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Legal Updates
Legal update: SFC Consultation on clarification to offering document exemptions
In this snapshot legal update, we report that on 10 June 2022, the SFC launched a public consultation exercise that includes a proposed clarification to an exemption from SFC authorisation for offering documents for securities. The Securities and Futures Ordinance prohibits the issue of advertisements…Read More
Legal update: Legislative proposal to amend the Electronic Transactions Ordinance
In this snapshot legal update, we report that on 13 June 2022, in a panel on information technology and broadcasting, members of the Legislative Council were briefed on the legislative proposal to amend the Electronic Transactions Ordinance (“ETO”). The proposals will support further implementation of…Read More
Term Sheets for Investment
1. What is a Term Sheet? A Term Sheet is a summary of the business, finance and legal terms that will apply to an investment round. Usually it is a not a legally binding document, except for a few provisions such as confidentiality, costs or…Read More
Legal update: Review and public consultation on cybersecurity law in 2022
In this snapshot legal update, we report that on 25 May 2022, in a written reply by Mr. Alfred Sit, the Secretary for Innovation and Technology, to Legislative Council questions on cybersecurity standards in Hong Kong, Mr. Sit confirmed that the Hong Kong Government is…Read More
You Only Liquidate Twice
Can a winding-up petition be presented when a company is being wounded up voluntarily? The relevant law (the Companies Winding Up and Miscellaneous Provisions Ordinance) states clearly that the winding up of a company shall not bar the right of any creditor (or contributory) to…Read More
The new licensing regime for Virtual Asset Service Providers: The Amendment Bill
The long-awaited Virtual Asset Service Providers (“VASP”) licence regime is coming closer with the Hong Kong government gazetting the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 on 24 June 2022 (“Bill”). We reported on the key points of the consultation and the conclusion (collectively,…Read More
Tanner De Witt’s family lawyers attend HKFLA talk on reciprocal enforcement of judgements between Hong Kong and the Mainland
On 15 June 2022, members of Tanner De Witt’s Family Law Department attended a talk on “Reciprocal Recognition and Enforcement of Mainland and Hong Kong Judgments in Matrimonial and Family Cases” organised by the Hong Kong Family Law Association (“HKFLA”). The talk was presented by…Read More
Legal update: Review and public consultation on crowdfunding in 2022
In this snapshot legal update, we report that on 25 May 2022, in a written reply by Mr. Christopher Hui, the Secretary for Financial Services and the Treasury, to Legislative Council questions on crowdfunding, Mr. Hui confirmed that the Hong Kong Government is reviewing the…Read More
Legal update: Amendments to Employment Ordinance relating to sickness leave and vaccination requests take effect today
The Hong Kong Legislative Council had passed the Employment (Amendment) Bill 2022 on 15 June 2022. The above Bill is gazetted today and becomes the Employment (Amendment) Ordinance 2022 (the “EAO”)which takes effect immediately. The EAO does not have a retrospective effect. In short, the…Read More
Legal update: SFC warns of risks associated with NFTs
In this snapshot legal update, we report that on 6 June 2022, the SFC issued a warning regarding risks associated with investing in non-fungible tokens (NFTs). The SFC noted that NFTs have risks that are similar to other virtual assets. These include Illiquid secondary markets,…Read More
Seven things directors should keep in mind as the company circles insolvency: the view from Hong Kong
The impact upon the economy as a result of COVID-19 sees no signs of abatement in the near-term and not a single sector of industry has been spared. Economic data shows that GDP declines in real terms, along with private expenditure. Perhaps some of the…Read More
Legal update: MPF offsetting arrangement relating to statutory severance and long service payments to be abolished
The Hong Kong Legislative Council has passed the Employment and Retirement Schemes Legislation (Offsetting Arrangement) (Amendment) Bill 2022 with its third reading given on 9 June 2022. Pursuant to the Bill, the existing arrangement under which employers may elect to offset any statutory severance/ long…Read More
