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Hong Kong: Privacy Commissioner’s updated Guidance on Data Breach Handling and Data Breach Notifications

by , , and 7 Mins Read

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.

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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

Hong Kong: Return of a key tool to protect victims of cyber fraud?

by 7 Mins Read

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.

In Employment

Hong Kong: Increased penalties for breaching occupational safety and health requirements

by , and 2 Mins Read

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.

In Employment

Asia Pacific Employers Forum 2023

by , , , , , , , , , , , , , and 1 Min Read

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.

In Corporate Compliance

Hong Kong: SFC issues guidance in light of the new PRC regulations on overseas listings of PRC companies – Baker McKenzie InsightPlus

by , , and 9 Mins Read

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.

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In Product Regulation & Liability

Singapore: HSA update on products found by overseas regulators to contain potent ingredients

by and 2 Mins Read

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.

In Sanctions

United States: BIS issues FAQs regarding China’s advanced computing and semiconductor sectors

by , and 5 Mins Read

On 28 October 2022, the US Commerce Department’s Bureau of Industry and Security issued a first round of FAQs regarding the advanced computing and semiconductor manufacturing Interim Final Rule, published on 13 October 2022 (87 Fed. Reg. 62,186) and amending the Export Administration Regulations. The FAQs clarify that that the new restrictions on exports and reexports to China also apply to Hong Kong.

In Antitrust / Competition

Multijurisdictional: The burden of proof in competition cases

by 3 Mins Read

Regulators and courts in common law jurisdictions around the world are being given significant and increasing powers to impose financial penalties without traditional criminal law safeguards. Competition law has been particularly susceptible to arguments that traditional safeguards should be discarded to aid regulators in securing convictions. In the first competition case to go to trial in Hong Kong, the Competition Tribunal held in 2019 that in competition proceedings seeking financial penalties, the authority had the burden to prove its case beyond reasonable doubt. This article considers the approach taken in other common law jurisdictions and scope to argue for increased safeguards and human rights protections for clients facing financial penalties.

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