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Open-Ended Fund Companies: Are they Right for Hedge Funds?

Hong Kong launched the new Open-Ended Fund Companies regime in Hong Kong on July 30, 2018. The regime offers an opportunity for Hong Kong based asset managers to establish hedge funds relying only on Hong Kong law.

Section 179 of the SFO and the Role of the SFC as Front-Line Regulator of Listed Companies

The SFO, section 179 provides the SFC with the power to obtain documents and records from companies listed on the Stock Exchange of Hong Kong.

Tax Law: Proposals to Relax Profits Tax Exemption for Hong Kong Managed Funds

The Hong Kong Government has proposed amending the current offshore funds exemption so that the exemption will no longer require that a fund be non-resident and so that relief will even be available for private equity investments with a Hong Kong focus.

Hong Kong Regulator Finds a Back Door to Fund Regulation

While retail funds must be authorized by the Securities and Futures Commission before distribution in Hong Kong, the SFC has no authority to regulate private funds.

Fraudulent and Deceptive Conduct: The Criminalization of Private Wrongs

The Court of Appeal decision in Securities and Futures Commission v. Young Bik Fung confirmed that insider dealing as well as other market misconduct could be regulated under the anti-fraud provisions of s. 300 of the Securities and Futures Ordinance.

D&O Insurance in Hong Kong: What To Know In The Event Of SFC Enforcement Action

Enforcement action by the Securities and Futures Commission (“SFC”) against officers of companies listed on the Stock Exchange of Hong Kong is becoming increasingly prevalent. While the SFC has expressed concerns about the quality of new listings, well-established companies such as CITIC have also been the subject of major enforcement action. This past year, Tom Atkinson, Executive Director and the Head of the Enforcement Division of the SFC, has stated repeatedly that corporate misfeasance is one of the top enforcement priorities and that the SFC is investigating a large number of cases involving dereliction of duty by senior management at listed companies.

Tax Law: A Guide to the Taxation of Hong Kong Sponsored Funds

The past few years have seen a continued emphasis by the Hong Kong Government to develop Hong Kong as an international asset management centre. Whilst this has not resulted in any tax incentives being offered to asset management groups, the government has been diligent in ensuring that funds managed from Hong Kong are tax neutral. In broad terms, the resulting tax net has 2 features.

Decoding the Codes: How Changes to SFC Codes of Conduct will Impact Asset Managers and Fund Distributors

Over the course of this year, asset managers will need to implement changes to their policies and procedures, their service agreements and fund offering documentation, to comply with amendments to the Fund Manager Code of Conduct and the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

Tax Law: Latest Developments in the Taxation of Hong Kong Asset Managers

In this article, we examine the state of the law and offer insights on the how changes to tax laws are affecting traditional schemes to shelter management fees, performance fees and carried interest.

Pitfalls of Non-Compliance: A New Landscape for Listed Companies

We have recently seen a dramatic shift in the enforcement priorities of the SFC. Where the SFC once focused primarily on regulating brokers, asset managers, financial advisers and other licensed intermediaries, it is clear today that there is a real and substantial focus on listed companies. Both the anecdotal and quantitative data confirm the shift.

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