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A New Era for Hong Kong's Asset Management Industry

2017 and 2018 witnessed rapid changes, including the introduction of the new OFCs regime and measures to tighten regulation on how funds are managed and sold, as well as proposals to make tax exemptions for private equity and hedge funds more accessible.

The Regulation of Virtual Asset Trading Platforms: The Emerging Hong Kong Framework

Platforms which facilitate trading of virtual assets (also known as digital and crypto assets) such as Bitcoin, Ethereum and other cryptocurrencies, normally fall outside the regulatory framework of the Securities and Futures Commission.

Increased Transparency at Heart of Hong Kong Regulatory Changes

Hong Kong has continued to maintain its status as a leading financial centre throughout 2016 and into 2017, and there have been a number of regulatory developments since last year's edition of the IFC Review. Consultation on Asset Management Regulation and Point-of-Sale Transparency In November 2016, the Securities and Futures Commission (SFC) published a consultation paper on proposals to enhance asset management regulation and point-of-sale transparency.

Capital Markets Hong Kong IPOs: A Broken Regime?

The efforts of the Securities and Futures Commission to eliminate financial fraud perpetrated by Hong Kong listed companies and their directors is laudable. What is unclear is why they have chosen to focus almost exclusively on the sponsors who have brought these companies to the market. This unnatural preoccupation with the sponsors sends an unfortunate message that directors engaged in fraud have nothing to fear but the remote risk that they will be deprived of their ill-gotten gains and that auditors have little, if any, responsibility for assuring the public as to the financial position of these companies.

Tax Exemption for Open-Ended Fund Companies

Hong Kong’s new open-ended fund companies (“OFCs”) can qualify for exemption from profits tax in a number of ways including through the offshore funds tax exemption now used by traditional Cayman funds as well as the OFC specific tax exemption introduced in tandem with the introduction of the enabling legislation for OFCs.

Hong Kong: "China's Bermuda"

Events now rapidly evolving on the South China coast may have a comparable seismic impact on the international reinsurance industry. Based on recent announcements by the mainland China and Hong Kong authorities, Hong Kong could be transforming into “China’s Bermuda."

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.

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.

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