In July 2020, the Hong Kong Monetary Authority (HKMA) launched a consultation paper foreshadowing a Code of Practice for Trust Business. The code will contain general principles and practical standards to govern the conduct of authorized institutions (AIs, being principally banks) and their subsidiaries that conduct trust business in Hong Kong.
We have seen a noticeable increase in the prevalence and sophistication of cyber fraud incidents in recent years. This has led to a substantial rise in civil recovery actions, and as a result, we now have the benefit of key learnings from recent decisions by the Hong Kong Courts and other jurisdictions. This alert discusses some of the common themes and challenges victims of fraud may face in civil recovery actions, particularly in cases involving allegedly “innocent” recipients of tainted funds and competing victims pursuing recovery from the same finite pool of funds.
The Global Financial Institutions Industry Podcast includes 13 episodes on the following topics: Operational Risk, Risk Management Guidelines, Fintech, Financial Institutions, Insurtech, Insurance and Financial Sponsors.
Boardroom battles are becoming more common in Hong Kong, particularly in a listed company context. A recent Court of First Instance judgment sets out some reminders of the cardinal principles which an applicant in a boardroom battle should observe in an ex parte application, particularly those involving an order restraining another party from exercising voting rights at a company’s general meeting.
In a recent press release, the Securities and Futures Commission published details, FAQs, and application forms for the new grant scheme to subsidise the expenses incurred by Open-ended Fund Companies successfully incorporated in, or re-domiciled to, Hong Kong.
Over a year into the global pandemic, businesses have had to pivot to survive and adjust to new ways of conducting business. Now, more than ever, Asia Pacific business leaders are making the necessary strategic changes to meet the needs of a vastly changed business landscape — and deciding where legal expertise may be needed most to limit and manage disruption and soften risks. This report will delve into how businesses view rising protectionism, regulatory scrutiny and foreign investment restrictions, and how these views are directly impacting their supply chain strategies.
Our Asia Pacific Employment & Compensation Team is pleased to provide you with our first quarterly update for 2021 highlighting key employment law changes across the Asia Pacific region. Please feel free to visit our Building a New Workforce Reality and FutureWorks sites designed to guide global employers on how to future-proof your workforce and to stay competitive in innovating and revolutionizing your working practices.
Read publication In this regional update, we provide you with a practical overview of the most notable antitrust…
In brief HKCC appeals for larger fines in renovation cartel The authority is seeking an appeal to increase…
In brief Victims of cyber fraud have been using vesting orders – a means of direct recovery for victims of fraud – to recover stolen funds from fraudsters and subsequent recipients. Often applied concurrently with a default judgment, vesting order is thought to be a convenient alternative to garnishee proceedings.…