Legislative Update

Guideline on Submission of Business Plan by Applicant of a Money Lenders Licence

Guideline on Submission of Business Plan by Applicant of a Money Lenders Licence 1400 788 Louise
Further to our article on the publication of the Guideline on Fit and Proper Criteria for Licensing of Money Lenders, on 29 January 2021, the Companies Registry published another Guideline on Submission of Business Plan by Applicant of a Money Lenders Licence.

HKMA’s Guideline on Certification of Funds for Carried Interest Tax Concession

HKMA’s Guideline on Certification of Funds for Carried Interest Tax Concession 1400 788 Louise
The Hong Kong Monetary Authority on 16 July 2021 issued a Guideline on Fund Certification for Carried Interest Tax Concession under Schedule 16D to the Inland Revenue Ordinance (Cap. 112).

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”).

Launch of grant scheme for open-ended fund companies and real estate investment trusts

Launch of grant scheme for open-ended fund companies and real estate investment trusts 1401 788 Louise
Hong Kong’s Financial Secretary announces subsidies for open-ended fund companies to set up in or re-domicile and Real Estate Investment Trusts to list in HK.

Enforcement of Civil Judgments of Matrimonial and Family Cases in Hong Kong and Mainland China

Enforcement of Civil Judgments of Matrimonial and Family Cases in Hong Kong and Mainland China 1401 789 Louise
Hong Kong’s Legislative Council passed the Mainland Judgments in Matrimonial and Family Cases (Reciprocal Recognition and Enforcement) Ordinance

Proposed amendments to PDPO to combat doxxing activities

Proposed amendments to PDPO to combat doxxing activities 1400 787 Charing
Proposed amendments include “A person commits an offence if the person discloses any personal data of a data subject without the data subject’s consent,”

Exemptions for senior executives of licensed corporations from compulsory quarantine arrangements

Exemptions for senior executives of licensed corporations from compulsory quarantine arrangements 1402 790 Louise
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.

Judiciary Consultation on the Legislative Amendments to Enable Remote Hearing

Judiciary Consultation on the Legislative Amendments to Enable Remote Hearing 1400 787 Charing
The Judiciary Administration published a legislative proposal to enable remote hearing on February 2021

FSTB Consultation paper on new licensing regime for virtual assets services providers

FSTB Consultation paper on new licensing regime for virtual assets services providers 1400 787 Charing
FSTB published consultation paper proposeing to introduce a licensing regime for virtual assets services providers (“VASPs”).  The consultation period ended on 31 January 2021.

Arbitration (Amendment) Ordinance 2021 to come into operation on 19 May 2021

Arbitration (Amendment) Ordinance 2021 to come into operation on 19 May 2021 1400 786 Charing

As previously reported, Hong Kong and the Mainland signed a Supplemental Arrangement on 27 November 2020 for the purpose of enhancing enforcement of arbitral awards between the two jurisdictions. As a…

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