Updates

Covering the latest legal developments that impact individuals and businesses. Stay informed on changes in laws, regulations, and proposed legislative reforms.

Hong Kong Embraces Cryptocurrency: Get Ready for New VASP Regime
Hong Kong Embraces Cryptocurrency: Get Ready for New VASP Regime 1400 787 Basil Hwang
Operating a virtual asset in Hong Kong? Learn what you need to do to get ready for the new SFC legislation starting 01 June 2023!

HK has Fully Implemented the Outcome Related Fee Structures for Arbitration Regime
HK has Fully Implemented the Outcome Related Fee Structures for Arbitration Regime 1400 788 Kelly Ho
On 16 December 2022, the ORFSA regime was fully implemented in Hong Kong through the amended Arbitration Ordinance (Cap. 609) and the new Arbitration (Outcome Related Fee Structures for Arbitration) Rules (Cap. 609D).
  • Yuqi Shi

HKLRC Proposes New Legislation on Cybercrime
HKLRC Proposes New Legislation on Cybercrime 1400 787 Yuqi Shi
Businesses in Hong Kong may soon need to account for cybercrimes laws when establishing their information and communication technology security frameworks.

SFC Suspends RO of Rifa Futures Ltd for Breach of KYC, AML & CFT Reqs
SFC Suspends RO of Rifa Futures Ltd for Breach of KYC, AML & CFT Reqs 1401 786 Hauzen LLP
SFC taking much stronger approach against failure to adhere to KYC, AML & CFT standards. Mere for-show due-diligence and monitoring checks will not suffice.

PCPD Issues Guidance Note on Data Security Measures
PCPD Issues Guidance Note on Data Security Measures 1400 787 Hauzen LLP
With data breaches and compliance actions on the rise, the Office of the Privacy Commissioner for Personal Data issued new guidance on data security measures.

SFC reprimands & fines investment manager for failure managing private funds
SFC reprimands & fines investment manager for failure managing private funds 1400 788 Hauzen LLP
SFC reprimanded and fined CES HK$3.2 million over its failure to discharge its duties as an investment manager between the period of February 2015 – July 2017.

SFC proposes amendments to Securities and Futures Ordinance to strengthen enforcement
SFC proposes amendments to Securities and Futures Ordinance to strengthen enforcement 1400 788 Hauzen LLP
The SFC is accepting comments on its proposed amendments by no later than 12 August 2022.

Consultation on New Type 13 Regulated Activity
Consultation on New Type 13 Regulated Activity 1400 788 Hauzen LLP
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 Hauzen LLP
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.

SFC Bans Mr. Poon Chun Hing From Re-entering Industry for Life
SFC Bans Mr. Poon Chun Hing From Re-entering Industry for Life 1400 788 Hauzen LLP
Readers are reminded to be alert if approached with securities & futures investments or dealing with anyone claiming they are licensed / registered in Hong Kong
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