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Legal update: SFC clarifies obligations on licensed corporations using cloud-based storage for keeping records with “external electronic data storage providers”
Under section 130 of the Securities and Futures Ordinance (Cap 571) (SFO), a licensed corporation shall not, without the Securities and Futures Commission’s (SFC) prior written approval, use any premises for keeping records or documents relating to the carrying on of the regulated activity for…Read More
Legal update: TCSP licensees – assessing risk and keeping records
Since 1 March 2018 any person who intends to carry on a trust or company service business in Hong Kong (i.e. a trust and company service provider (“TCSP”)) is required under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO”) to apply for a licence from…Read More
Asialaw 2020 rankings announced
Tanner De Witt is delighted to announce Asialaw’s 2020 rankings of domestic law firms which can be found here. Each firm ranking is divided into the following categories: Outstanding; Highly recommended; Recommended; and Notable. Besides the ranking for our private client practice (which is new…Read More
Tanner De Witt hosts two-part Tech Talk series on Security Token Offerings
A select group of industry insiders gathered at the Tanner De Witt office over two Wednesdays (10 and 17 April) to attend our two-part TDW Tech Talk event series “A toolkit for conducting a Security Token Offering”. The first part of the event series saw…Read More
Legal update: 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
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
Legal update: 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: 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
Legal update: When do judges refer matters to prosecuting authorities and regulatory bodies for consideration of criminal behaviour or regulatory misconduct?
Introduction When judges learn of a possible crime or professional misconduct during the trial of a matter, they sometimes refer the factual issues to the Secretary for Justice (“SJ”) and/or regulatory bodies for further investigation. In most cases judges do not specify whether they are…Read More
Asialaw 2019 rankings announced
Tanner De Witt is delighted to announce Asialaw’s 2019 rankings of domestic law firms which can be found here. Each firm ranking is divided into the following categories: Outstanding; Highly recommended; Recommended; and Notable. All of our firm rankings, as in previous years, are ‘Highly recommended’…Read More
Legal update: The New Open-Ended Fund Company Regime in Hong Kong
Introduction On 30 July 2018, the new Open-Ended Fund Company (“OFC”) regime came into operation which introduced the OFC as a new form of corporate vehicle in Hong Kong. The legal framework of this new OFC regime consists of the three main pieces of legislation:…Read More
Legal update: Magistrate acquitted a broker of illegal short selling on re-trial
Case background Mr Wong Hung who was licensed to carry on Type 1 regulated activity (dealing in securities) under the Securities and Futures Ordinance (Cap. 571) (“SFO”) was charged by way of summons on 20 counts of illegal short selling. The Securities and Futures Commission…Read More
