Joining Dentons Hong Kong & Global Network 加入大成Dentons香港

To our clients, business partners and colleagues,

Our firm will turn 6 on 19 January 2021, and we are grateful for the opportunities we have had engaging and working with you all these years. The philosophy of our firm’s founding is to offer quality legal services with unique focus on asset management, financial services, finance and securities regulatory, as areas which our team seeks to offer particular strength, knowledge and experience. Since 2018, we have also developed capabilities in ESG, sustainable finance and impact. First and foremost, it is to deliver quality work to our clients and contribute to the industry and community.

With the increasingly cross-border nature of our work with asset managers, in investment funds, regulatory, ESG and impact, often advising on situations or issues of a regional or global nature, it is a tremendous opportunity to join the Dentons global network, to better serve our clients’ expanding needs.

Vivien Teu & Co LLP has commenced the process of filing with the Hong Kong Law Society to cease practice from 15 March 2021, and thereafter, together with my team, I will join Dentons Hong Kong LLP as Partner, Head of Asset Management & ESG. (Dentons’ press release: https://hongkong.dentons.com/en/news-and-recognition/2021/january/investment-funds-and-corporate-partner-vivien-teu-will-join-dentons-hong-kong)

Many thanks to everyone who has been with us in our journey, and we hope to continuing engaging with you going forward at Dentons.

Vivien Teu, Founder & Managing Partner

致敬爱的客戶,業務合作夥伴和同事们:

2021年1月19日本所将已设立6周年,我們十分感謝這些年來與您合作並向您提供服务的機會。 本所成立的宗旨是为提供特別關注資產管理,金融服務,金融和證券監管方面的高質法律服務,是我們團隊力求提供特定實力,知識和經驗的領域。 自2018年以來,我們還開展了ESG,可持續金融和影響力的专注和能力。 首先,是為我們的客戶提供優質的服务,並為行業和社區做出貢獻。

隨著我們與資產管理机构就投資基金,監管,ESG和影響方面的工作越來越具跨國性,經常就區域或全球性的情況或問題提供諮詢,加入Dentons全球網絡是个巨好機會,能更好地服務於客戶不斷增長的需求。

谨此通知,张慧雯律师事务所將於2021年3月15日停止執業,我將與我的團隊一起加入Dentons 香港律师事务所,擔任合夥人兼資產管理和ESG业务負責人。(Dentons发布的有关新闻https://hongkong.dentons.com/en/news-and-recognition/2021/january/investment-funds-and-corporate-partner-vivien-teu-will-join-dentons-hong-kong

再次感謝在我們旅途中與我們在一起的每個人,我們希望在大成Dentons繼續與您保持聯繫及更多的合作机会。

张慧雯律师,創始人兼執行合夥人

《商法》2020年法律精英

Vivien Teu 张慧雯律师 – 《商法》2020年 “法律精英“ 100(外所律师)

本所荣幸以管理合伙人张慧雯律师获评《商法》2020年 “法律精英“ 中国业务 100位外所优秀律师之一的消息迎接2021新年。

“经过广泛的调研,《商法》编辑部选出了200位中国相关业务的优秀律师(包括100位来自中国律所的律师以及100位来自外国律所的律师)。

“法律精英”名册上的律师是《商法》月刊根据广泛调查研究评选而来的。为了评选出在中国市场表现出色的私人执业律师,我们向中国和全球上千名法务顾问及众多中外顶尖律师事务所的合伙人发出了调查邀请,听取业界的声音,助我们做出甄选。

我们从大量中外企业、律师事务所和其他机构的专业人士收到了提名。最终的获奖名单基于了我们收到的提名,并结合《商法》编辑团队多年来观察和分析中国法律市场的集体经验。“

查看100位中国律所优秀律师100位外资律所优秀律师

2020 A-List Elite-100 lawyers China practice

China Business Law Journal A-List China Elite-100 (foreign lawyer)

We are delighted to start the 2021 work year with the news that our Managing Partner Vivien Teu is named in the A-List China Elite 100 lawyers (foreign firm) 2020, based on extensive research conducted by the China Business Law Journal, with input from thousands of in-house counsel in China and around the world as well as partners at Chinese and international law firms.

According to China Business Law Journal:

“The A-List is based on extensive research conducted by China Business Law Journal. To identify the elite lawyers for the Chinese market, we turned to thousands of in-house counsel in China and around the world, as well as partners at Chinese and international law firms, and asked them to tell us which lawyers should make the cut.

Nominations were received from professionals at a wide range of Chinese and international companies, law firms and other organizations.

The final list that we have produced reflects the nominations received combined with the China Business Law Journal editorial team’s years of collective experience in documenting and analyzing China’s legal market.”

The full list of 200 elite lawyers for China practice – 100 lawyers in PRC law firms and 100 lawyers in foreign law firms has just been published.

Access the full list and the report:

https://law.asia/china/china-top-lawyers-2020/

Opportunities in an Uncertain Time – Hong Kong Private Wealth Trends & Development

Against the backdrop of the year 2020 which has brought unprecedented change and challenges in an uncertain world, in our contribution to the Chambers & Partners Global Practice Guide on Private Wealth 2020, our Founder & Managing Partner Vivien Teu penned her observations and thoughts, with an overview on the current complex and dynamic time that is shaping private wealth issues and planning needs, at the same time highlighting the trends, updates and opportunities that private wealth advisors can seek out amidst the uncertainties as Hong Kong further develops as a private wealth centre.

At the time of writing, the world is facing the biggest public health crisis of the century, and though the battle is not over, Hong Kong demonstrated success in its fight when it was one of the earliest places to navigate all the unknowns and fears of the new coronavirus Covid-19.  This should give some confidence in Hong Kong’s resilience, even as Hong Kong faces fresh questions on its long-standing position as the bridge between China and the world, and as a city with rich tradition and characteristics of the East as well as the West. 

As with everywhere, private wealth advisors and clients have adapted to the new normal of an increasingly transparent world of FATCA and the common reporting standard, which makes robust and effective planning even more important and necessary.  While this is the new normal in the world of private wealth planning, Hong Kong is confronting its own unique uncertainties but Hong Kong’s unique role remains key and continues to evolve alongside the changes and developments of China’s economic and financial markets, while at the same time finding its place along with Mainland China in a new geo-political order of a rising China.

From the natural and ready advantages of Hong Kong as a leading international hub for initial public offerings and as an established asset management centre and funds industry, to Hong Kong’s positioning to be a private equity hub, family office hub and sustainable finance hub, as well as a review of the current regulatory landscape on operating an investment business or trust business, Hong Kong’s tax environment and Greater Bay Area plans, Hong Kong offers unique infrastructure for private clients in building their business empire and also legacy.

In the crisis it brings much hope and encouragement to see an explosion of philanthropic initiatives and calls for a hard look at our society’s values and purposes to build back better post-Covid, gathering strong momentum for environmental, social and governance (ESG) considerations in both public and private markets towards positive impact.    There are increasing interest and scope for more private clients who are entrepreneurs and high-net-worth individuals/families to engage in philanthropy, either through family foundations or charitable giving, as well as engaging in impact investments.    In June 2020 the SFC and the HKMA has launched the new Green and Sustainable Finance Cross-Agency Steering Group which signals an exciting milestone for more coordinated approach and actions towards ESG policy-making in Hong Kong. The Financial Services Development Council (FSDC) has also issued its paper the following month, on developing Hong Kong into Asia’s ESG Investment Hub.

The write-up concludes that Hong Kong is a progressive centre that does not rest on its laurels, but continues to review and keep pace with international developments and standards.  Despite challenges and uncertainties, there are reasons abound for confidence that Hong Kong continues to compete and present significant opportunities and tools as a centre for private wealth management. 

Download the pdf of the publication in full:

The e-Edition of ‘Private Wealth 2020’ and any of its individual chapters are downloadable from the Global Practice Guides website via the link below: 

https://practiceguides.chambers.com/practice-guides/private-wealth-2020

Lexology GTDT Fund Management

The Lexology Getting the Deal Through Guide for Fund Management is now published. Access this link for all the chapters across 15 jurisdictions and a comparison tool: https://www.lexology.com/gtdt/workareas/fund-management

We are pleased to have contributed the Hong Kong chapter alongside many distinguished firms focused on fund management areas, and to have worked with Lexology GTDT team on this publication.

Please access our Hong Kong chapter here.

Chambers Private Wealth 2019

亚洲法律概况2020

近日,亚洲知名法律评级机构 《亚洲法律概况》(Asialaw Profiles)发布了2020年度榜单。凭借出色的专业服务及良好的市场口碑, 张慧雯律师事务所在投资基金业务领域中再次被列为受高度推荐香港律所

本所也于银行及金融业务领域 、法规及监管业务领域 和私募股权业务领域被列为受推荐香港律所。同时,本所也就银行及金融服务业务及私人客户业务领域被列为受瞩目香港律所。

管理合伙人张慧雯律师就投资基金业务领域及企业、并购业务领域获评 “领先律师 – 受瞩目律师”。

本所非常感谢 《亚洲法律概况》 和业界及客户们的长期支持及认可,在此致谢!

Asialaw Profiles 2020

In the recent Asialaw Profiles 2020 published by Asialaw, the distinguished legal media outlet covering comprehensive analysis on leading regional and domestic law firms in the Asia-Pacific region, based on strong clients feedback and peer review on the firm’s professionalism, Vivien Teu & Co LLP has been ranked for the second year in a row as “Highly Recommended” Hong Kong law Firm for the investment funds practice area.  

Our firm has also been ranked “Recommended” Hong Kong law Firm for the practice areas in “Banking & Finance”, “Regulatory” and “Private Equity”, and as a notable firm for “Banking & Financial Services” and “Private Clients”.

Our Managing Partner, Vivien Teu, has been named “Asialaw leading lawyer – notable practitioner” for the investment funds practice area and for corporate and mergers & acquisition. 

We are very grateful for the continuing support and recognition from Asialaw and our friends / clients in the industry – with all our thanks!! 

ICLG Alternative Investment Funds 2019 – Hong Kong

Vivien Teu & Co LLP is pleased to continue our contribution of the Hong Kong Chapter this year to the International Comparative Legal Guide (ICLG) on Alternative Investments Funds 2019, published by Global Legal Group.

Our authors Vivien Teu and Sarah He provide an overview of recent changes and updates to available legal structures, regulatory developments and market trends shaping private investment products and distribution issues in Hong Kong, as well as new legislation this year that expanded the Hong Kong profits tax exemption for private funds while the global tax environment increases emphasis on operational substance.

The chapter is available online at: https://iclg.com/practice-areas/alternative-investment-funds-laws-and-regulations/hong-kong

For a print version of the chapter:

ESG Reporting

Last month we submitted our response to the HKEX consultation on a review of the existing ESG Reporting Guide and related Listing Rules for Hong Kong listed companies. We applaud the general direction of the review which is to improve quality of ESG reporting through tightening board oversight of ESG integration, elevating all social-related disclosures to “comply or explain”, and requiring disclosures to go beyond policies to cover processes as well.

In our response, we set out our suggestions where we think the regulator could do more, such as to align the ESG Guide with the Corporate Governance Code and the Companies Ordinance on board’s role in overseeing ESG integration, and considering a statement to acknowledge board duties. We also suggested more emphasis on social factors besides environment factors, such as referencing latest international regulatory developments in relation to Modern Slavery and other business and human rights considerations. We proposed that HKEX to also consider providing capacity and sector-building support for the ecosystem to better identify material ESG risks, and to provide a supplement to the ESG Guide of international standards that are updated regularly for companies to reference and to continue strengthening their reporting.

One big dilemma in the field of sustainable investing is that there is no one standard reporting framework. Companies seeking to be leaders in sustainability may spend significant time on their disclosures and navigating different measures, while others may be laggards just “checking the box” – all resulting in inconsistency of information disclosed.

A McKinsey report this month found that “investors say they cannot readily use companies’ sustainability disclosures to inform investment decisions and advice accurately”. Of the respondents surveyed a total of 89% of investors and 86% of corporate executives think there should be fewer sustainability reporting standards. Meanwhile, 82% of investors, and 66% of company executives, think companies should be required by law to issue sustainability reports.

Increased regulation in relation to ESG reporting is a global trend, while the challenge is to establish a common framework to bring as many companies on board, and to provide sufficient guidance for companies to follow higher standards.

Watch this space as the HKEX shares the results of its consultation.