the Main Board Profit Requirement.

SFC warns against online investment scams
SFC warns against online investment scams 1400 788 Hauzen LLP
The Securities and Futures Commission has recently concluded an online campaign alerting the public about the use of online platforms to defraud investors. There are many ways to ascertain and verify the identity of the counter-party on the other end of the deal.  Here are some ways to avoid falling victim to investment scams:-
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