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Legal Updates
Legal update: A Beneficiaries’ right to request information from Trustees
The principles established in Schmidt v Rosewood Trust Ltd [2003] relating to a beneficiaries’ right to request information from trustees was recently confirmed by the England & Wales High Court in Lewis v Tamplin [2018]. In Lewis the settlor set up a trust and left…Read More
Legal update: What you need to know about convertible loan notes
This article was originally published on Zegal.com as “Everything You Need To Know About Convertible Loan Notes”. My present favourite startup financing document is the convertible loan note. Ask me next week, and it will be something else. The convertible loan note has enough good…Read More
Legal update: Landmark decision by HK CFA to allow civil service spousal benefits and joint tax assessments to same sex couples
On 6 June 2019 Hong Kong’s Court of Final Appeal handed down a landmark unanimous decision allowing same sex couples to enjoy equal spousal benefits in civil service and to file joint tax assessments in Hong Kong. Facts The Appellant, Leung Chun Kwong, a Hong…Read More
Libel update: Definitions of words used in social media posts not to be found in dictionaries!
In a recent high-profile Facebook libel case following an acrimonious divorce in Stocker v Stocker, the UK Supreme Court has ruled that when determining the natural and ordinary meaning of words published on social media – fleeting and hastily written – the First Instance Judge…Read More
Legal update: Increase of Statutory Minimum Wage effective 1 May 2019
Effective from 1 May 2019, the rate of Statutory Minimum Wage has been increased from HK$34.50 to HK$37.50 per hour. The monetary cap on the requirement of employers recording the total number of hours worked by employees has also been revised to HK$15,300 per month. …Read More
The New Profit Tax Exemption Regime for Funds in Hong Kong
Introduction The Inland Revenue (Profits Tax Exemption for Funds) (Amendment) Bill 2018 (“Bill”) which introduces a new set of preferential profit tax treatment for both eligible onshore funds and offshore funds, was published in the Government Gazette on 7 December 2018. The Bill, if made…Read More
Mainland Judgments (Reciprocal Enforcement) Ordinance
Background Previous situation Enforcement of foreign judgments in Hong Kong is ordinarily governed by the Foreign Judgments (Reciprocal Enforcement) Ordinance. Following the handover in 1997 however, China is no longer considered a foreign country by Hong Kong, therefore this ordinance is no longer applicable when…Read More
Legal update: SFC and CSRC signs Memorandum to Enhance Cooperation and Exchange of Information
The Securities and Futures Commission (“SFC”) has announced on 3 December 2018 that it has entered into a memorandum of understanding (“MoU”) with the China Securities Regulatory Commission (“CSRC”), regarding the cooperation and exchange of information in connection with the supervision and oversight of regulated…Read More
SFC reprimands and fines SFM HK Management Limited HK$1.5 million over illegal short selling
Case Background The Securities and Futures Commission announced on 6 December 2018 that it has reprimanded and fined SFM HK Management Limited (“SFM”) for HK$1.5 million for its naked short selling, contrary to section 170 of the Securities and Futures Ordinance (“SFO”). SFM is licensed…Read More
Legal update: New claim values for District Court and Small Claims Tribunal in effect
Increases to the maximum claim values in the jurisdiction of the District Court and Small Claims Tribunal came into effect on 3 December 2018, following a consultation launched by the Judiciary in August 2015 and a passing of the resolution by the Legislative Council on…Read More
Legal update: What’s the problem with “gweilo” and various local slangs applied to certain ethnicities?
A discrimination claim was recently lodged with the District Court in Hong Kong by a British construction worker, against his former employer, after his employment was terminated, alleging he was racially harassed and treated less favourably by his employer and his colleagues because of his…Read More
A summary of the new SFC regulatory framework for virtual assets
Executive summary Here are the five points you need to know about the changes announced on 01 November 2018 by the Securities and Futures Commission (SFC) to the regulatory framework for virtual assets: The SFC will supervise and regulate firms that distribute in Hong Kong…Read More
