In brief The onset of COVID-19 has led to an unprecedented need and demand for remote working. In light of the current situation, some employees are now asking whether it is possible to conduct their work remotely for an extended period in another country. This guide covers the key legal…
Our Hong Kong and China employment teams covered important changes and trends in employment law over the past…
On December 23, 2020, the Commerce Department’s Bureau of Industry and Security (BIS) amended the Export Administration Regulations (EAR), in…
The Hong Kong Securities and Futures Commission (SFC) recently released additional guidance on external electronic data storage in the form of frequently asked questions (FAQs)1, which elaborate on the requirements for using external electronic data storage providers (EDSPs) under the SFC’s 31 October 2019 circular (“EDSP Circular”)2. The FAQs provide further guidance on the following key aspects: (i) key personnel requirements for the purpose of the EDSP Circular; (ii) the application of the EDSP Circular where electronic regulatory records are kept with affiliates; and (iii) the use of undertakings by designated Manager(s)-in-Charge (MIC(s)) / Responsible Officer (RO) (“MIC/RO Undertaking”) as acceptable alternatives to the undertakings provided by the EDSPs (“EDSP Undertaking”). We discuss the implications in these areas further below. The SFC has also made consequential changes to its Frequently Asked Questions on premises for business and record keeping3.
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.
HKCC accepts proposed commitments from seaport alliance
The Tribunal approves first cartel settlement
HKCC publishes policy on calculating fines
An alliance among four terminal operators agreed to comply with pricing restrictions and behavioral conditions to settle HKCC’s investigation. The Tribunal has resolved a case by way of approving a consensual application following a settlement between the parties for the first time. The HKCC also published a policy on calculating fines, which sets out a four-step approach to the formulation of recommended pecuniary penalties.
This update was published on 16 October 2020 as part of our quarterly newsletter, Asia Pacific Competition Highlights. Click here to access the full report, which covers the most notable antitrust developments across 11 Asia Pacific jurisdictions.
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”).…
Partners Tracy Wut and Derek Poon were featured in Private Equity International’s Keynote Interview, entitled “China’s rebound creates…
Read publication Welcome to the 20th edition of the Asia Pacific Insurance Newsletter. This edition covers insights, pertinent…
Regulators around the world are responding quickly to the rapidly evolving financial technology, or fintech, landscape. As new or emerging financial products, services or delivery channels may not meet all regulatory requirements, financial regulators internationally have implemented fintech regulatory sandbox regimes as a solution. A sandbox allows financial institutions (FI)…