Insights

PCPD FAQ on EU’s New Standard Contractual Clauses for Personal Data

PCPD FAQ on EU’s New Standard Contractual Clauses for Personal Data 1400 787 Charing
From 27 September 2021 on, data exporters & importers can only conclude contracts incorporating new SCCs for transfer of personal data out of European Union.

Hong Kong Funds Update: 1) Launch of Re-domiciliation Mechanisms; 2) Updates from Companies Registry

Hong Kong Funds Update: 1) Launch of Re-domiciliation Mechanisms; 2) Updates from Companies Registry 1401 788 Charing
Foreign Investment Funds now able take advantage of this mechanism to re-domicile & register in Hong Kong as OFCs or LPFs

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.

SFC’s Revised Guidelines on Competence effective 1 January 2022

SFC’s Revised Guidelines on Competence effective 1 January 2022 1401 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.

Record keeping in the cloud: As an old law falls to a modern reality, do SFC licensees risk repercussions?

Record keeping in the cloud: As an old law falls to a modern reality, do SFC licensees risk repercussions? 150 150 Greg Heaton
Are your company records stored in the cloud? Licensees in Hong Kong beware you are likely breaching the Securities and Futures Ordinance.

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”).

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”). 
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