In this recording of our introductory workshop, Baker McKenzie FinTech Legal Accelerator: Cracking the Legal Code, held as part of the Hong Kong FinTech Week 2020, our lawyers across Asia Pacific give an overview of key fintech issues that start-ups or scale-ups need to know as they grow and expand…

In brief On 3 November 2020, the Financial Services and the Treasury Bureau (“FSTB”) of the Government of the Hong Kong Special Administrative Region launched a consultation1 (“Consultation”) on proposals to enhance anti-money laundering and counter-terrorist financing (“AML/CTF”) regulation in Hong Kong under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO”).…

The Hong Kong Monetary Authority (HKMA) has released a Consultation Paper on Enhancing the Regulation and Supervision of Trust Business (Consultation Paper). The HKMA plans to introduce a Code of Practice for Trust Business (Code) to be incorporated into a new Supervisory Policy Manual (SPM) applicable to all authorized institutions (AIs) and local subsidiaries of locally incorporated AIs (AI subsidiaries) conducting trust business in Hong Kong. The aim of the Code is to enhance protection of client assets held on trust and better align with international standards and practices to promote the fair treatment of customers and a customer-centric culture in the trust business. We discuss some of the HKMA’s proposals and their potential application.

Business models and consumer patterns have changed substantially in the financial services market driven by and driving digital transformation. Opening accounts online, without physically attending offices or branches, has become part of a new norm and is an essential rather than an additional channel to offer customers convenience. Money laundering and other fraud risks relating to remote customer onboarding have been topics of considerable debate over the past few years. With ongoing technological advances, the risk levels and risk appetites in the online environment are no longer the same. We will highlight a few key developments and trends in Hong Kong.

Download full version in PDF The Securities and Futures Commission (SFC) has taken another major step towards establishing a regulatory framework for virtual asset trading platforms, and is now inviting licensing applications from platform operators who are willing and able to comply with new licensing criteria and continuing compliance requirements…

Download Full Version in PDF Hong Kong’s Securities and Futures Commission (SFC) issued a circular on 31 October 2019 (“Circular”) clarifying its expectations of SFC-licensed corporations (“LCs”) utilising electronic data storage providers (“EDSPs”) to store or process records electronically. These include: the introduction of important new requirements (including approval requirements)…

Download publication A series of briefings that take a “bite-size” look at international trends in different jurisdictions drawing on Baker McKenzie’s expert financial services practitioners Individual Accountability Regimes – Driving Improvements in Culture This edition takes a bite-size look at culture within financial services businesses, as seen by regulators in…

Recent developments Hong Kong’s Securities and Futures Commission (SFC) recently announced that it will adopt new measures to protect the interests of investors in virtual asset portfolios or funds, and explore the potential regulation of virtual asset trading platforms. In the Statement on regulatory framework for virtual asset portfolio managers,…

The Securities and Futures Commission (SFC) published its Consultation Conclusions on Offline Requirements Applicable to Complex Products (“the Conclusions”) on 4 October 2018, in which it adopted proposals to enhance the investor protection measures for the offline provision of services involving complex products. As a result, there will be changes…

Under the new Apology Ordinance, the evidence of an apology is not admissible in any judicial, arbitral, administrative, disciplinary and regulatory proceedings for determining fault or liability.