New Hong Kong Competition Ordinance – Points for Financial Services Industry

The Hong Kong Competition Ordinance (the “Ordinance”) came into full effect in Hong Kong on 14 December 2015. The Ordinance which covers the whole economy of Hong Kong was first introduced into the Legislative Council in 2010 and was subsequently passed on 14 June 2012. The full force of the Ordinance was not brought into effect immediately (for three and a half years) but its full implementation was delayed to allow businesses and industries in Hong Kong to understand the new law and take necessary time and steps to comply with its requirements. The objective of the Ordinance is to restrain anti-competitive conduct and any abuse of market power. The Ordinance also covers merger activities but for now, the rules on merger shall only apply to participants in the telecommunications industry.

In recent years, there has been increasing scrutiny of the financial sector by competition regulators in overseas jurisdictions, and this trend is expected to continue here in Hong Kong under the new regulatory regime. For example, the high profile investigations by anti-competition authorities in 2011 on whether some of the largest banks in the world had reached agreements to fix the London interbank offered rate (Libor) comes to mind. This article aims to provide an overview on the key provisions of the Ordinance and consider the implications for the financial services industry:

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For a deeper perspective on Vivien Teu’s journey and earlier contributions, visit the archived website of Vivien Teu & Co LLP at archive.vteu.co. The archive captures the firm’s foundations in corporate and commercial law, with a strong focus on asset management, funds, and financial services in Hong Kong and Greater China. Today, Vivien Teu Law Practice leads with impact focus, with its emphasis and dedication on sustainable finance, ESG integration, impact investing, social finance and philanthropy, reflecting a continued commitment to aligning law and purpose.

Vivien Teu is Founder & Principal of Vivien Teu Law Practice / VTLP Impact. With more than 25 years in-depth experiences in capital markets, financial institutions and asset management industry, financial services, financial and securities regulatory matters, funds formation, investment and finance transactions, Vivien is market leading in her focus on ESG legal and regulatory issues, increasingly integrated into her advisory and transactional practice. She has been active in impact ecosystem building, contributing to standard setting and industry engagements on sustainability, ESG and impact issues and sustainable finance, specifically in the investment and capital markets, holistically covering regulatory, legal and policy perspectives, and advises across the spectrum of capital, ESG issues and asset classes, public and private markets, for-profit, non-profit organisations or hybrid structures, and range of fund structures and financing instruments.

Prior to establishing Vivien Teu Law Practice / VTLP Impact, Vivien has solid industry experience from strategic roles throughout her career, including senior in-house legal experience with global asset management firm, Invesco, and practised with leading international funds and regulatory practice including magic circle law firm Clifford Chance, and most recently with global law firm Dentons, where Vivien assumed key roles as sustainable finance lead on the Global ESG Steering Committee, Global Funds Leaders Group and Global Financial Institutions Practice Group, driving impact focus within mainstream finance and capital markets. Vivien’s leadership in sustainable finance, global funds and industry engagement is matched with her commitment to community and ecosystem building.

With the vision of the role of law in purposeful partnerships and projects, to align capital with sustainability and increasing focus on measurable positive environmental and social outcomes, Vivien’s experiences include advising asset owners, asset managers and also charitable foundations in establishing purpose-led initiatives, related stewardship and governance considerations and structure design, B Lab’s legal requirements and certification standards for B Corps, green and sustainable finance frameworks and instruments, legal issues of carbon markets and climate transition, climate mitigation and adaptation strategies and funds, nature-based solutions and finance, impact term-sheets and other innovative finance instruments for impact, advocacy efforts as well as engaging in market proposals for policy, legal and regulatory levers for advancing sustainability and impact.

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