Financial Services Regulatory Update 2024/06/15

  • New Era of Paperless Rights Issues and Open Offers in Hong Kong
  • Hong Kong Privacy Commissioner for Personal Data Publishes “Artificial Intelligence: Model Personal Data Protection Framework”
  • Updated Guide by The Stock Exchange of Hong Kong Limited on Listed Issuers’ Spin-off Proposals
  • Hong Kong Securities and Futures Commission Welcomes Progress on Implementation of Mainland-Hong Kong Mutual Recognition of Funds Enhancements
  • “Deemed-to-be-Licensed” Virtual Asset Trading Platform Applicants are Not Yet Licensed by Hong Kong Securities and Futures Commission
  • Hong Kong Securities and Futures Commission Adopts Treasury Units Regime for Authorized Real Estate Investment Trusts
  • Update on Streamlined Requirements for Eligible ETFs Adopting a Master-Feeder Structure in Hong Kong
  • China’s People’s Bank of China and State Administration for Market Regulation Introduce New Beneficiary Ownership Information Filing System
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JML Response to SFC Consultation on REIT Schemes and CISs Enhancements

JML Response to SFC Consultation on REIT Schemes and CISs Enhancements

We welcome and are generally in support of the proposals outlined in the SFC Consultation Paper (“Consultation Paper”) in March 2024 on (i) introducing a statutory scheme of arrangement and compulsory acquisition mechanism for real estate investment trusts (“REITs”) and (ii) enhancing the SFO market conduct regime for listed collective investment schemes (“CISs”).

We believe the proposals will be conducive to addressing a current gap in the regulatory framework for REITs listed in Hong Kong. The proposals will also more closely align the treatment of REITs with comparable international markets such as Australia and Singapore. The proposed enhancements to CISs are also welcome.

Our responses to the questions raised in the Consultation Paper are set out below.

JML Response to SFC Consultation on REIT Schemes and CISs Enhancements 20240524

Financial Services Regulatory Update 2024/05/24

  • People’s Bank of China, Hong Kong Securities and Futures Commission, and the Hong Kong Monetary Authority Jointly Release Enhancements, and Hong Kong Exchanges and Clearing Limited Implements Enhancement on Swap Connect to Advance High-quality Opening-up of China’s Financial Markets
  • Regulatory Concerns Against Greenwashing in Hong Kong
  • Hong Kong Exchanges and Clearing Limited Publishes Updated Guide for New Listing Applicants
  • Hong Kong Exchanges and Clearing Limited Publishes Regrouped Frequently Asked Questions for Debt Securities Issuers
  • Hong Kong Exchanges and Clearing Limited Publishes New and Regrouped Frequently Asked Questions for Structured Products Issuers
  • Hong Kong Exchanges and Clearing Limited Publishes Enforcement Bulletin April 2024
  • Hong Kong Monetary Authority Extends Green and Sustainable Finance Grant Scheme, Expands Scope to Cover Transition Finance
  • Hong Kong Government and Hong Kong Securities and Futures Commission Extend Grant Scheme for Open-ended Fund Companies and Real Estate Investment Trusts
  • Hong Kong Securities and Futures Commission and Hong Kong Monetary Authority Hong Kong Monetary Authority Publish Joint Circular on Thematic Review of Non-Exchange Traded Investment Product Distribution
  • Cayman Islands Government Publishes the Anti-Money Laundering (Amendment) Regulations, 2024
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Financial Services Regulatory Update 2024/04/26

  • Hong Kong Securities and Futures Commission Obtains Compensation and Disqualification Orders Against Former Director and Chief Financial Officer of Changgang Dunxin Enterprise Company Limited for Failure to Detect and Prevent Asset Misappropriation by its Chairman
  • Hong Kong Securities and Futures Commission Suspends Dealings in Tianyun International Holdings Limited Shares Over Massive Missing Corporate Funds
  • Hong Kong Insurance Authority and the Hong Kong Independent Commission Against Corruption Conduct First Joint Operation Against Suspected Unlicensed Selling to Mainland Visitors
  • The Stock Exchange of Hong Kong Limited Publishes Conclusions on Proposed Amendments to Listing Rules Relating to Treasury Shares
  • Hong Kong Exchanges and Clearing Limited Publishes Conclusions on Climate Disclosure Requirements
  • Hong Kong Monetary Authority and the Hong Kong Securities and Futures Commission Initiate Further Consultation on Enhancements to Hong Kong’s Over-The-Counter Derivatives Reporting Regime
  • Hong Kong Securities and Futures Commission Consults on Proposals to Enhance REIT Regime and Securities and Futures Ordinance Market Conduct Regime for Listed Collective Investment Schemes
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Financial Services Regulatory Update 2024/03/28

  • Establishing an Effective Regulatory Ecosystem for Fund Management in Hong Kong
  • Recent Trend of Privatization in Hong Kong
  • Hong Kong Government Opens the New Capital Investment Entrant Scheme for Application
  • Hong Kong Securities and Futures Commission’s Quarterly Report Reveals Surge in Net Inflows to Investment Funds in Hong Kong
  • Hong Kong Government Adjusts Business Registration Fees and Waives the Business Registration Levy
  • Hong Kong Government Gazettes Inland Revenue (Amendment) Bill (Tax Concessions and Two-tiered Standard Rates) Bill 2024 with Tax Concessions and New Rate Structure
  • Hong Kong Accounting and Financial Reporting Council Reprimands Chan Steven Kwok Keung and Sino Corp CPA Limited and Imposes Pecuniary Penalties Totaling HK$100,000 for CPA Misconduct
  • Hong Kong Securities and Futures Commission and Hong Kong Exchanges and Clearing Limited Collaborate in Enforcement Action Against Two Former GEM-Listed Company Directors for Misconduct
  • Hong Kong Securities and Futures Commission Reminds Public Virtual Asset Trading Platforms Application Period Has Ended Under Transitional Arrangements
  • Cayman Islands Updates Beneficial Ownership Regime – Balancing Transparency and Privacy
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Financial Services Regulatory Update 2024/02/29

  • Hong Kong Government Welcomes European Union’s Removal of Hong Kong from Watchlist on Tax Co-operation
  • Hong Kong Securities and Futures Commission Publishes a Research Paper Reviewing Global and Local Securities Markets in 2023
  • Hong Kong Exchanges and Clearing Limited Publishes Results of Review of Issuers’ 2022 Annual Reports
  • Hong Kong Securities and Futures Commission Urges Investors to Check Regulatory Status of Virtual Asset Trading Platforms as Transition Period Will End Soon
  • Hong Kong Securities and Futures Commission Issues Guidance to Eligible Licensed Corporations on Participation in Wealth Management Connect Scheme
  • Hong Kong Securities and Futures Commission Sets Out Three-Year Strategic Priorities
  • Hong Kong Accounting and Financial Reporting Council Publishes the Latest Issue of its Quarterly Report
  • Hong Kong Government Launches Consultation on Legislative Proposals to Regulate Over-the-Counter Trading of Virtual Assets
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Financial Services Regulatory Update 2024/01/26

  • Hong Kong Continues to Drive Initiatives to Support Capitalizing Sustainable Finance Opportunities in the Asia-Pacific Region
  • Implications and Significance of the Latest Listing Rule Changes for Listed Issuers
  • Hong Kong Securities and Futures Commission and Hong Kong Monetary Authority Issues Joint Circular on Intermediaries’ Virtual Asset-related Activities
  • Hong Kong Securities and Futures Commission Warns Public of Unauthorized Investment Product and Suspected Virtual Asset-Related Fraud
  • Hong Kong Exchanges and Clearing Limited Publishes Its 2023 Year in Review
  • Hong Kong Accounting and Financial Reporting Council Issues 2023 Audit Focus to Enhance Audit Quality Amid Challenging Market Conditions
  • Hong Kong Accounting and Financial Reporting Council Highlights the Importance of Continuous Professional Development in Ensuring Audit Quality and Managing Talent
  • Hong Kong Market Misconduct Tribunal Sanctions Mayer Holdings Limited and Its Former Senior Management for Late Disclosure of Inside Information
  • Consultation on Implementation of Global Minimum Tax and Minimum Top-Up Tax in Hong Kong
  • Hong Kong Financial Services and the Treasury Bureau and Hong Kong Monetary Authority Issue Consultation on Legislative Proposal to Implement Regulatory Regime for Stablecoin Issuers and Announcement on Introduction of Sandbox Arrangement
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