The Companies Registry has announced the adoption of an Unique Business Identifier for all entities under the administration of the Registrar of Companies on 27 December 2023 and revised 117 specified forms to take effect from the same date.
On 26 September 2023, The Stock Exchange of Hong Kong Limited published its consultation paper on GEM listing reforms. The proposals have the objective of encouraging and facilitating listings of small and/or medium-sized enterprises on GEM while upholding high standards of investor protection. The consultation period will close on 6 November 2023. Subject to market feedback, the Exchange expects that the rule amendments will come into effect in early 2024.
In June 2023, the Office of the Privacy Commissioner for Personal Data issued an updated Guidance on Data Breach Handling and Data Breach Notifications (“Guidance”). The Guidance updates a non-binding, end-to-end framework for data users to tackle data breaches, including recommended elements that go into a data breach response plan, questions that need to be addressed in the course of investigating a data breach incident, how to make a data breach notification and tips for preventing recurrence of data breaches.
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.
Cyber fraud continues to pose a significant threat to businesses and individuals in Hong Kong and elsewhere around the world. According to the official statistics for Hong Kong, 2022 saw a significant increase of deception cases of over 8,000 cases, over 70% of which were Internet-related. The Hong Kong Police has developed a ‘No Consent Regime’, which encompassed a practice of issuing so-called ‘Letters of No Consent’ to banks for accounts which contain suspected proceeds of crime, thereby triggering informal bank freezes on these accounts.
Our Asia Pacific Employment & Compensation team is pleased to share our quarterly update, which highlights key employment law changes across the Asia Pacific region in the first quarter of 2023.
On 28 April 2023, the Occupational Safety and Occupational Health Legislation (Miscellaneous Amendments) Ordinance 2023 took effect upon gazettal. Employers who breach the statutory occupational safety and health requirements in Hong Kong will now be subject to significantly higher fines and imprisonment for up to two years.
Baker McKenzie’s Asia Pacific Employers’ Forum took place in Singapore on Thursday, 27 April 2023. You can access a number of related resources relating to employment issues and trends.
On 17 March 2023, the Hong Kong Securities and Futures Commission issued a Frequently Asked Question relating to the disclosure of interests in PRC issuers under Part XV of the Securities and Futures Ordinance, Cap. 571. Practice Note 25 was published on the same date to provide guidance on the application of the Codes on Takeovers and Mergers and Share Buy-backs to PRC issuers in light of the New PRC Regulations.
On 3 January 2023, the Health Sciences Authority (HSA) issued an update on products found and reported by overseas regulators to contain potent ingredients that are prohibited and may cause side effects. The HSA published a consolidated list of health products that were found and reported by health regulators overseas (including regulators in Brunei, Canada and Hong Kong) to contain potent ingredients.