Legislative Update

Consultation on New Type 13 Regulated Activity
Consultation on New Type 13 Regulated Activity 1400 788 Charing
In Feb 2022, SFC released its Consultation Conclusions on the Proposed Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes.

New Investigatory Powers for Privacy Commissioner for Personal Data to Combat Doxxing
New Investigatory Powers for Privacy Commissioner for Personal Data to Combat Doxxing 1400 787 Charing
With the passing of the Personal Data Ordinance 2021, the Commissioner is now empowered in-line with other regulatory bodies like SFC and Insurance authority.

Employment & Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022 Gazetted
Employment & Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022 Gazetted 1400 788 Charing
Abolishes use of accrued benefits of employers’ mandatory contributions under Mandatory Provident Fund scheme to offset severance payment & long service payment.

Discussion Paper: Crypto-assets & Stablecoins
Discussion Paper: Crypto-assets & Stablecoins 1400 788 Kelly
The HKMA has issued a discussion paper on crypto-assets and stablecoins, inviting views on potential regulatory approaches until 22 March 2022.

Insurance Authority Publishes an Explanatory Note on “Regulated Activity”
Insurance Authority Publishes an Explanatory Note on “Regulated Activity” 1400 788 Charing
An important consideration for currently unregulated entities providing insight into IA’s assessment whether activities will or won’t fall under regulatory regime of Insurance Ordinance.

Public Consultation on HK’s Copyright Regime
Public Consultation on HK’s Copyright Regime 1400 788 Kelly
This much-anticipated consultation is based on the key proposals contained in the 2014 Bill, which could not survive the previous legislative process.

SFC’s Revised Guidelines on Competence effective on 1 January 2022 – Part II
SFC’s Revised Guidelines on Competence effective on 1 January 2022 – Part II 1401 788 Charing

We return with the second part to our two-part series on the Consultation Conclusions on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners published on 18 June…

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.

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 1401 786 Hauzen
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 1401 789 Hauzen
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).
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