Defence of HKMA Enforcement Action Alleging Mis-Selling
Lead counsel to a Hong Kong bank facing an investigation by the HKMA focused on possible mis-selling of accumulators, a structured financial product.
Our Banking practice has been internationally recognized by the International Financial Law Review 1000 (IFLR1000) as a leading Hong Kong banking and finance practice.
Our corporate lawyers have acted for a wide range of clients in the banking industry, including corporate banks, merchant banks, investment banks and private banks. We work closely with our clients in the banking sector and offer advice in relation to every aspect of our clients’ business, from complex strategic activities to day-to-day transactional matters.
Our work includes advising on the following:
Corporate finance, including share offerings, rights issues, public offerings (and the underwriting of such offers), private placements of securities and other transactions in the equity capital markets (“ECM”), as well as bond offerings, convertible bond offerings, debenture issuances and other transactions in the debt capital markets (“DCM”)
Personal & family wealth management, including the provision of securities trading services, investment advice and discretionary asset management services, and the establishment and administration of trusts including family trusts and discretionary trusts
Loans and debt finance, including advising on the form of financing and deal structure, conducting due diligence and preparing loan and facility agreements, including bilateral loan agreements and syndicated loan agreements, and debt collection
Security interests & collateral, including the creation, perfection and enforcement of security interests, including fixed charges, floating charges, mortgages, pledges, assignments by way of security and guarantees and indemnities
Corporate insolvency and restructuring, including debt restructuring, corporate turnarounds and company reorganizations, schemes of arrangement, company voluntary arrangements and contractual workouts
Regulatory compliance, including ongoing compliance with applicable regulatory requirements and obligations under the Banking Ordinance (“BO”), the Securities and Futures Ordinance (“SFO”) and various codes, guidelines and circulars issued by the Hong Kong Monetary Authority (“HKMA”) and the Securities and Futures Commission (“SFC”)
Compliance with suitability obligations, including policies and procedures in respect of the onboarding of investment products, the sale of investment products and the provision of investment advice, product due diligence, product recommendation or solicitation, pre-trade disclosure, risk assessment and compliance with applicable suitability requirements and obligations imposed by the HKMA and the SFC
Anti-money laundering (“AML”), counter terrorist financing (“CTF”) & economic sanctions, including account opening procedures, customer due diligence (“CDD”) and other know-your-client (“KYC”) policies and procedures for the purpose of compliance with AML/CTF requirements and economic sanctions under Hong Kong law and regulatory guidance and advice on Joint Financial Intelligence Unit (“JFIU”) reporting and asset freezing obligations under Hong Kong AML laws
Lead counsel to a Hong Kong bank facing an investigation by the HKMA focused on possible mis-selling of accumulators, a structured financial product.
Lead counsel to HKSFC licensed corporate finance adviser with a client base of over 100 Hong Kong listed companies in connection with an SFC investigation of due diligence in connection with an IPO sponsorship.
Lead counsel to a state bank in connection with the recovery of monies following a cyber fraud resulting in a multi-million US dollar loss. Advised on mareva injunction, Bankers Trust and bank disclosure orders and inter-pleader proceedings.
Lead counsel to former employee of a US based bank in respect of suspicions of fraud and dishonesty arising from trading activities. Advised on potential criminal offences and prepared submissions which ultimately resulted in no prosecution moving forward.
Lead counsel to bank in connection with the restructuring of a distressed US$240 million investment into a Hong Kong based joint venture and the sale of its interest in that joint venture.
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HKCFI rules letters of no consent regime unconstitutional; Hong Kong Police & JFIU cannot issue LNCs to freeze bank accounts before STR filing
Market Misconduct Tribunal proceedings for mishandling of insider information can result in fines and disgorgement orders
We provide guidance on how the SFC enforces the mishandling of inside information and other MNPI (material non-public price sensitive information)
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