Hong Kong Open-ended Fund Company Comes into Effect
Pursuant to the Gazette published on 27 July 2018, the Securities and Futures (Amendment) Ordinance 2016 enacted to amend the Securities and Futures Ordinance (SFO) comes into effect on 30 July 2018, along with subsidiary legislations[1] issued in May 2018 including the Securities and Futures (Open-ended Fund Companies) Rules (OFC Rules), and also the non-statutory […]
Rapid Expansion to Foreign Participation in China Financial Sectors
Since China became a member of the World Trade Organisation in December 2001 and began developing links to the world economy, the liberalisation of the China financial sectors has been key, as well as the orderly relaxation of foreign exchange and capital controls. While the opening up of banking industry, securities companies, fund management company […]
香港公司备存重要控制人登记册
《2018 年公司（修订）条例》（以下称《修订条例》） 将于 2018 年 3 月 1 日起生效。在新规定下所有香港公司须以中文或英文备存重要控制人登记册，以供执法人员在提出要求后查阅。公司注册处为此发出《公司备存重要控制人登记册指引》（以下称《指引》），就重要控制人登记册新规定(以下称《新规定》) 提供其运作的详细指引。 所有在香港成立及注册之公司(除在香港交易所上市的公司外) 均须备存重要控制人登记册, 而该登记册须包含以下资料：(i) 公司重要控制人的所需详情，及(ii)公司指定代表的名字及联系方式。并非在香港成立的公司（包括根据香港法例第622章 《公司条例》在香港注册的非香港公司）无需备存重要控制人登记册。 本最新法律资料旨在介绍一些关键新规定及列出香港公司需采取的一些关键行动(指引刊载了更详尽的运作细节)：
Significant Controllers Register
The Companies (Amendments) Ordinance 2018 will enter into force as of 1 March 2018, under which companies in Hong Kong are required to keep and maintain a significant controllers register (“SCR”), either in English or Chinese, for inspection by competent authorities upon demand. The Companies Registry has published a “Guideline on the Keeping of Significant […]
Revised GEM & Main Board Listing Rules effective 15 February 2018
The conclusions of the consultation (the “Consultation Conclusions”) on review of the position of the Growth Enterprise Market (“GEM”) and changes to the GEM and Main Board Listing Rules (collectively, the “Listing Rules”) was published on 15 December 2017. Having considered the views of respondents, The Stock Exchange of Hong Kong decided to adopt substantially […]
Way Forward for Hong Kong Listing Regime Changes
Hong Kong Exchanges and Clearing Limited (HKEX) and The Stock Exchange of Hong Kong Limited (the Exchange) on Friday, 15 December 2017, announced the conclusions to the New Board Concept Paper (Concept Paper) published on 16 June 2017. On the same day, the consultation conclusions on the Consultation Paper on the Review of the Growth […]
Hong Kong to introduce Investor ID model for Stock Connect Northbound trades
On 30 November 2017 the Hong Kong Securities and Futures Commission (“SFC”) announced that an agreement has been reached with China Securities Regulatory Commission (“CSRC”) on proposals to introduce an investor identification model for Northbound trading under the Mainland – Hong Kong Stock Connect[1] (“Investor ID Model”). Hong Kong Exchange and Clearing Limited (“HKEX”) also […]
Hong Kong SFC clarifies competence requirements for existing licensed persons intending to provide asset management services
On 23 June 2017, the Securities and Futures Commission of Hong Kong (the “SFC”) issued the “Circular to clarify competence requirements for existing licensed persons intending to provide asset management services” (the “Circular”), with an aim to provide further guidance on how the SFC assesses the competence of a corporation or a responsible officer (“RO”) […]
香港证监会明确有意提供资产管理服务的现有持牌人的胜任能力规定
香港证监会(“证监会”)于2017年6月23日发布《关于厘清与有意提供资产管理服务的现有持牌人有关的胜任能力规定的通函》(“《通函》”)，就证监会对法团和负责人员进行资产管理活动的胜任能力的评估提供进一步指引。 《通函》主要说明持牌人获批准进行第9类（提供资产管理）受规管活动的有关行业经验是否可能相关及被接受方面的资格标准，以及可豁免通过本地监管架构考试的条件。 如《通函》的标题所指出，《通函》是针对可能考虑将业务范围扩展到资产管理的现有持牌人。在有关《通函》的新闻发布中，证监会表示鉴于香港资产管理行业的增长，该会欢迎现有持牌人扩展其业务范围。 《通函》亦强调证监会将就个案特别情况考虑每个豁免申请，亦欢迎有兴趣的机构与证监会讨论其拟定的业务计划。 《通函》体现证监会希望告知行业该会将继续采取务实方式考虑发牌申请，亦说明证监会有意鼓励现有持牌人申请第九类（提供资产管理）牌照作为一项独立的业务，以进一步开拓香港资产管理行业。 考虑到《通函》提及的证监会将会顾及到的范围更广泛的行业经验，包括投资研究、私募股权投资、自营交易及在其他认可的本地或海外市场的行业经验等，《通函》亦反映了证监会对全球合资格和有经验的专业人士在香港申请牌照参与资产管理业务所持的欢迎态度。 详情请参阅本所刊物：
SFC Consultation Paper on Online Distribution and Advisory Platforms
On 5 May 2017 the Securities and Futures Commission (“SFC”) issued the ‘Consultation Paper on the Proposed Guidelines on Online Distribution and Advisory Platforms’ (“Proposed Guidelines”). In view of the increasing use of electronic distribution channels, the use of algorithms to construct investment portfolios and to provide investment advice(e.g. automated portfolio construction or model portfolios […]