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Tina P. Li

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Tina Li is an Associate in Baker McKenzie, Hong Kong office.
In AML & Financial Services Regulatory

Hong Kong: The enactment of the Insurance (Amendment) Ordinance 2023 on 6 July 2023

by , and 1 Min Read

On 6 July 2023, the Insurance (Amendment) Ordinance 2023 was enacted by the Legislative Council which provides the legal basis for the implementation of the risk-based capital (RBC) regime for the insurance industry in Hong Kong.
The RBC regime is targeted for implementation in 2024. Prior to its implementation, it is expected that the Insurance Authority of Hong Kong will further consult the insurance industry on the detailed rules and technical requirements of the RBC
regime. Based on the conclusions of the consultation, it is expected that new subsidiary legislation(s) will be promulgated to set out the detailed rules and technical requirements of the RBC regime.

In Asia-Pacific

China: New Regulatory Requirements for Imported Food Products

by and 8 Mins Read

On 12 April 2021, the General Administration of Customs of China issued Order No. 248, which sets out new requirements for the registration of qualified foreign food producers that are allowed to export food products to China, effective from 1 January 2022. This Order represents a significant move toward tightening up the regulation of foreign made food products imported into China.

In Asia-Pacific

China: MOFCOM issues new encryption import control effective immediately

by and 2 Mins Read

On 2 November 2021, the Ministry of Commerce of China officially released the revised Catalogue of Technologies Subject to Import Prohibition and Restriction, effective immediately, which identifies, among others, foreign “data encryption technology employing a key length greater than 256 bits” as a technology that requires import permit when transferred to a Chinese party.