On 17 June 2016, the Securities and Futures Commission (SFC) published an updated set of Frequently Asked Questions on “Offers of Investments” under the Securities and Futures Ordinance (FAQs). The FAQs now include a new Appendix 1 which provides guidance on collective investment schemes involving interests in real property, as well as updated answers to … Continue Reading
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 … Continue Reading
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 … Continue Reading
On 20 May 2016, the Securities and Futures Commission (SFC) announced it had entered into a memorandum of understanding (MoU) with the United States’ Financial Industry Regulatory Authority (FINRA). The MoU records the authorities’ willingness to provide mutual assistance in the supervision and oversight of regulated entities that operate on a cross-border basis in Hong … Continue Reading
On 18 May 2016, the Securities and Futures Commission published an updated list of “specified shares” listed on the Hong Kong Stock Exchange which are subject to the Securities and Futures (Short Position Reporting) Rules (Cap 571AJ). A report is required to be made to the Securities and Futures Commission where a person has a … Continue Reading
With effect from 11 July 2016, the Securities and Futures Ordinance (Cap 571 of the laws of Hong Kong) (SFO) will be amended to extend the SFO definition of “multilateral agency” to the Asian Infrastructure Investment Bank (AIIB). This amendment means the AIIB will be able to enjoy certain statutory benefits that are made available … Continue Reading
On 21 March 2016, the Securities and Futures Commission (SFC) announced that it would synchronise the implementation of certain changes to the SFC’s Code of Conduct for Persons Licensed by or Registered with the SFC (Code). These changes relate to: new paragraph 15 of the Code, which came into effect on 25 March 2016, and … Continue Reading
The government has published a commencement notice for specified provisions (Initial Provisions) of the Insurance Companies (Amendment) Ordinance (Amendment Ordinance). The designated commencement date for the Initial Provisions is 7 December 2015. This follows the Secretary for Financial Services and the Treasury’s previous announcement (see previous blog entry) that the Amendment Ordinance would be introduced … Continue Reading
The Hong Kong Legislative Council passed the Insurance Companies (Amendment) Bill 2014 today (10 July 2015). The Bill will need to be gazetted before it becomes law. The Secretary for Financial Services and the Treasury, Professor KC Chan, indicated that the Ordinance will be brought into force in three stages. This is to facilitate the … Continue Reading
