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 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).

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.

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 Hauzen
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 1400 787 Hauzen
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 Hauzen
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 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.

Judiciary Consultation on the Legislative Amendments to Enable Remote Hearing
Judiciary Consultation on the Legislative Amendments to Enable Remote Hearing 1400 788 Hauzen
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 935 Hauzen
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 Hauzen

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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