Further to our previous blog post, the provisions of the Companies (Amendment) Ordinance 2018 will take effect on 1 March 2018.
This amendment to the Companies Ordinance (Cap 622) (the Companies Ordinance) introduces new requirements on a company to identify persons who have “significant control” over the company and to maintain certain information about
The Companies (Amendment) Bill 2017 (the Bill) was recently published by the Hong Kong government and is under consideration by Hong Kong’s Legislative Council. The Bill seeks to amend the Companies Ordinance (Cap 622) (the Companies Ordinance) to require certain companies incorporated in Hong Kong to obtain and maintain information about beneficial owners. Subject to
A two-month consultation on proposed measures to reduce and mitigate cyber security risks associated with internet trading of securities in Hong Kong (the Consultation) was launched on 8 May 2017 by the Securities and Futures Commission (the SFC).
The Consultation follows a recent review by the SFC of resilience of brokers in Hong Kong to
The Securities and Futures Commission (the SFC) recently launched a public consultation process in respect of proposed amendments to the Securities and Futures (Professional Investor) Rules (Chapter 571D of the Laws of Hong Kong) (the Professional Investor Rules). The public consultation process was launched on 1 March 2017.
The principal changes proposed in
Changes to GN10
From 1 January 2017, the first phase of changes to the Hong Kong Insurance Authority’s Guidance Note on the Corporate Governance of Authorized Insurers (GN10), will take effect. The second phase of changes (which are more substantive) will take effect from 1 January 2018,
The Hong Kong securities regulator, the Securities and Futures Commission (SFC), will commence a pilot project next month to assess how ‘fintech’ can be used in its regulatory monitoring processes with a view to implementing new systems. A sample group of 20 banks will be participating in the pilot project along with an external technology
On 6 September 2016, the Hong Kong Monetary Authority (HKMA) released a circular advising the launch of its Fintech Supervisory Sandbox (Sandbox). The Sandbox is intended to facilitate pilot trials of newly developed technologies and applications by authorized institutions (AIs) without the need to achieve full compliance with HKMA’s requirements, thereby allowing AIs to collate
The Office of the Commissioner of Insurance (OCI) recently released its 2015 Annual Report, highlighting the considerable challenges and changes ahead for the insurance industry and the OCI.
Essential preparation is underway for the OCI to be succeeded by Hong Kong’s new insurance regulator, the Independent Insurance Authority (IIA), which is expected to start operation
The Office of the Commissioner of Insurance (OCI) issued on 1 June 2016 a new guidance note on prudent practices relating to reinsurance management and general guiding principles in assessing the adequacy of the reinsurance arrangements of authorized insurers (the Guidance Note).
The purpose of the Guidance Note is to set out Hong Kong reinsurance
The Insurance Commissioner recently announced that his office is working with the Hong Kong Federation of Insurers to better protect Chinese residents who purchase insurance policies in Hong Kong. From mid-2016, all Chinese residents who purchase Hong Kong insurance policies will be required to sign and acknowledge a fact statement that they understand key differences