Hong Kong counsel to Fortune Global 500 financial institution in respect of US$102 million purchase and sale of private wealth management business
Overview
We have a market leading practice in private banking and private wealth management. Our practice is supported by our award winning practices in banking, financial services regulation, hedge funds, private equity and corporate finance, all of which are internationally recognized by leading industry publications including the International Financial Law Review 1000 (IFLR1000), the Legal 500, Chambers & Partners and Asialaw Profiles.
We advise private banks, private wealth managers and financial advisors in respect of their provision of private banking services, wealth planning, asset management, portfolio management and investment advisory services to private clients, including family offices and high net worth individuals.
Our work includes advising on the following:
Regulatory obligations during wealth planning, including advising clients on complying with know-your-client (“KYC”) and other applicable regulatory obligations in respect of the onboarding of clients, investment products, preparing product due diligence and other know-your-product (“KYP”) related policies and procedures for the onboarding of investment products, preparing compliance policies for the sale of investment products and the provision of investment advice to underlying private clients, including appropriate internal controls over the sales process, complying with suitability obligations in respect of product recommendations or solicitations, conducting pre-trade disclosure and risk assessment, as well as complying with other applicable requirements and obligations imposed by regulators including the Hong Kong Monetary Authority (“HKMA”) and the Securities and Futures Commission (“SFC”)
General regulatory compliance, including assisting clients in complying with various statutory requirements including those under the Securities and Futures Ordinance (“SFO”) and the Banking Ordinance (“BO”), as well as other ongoing regulatory obligations including, in the case of SFC licensed corporations and registered institutions, complying with conduct of business requirements administered by the SFC and, in the case of authorised institutions including private banks, complying with the Supervisory Manual and guidelines issued by the Hong Kong Monetary Authority (“HKMA”)
Private banking services & credit, including advising clients on the provision of credit and financing to underlying private clients, the taking and enforcement of security by way of fixed charges, floating charges, mortgages and other security interests, and the preparation and customization of loan agreements, security agreements and other transactional documents
AML & economic sanctions, including assisting clients in complying with customer due diligence (“CDD”) requirements (know-your-client or KYC requirements), record keeping requirements and other obligations under Hong Kong anti-money laundering laws and regulatory guidance, including advising clients on account opening procedures, client agreements, client questionnaires and other account opening documentation
Dispute resolution, including resolving disputes in respect of alleged mis-selling, alleged breaches of fiduciary duties or professional negligence, or alleged breaches of contractual duties to safeguard client assets
Experience
Awards
Chambers and Partners
Financial Services Regulatory
Leading Practice
Chambers and Partners
Financial Services Regulatory
Leading Individual
Chambers and Partners
Financial Services Regulatory
Leading Lawyer
Chambers and Partners
Financial Services Regulatory
Well Regarded Lawyer
IFLR 1000
Financial Services Regulatory
"Positively Ranked"
IFLR 1000
Financial Services Regulatory
Highly Regarded Lawyer
Legal 500
Financial Services Regulatory
Leading Individual
Legal 500
Financial Services Regulatory
“Recommended Practice”
Asialaw Profiles
Corporate
Leading Practice
Asialaw Profiles
Corporate
"Recommended"
Asialaw Profiles
Financial Services Regulatory
Leading Practice
Asialaw Profiles
Financial Services Regulatory
Outstanding Practice
Asialaw Profiles
Financial Services Regulatory
Market Leading Lawyer
Asialaw Profiles
Financial Services Regulatory
Leading Lawyer
Insights
Market Misconduct Tribunal: A Guide to Penalties and Other Consequences for Misuse of Insider Information
Market Misconduct Tribunal proceedings for mishandling of insider information can result in fines and disgorgement orders
Setting Up in Hong Kong: A Guide to Applying for an SFC License
Practical guidance on SFC licensing for hedge fund managers, private equity sponsors and other asset managers as well as brokers, dealers, wealth...
SFC Implementation of New Suitability Requirements for Sale of Complex Products Extended to July 6, 2019
SFC imposes restrictive code of conduct updates upon intermediaries to combat mis-selling as part of its prioritised regulatory efforts since the...