In the Asia Pacific Competition update, we provide you with a practical overview of the most notable antitrust legal developments of the third quarter in 2021 that may affect your business.
The financial services industry is undergoing sweeping changes driven by regulatory developments, rapidly advancing technology, ESG concerns and continued consolidation in the sector. The far-reaching impact of financial reforms, intricacies in their implementation, and conflicting regulations in different jurisdictions can expose businesses to increased regulatory risk.
Welcome to this issue of the Global DR Legal Update, our quarterly newsletter which aims to bring together the most important global developments in litigation and arbitration. If you have any questions, or if we can assist further, please get in touch with Ben Roe or Steve Adams.
Hong Kong controls dual-use items under the Import and Export Ordinance and its corresponding subsidiary legislation, the Import and Export Regulations. On 17 September 2021, an order to amend the list of strategic commodities under relevant schedules to the IESCR came into effect. The amendments aim to align Hong Kong’s control list with international non-proliferation regimes, including the Wassenaar Arrangement.
On 1 August 2021, the regulatory framework for Advanced Therapy Products (ATPs) came into operation in Hong Kong. ATPs, which are innovative medical products based on genes, cells and tissues that have been subject to ‘substantial manipulation’ or are intended for non-homologous use, have been added to the definition of ‘pharmaceutical products’ under the existing Pharmacy and Poisons Ordinance and its subsidiary legislation, the Pharmacy and Poisons Regulations.
The Securities and Futures Commission recently released its Consultation Conclusions on Proposed Enhancements to the Competency Framework for Intermediaries and Individual Practitioners. Changes to the existing Guidelines on Competence and Guidelines on Continuous Professional Training will take effect in January 2022. These changes impact the competence and ongoing training requirements for new and existing Responsible Officers and Licensed Representatives of Licensed Corporations, as well as Executive Officers and Relevant Individuals of Registered Institutions.
Until now, any member of the public can obtain through a standard company search information regarding the residential addresses and personal identification numbers of directors and company secretaries of Hong Kong-registered companies on the register of the Companies Registry. In light of the growing concern about the availability and use of personal information, an inspection regime to protect such personal information was included in the new Companies Ordinance (Cap 622).
Regulators around the world are seeking to strengthen governance frameworks to deter and prevent the perpetuation of employee misconduct and to stem the “rolling of bad apples.”
In this webinar recording, Eunice Tan and Grace Fung from our financial services regulatory team, and Zhao Yang Ng and Sonia Wong from our employment and compensation team discuss and analyze regulatory developments proposed by the Monetary Authority of Singapore and the Hong Kong Monetary Authority in meeting these objectives.
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.
The Hong Kong Monetary Authority (HKMA) recently released its Consultation Conclusions Paper (“Consultation Conclusions”) on Implementation of Mandatory Reference Checking Scheme (“MRC Scheme”) to Address the “Rolling Bad Apples” Phenomenon.