Since finding that the Police’s use of a “No Consent Regime” (“Regime”) in freezing accounts that contain suspected proceeds of crime was unlawful and unconstitutional, the Hong Kong Court of First Instance has now handed down its decision on relief and costs in Tam Sze Leung & Ors v. Commissioner of Police [2022] HKCFI 772.
The Court declared that the Letters of No Consent (LNCs) in issue and the Regime “as operated” by the Police are: (i) ultra vires Sections 25 and 25A of the Organized and Serious Crimes Ordinance (OSCO) (Cap. 455); and (ii) incompatible with Articles 6 and 105 of the Basic Law, as the Regime as operated by the Police is not prescribed by law and is disproportionate
The Hong Kong Judiciary continued to further expand the scope of remote hearings and issued various guidance notes and guidelines to facilitate the operation of remote hearings since its first initiative during the General Adjournment Period (GAP) in 2020. In response to the fifth wave of COVID-19 in early 2022, the Judiciary implemented the second GAP on 7 March 2022 and issued its latest guidance note dated 25 March 2022 on hearing outside court rooms , which took effect on 28 March 2022. This alert provides an update on the development of remote hearings in Hong Kong.
The Securities and Futures Commission recently released the Consultation Conclusions on the Proposed Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes and the Further Consultation on Proposed Amendments to Subsidiary Legislation and SFC Codes and Guidelines to Implement the Regulatory Regime for Depositaries of SFC-authorised Collective Investment Schemes. Whilst many of the proposals from the 2019 original consultation will be adopted without change, the SFC has refined its approach in several key areas to provide greater clarity to the industry. We summarise the key requirements that will be applicable to RA 13 licensees, the Consultation Conclusions and the new proposals for consultation in the Further Consultation.
The Court of First Instance has recently discussed the Court’s discretionary power in allowing private companies to be carved out from disqualification orders made against former directors of a listed company under s.214 of the Securities and Futures Ordinance (“SFO”). The Court retains discretion in deciding whether exemptions to disqualification orders should be granted in the circumstances. We discuss the principles and key factors considered by the Court in dealing with such carve-out applications below.
In today’s global marketplace, disputes are growing in number and complexity. Businesses are facing intense competition and must manage the risks and challenges in doing business locally and internationally. Higher accountability standards and tighter regulatory scrutiny increase exposure and vulnerability.
Hong Kong’s data privacy law, the Personal Data (Privacy) Ordinance, has been amended to introduce “anti-doxxing” provisions. The new regime creates offences to curb doxxing acts, and empowers the Privacy Commissioner for Personal Data to carry out criminal investigations, institute prosecutions and issue cessation notices. The changes came into effect on 8 October 2021. The Commissioner made its first arrest under the doxxing regime on 13 December 2021.
Digitalization and technological trends have rejuvenated the global marketing landscape in the most drastic and unpredictable ways. We are seeing an uprise in the number of companies, big and small, engaging KOLs as part of their marketing strategies. In this interactive session presented in Cantonese, Baker McKenzie associates have explored and discussed currently-trending types of KOL engagement, relevant laws in mainland China and Hong Kong, emerging legal risks, recent cases and experience, and insights on mitigating legal risks.
The Stock Exchange of Hong Kong Limited has amended its Listing Rules, including the Corporate Governance Code, to enhance the corporate governance framework and promote good governance among issuers. The amendments follow a consultation period and the conclusions drawn in the published Consultation Conclusions.
On 29 December 2021, Hong Kong’s Independent Commission Against Corruption issued a reminder to the insurance sector to remain vigilant in upholding a high integrity standard and to take a proactive stance against corruption.
Cyber fraud remains a significant risk to businesses and individuals. In the 11 months to November 2021, over 500 phishing scams, worth more than HKD 1.4 billion in losses, were reported to the Hong Kong Police. The Police have been developing and will soon launch a free software to assist businesses in identifying phishing scams.