Year: 2025

Financial Services Regulatory Update 2025/05/23

By JML
  • Hong Kong Rolls out Further Swap Connect Enhancements
  • Hong Kong Establishes Licensing Regime for Stablecoin Issuers
  • Hong Kong Introduces Company Re-domiciliation Regime and Opens for Applications
  • Hong Kong Passes New Law to Protect Infrastructure Cybersecurity – The Protection of Critical Infrastructure (Computer System) Ordinance
  • Hong Kong Securities and Futures Commission and The Hong Kong Exchanges and Clearing Limited Launch Technology Enterprises Channel with Confidential Filing Option for Specialist Technology and Biotech Companies
  • Hong Kong Securities and Futures Commission Issues Additional Guidance to Licensed Corporations on IPO Subscription and Financing Services
  • Hong Kong Monetary Authority, Hong Kong Police Force, and Hong Kong Association of Banks Announce Enhanced Measures to Combat Financial Crime
  • The Hong Kong Monetary Authority Launched Banking Regulatory Document Repository
  • Hong Kong Gazettes Banking (Amendment) Bill 2025 to Enhance Financial Crime Detection
  • Hong Kong Securities and Futures Commission Prepares Uncertificated Securities Market Regime for Early 2026
  • Hong Kong Securities and Futures Commission’s Takeovers Bulletin Stresses Avoidance of Unequal Dissemination of Information Through Investor Meetings or Other Channels
  • Hong Kong Securities and Futures Commission Promotes Collaboration on Virtual Assets in Abu Dhabi and Dubai
  • Hong Kong Securities and Futures Commission Issues Staking Guidance for Licensed Virtual Asset Trading Platforms and Authorized Virtual Asset Funds
  • Hong Kong Securities and Futures Commission Releases Consultation Paper on Proposed Amendments to Securities and Futures (Stock Market Listing) Rules, Addressing Identified Gaps and Operational Limitations in the Rules and Refining Existing Procedures
  • Hong Kong Securities and Futures Commission Announces Formal Adoption of FASTrack after 6-Month Pilot Period
  • Hong Kong Securities and Futures Commission Issues Guidelines on Market Soundings
  • Hong Kong Competition Commission Reports Key Enforcement and Compliance Developments
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A Review of Ten Years of Competition Law Implementation in Hong Kong

By JML

Hong Kong’s competition law has come of age and enterprises must now take competition law compliance seriously. As Hong Kong commemorates the 10th anniversary of competition law enactment, the Hong Kong Competition Commission (the Commission) shows mastery of competition law enforcement. Strengthening ties with local and Mainland China law enforcement and authorities, including authorities in the Greater Bay Area and the Independent Commission Against Corruption (ICAC), the Commission is poised to target larger syndicates and complex cartels.

Following the implementation of the Competition Ordinance (Cap. 619) (the Ordinance) in 2015 in Hong Kong, two key conduct rules have been established to ensure fair competition in the market. The First Conduct Rule prohibits agreements, decisions, or concerted practices between undertakings that have the object or effect of preventing, restricting, or distorting competition in Hong Kong. This includes practices such as price-fixing, market-sharing, and bid-rigging. The Second Conduct Rule targets undertakings with a substantial degree of market power, prohibiting them from abusing this power through conduct that prevents, restricts, or distorts competition. Such abusive conduct may include predatory pricing, refusal to deal, and exclusivity arrangements. Collaborations with Mainland authorities aim to foster a more unified competition policy, particularly in the Greater Bay Area through the joint initiative with the Guangdong Administration for Market Regulation, targeting enterprises in the region.

In 2025, the Competition Tribunal (Tribunal) is anticipated to continue rendering decisions on more cases, establishing crucial precedents and offering enhanced clarity for Hong Kong’s business community. As exemplified by the Commission’s recent enforcement focus included combating cartel activities affecting citizens in sectors like real estate, funeral services, cleaning services, building maintenance, and logistics technology.

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Hong Kong Recent Enforcement Actions: Cases and Consequences

By JML

Hong Kong Recent Enforcement Actions: Cases and Consequences

This article provides an overview of recent enforcement cases noteworthy to listed companies in Hong Kong, categorized by the nature of misconduct rather than the regulatory authorities responsible. Drawing on actions by the Securities and Futures Commission (SFC), The Stock Exchange of Hong Kong Limited (HKSE), the Independent Commission Against Corruption (ICAC), the Hong Kong Competition Commission, and the Companies Registry, it covers topics like breaches of directors’ duties, internal control failures, market misconduct, fraud, corruption, anti-money laundering violations, competition law breaches, company law compliance, and investor compensation cases. This thematic approach highlights common compliance challenges and the critical need for robust governance to protect market integrity and investor interests.

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Adoption of Generative AI Guideline for Hong Kong’s Financial Market

By JML

The Digital Policy Office (DPO) of the Hong Kong Government has released the Hong Kong Generative Artificial Intelligence Technical and Application Guideline on April 15, 2025. Designed for technology developers, service providers, and users, the Guideline provides practical advice on the use of generative artificial intelligence (AI), addressing its applications, limitations, and potential risks. Key governance principles focus on mitigating issues such as data leakage, model bias, and errors.

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Practical Essentials for Hong Kong IPO Preparation – Key Considerations for Private Equity and Venture Capital Investors

By JML

This article provides an overview of the specific requirements and procedures and positioning considerations in respect of the listing of shares on the Hong Kong Stock Exchange, and compares the different requirements of listing on the Main Board, GEM and specific listing channels (including Chapters 18A, 18B and 18C), to assist institutional investors understand the advantages and special features of the Hong Kong stock market, as well as the essentials for a successful listing.

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Hong Kong’s New Cybersecurity Law to Take Effect on January 1, 2026

By JML

On March 19, 2025, the Legislative Council of Hong Kong enacted the Protection of Critical Infrastructures (Computer Systems) Ordinance (Cap.653), following consultation commenced in 2023. It represents Hong Kong’s first comprehensive cybersecurity legislation aimed at safeguarding critical infrastructure from cyber threats and ensuring the reliability of essential services and critical societal and economic activities.

This is against the backdrop that governmental and statutory bodies like the Fire Services Department, Registration & Electoral Office, Electrical and Mechanical Services Department, the Cyberport, the Consumer Council and the Companies Registry have in recent years suffered data leaks.

Hong Kong’s New Cybersecurity Law to Take Effect on January 1, 2026 01_en

Financial Services Regulatory Update 2025/03/21

By JML
  • Hong Kong Independent Commission Against Corruption’s Promotion and Enforcement for Integrity in the Banking Industry
  • U.S. Law Firm Fined GBP300,000 by Solicitors Disciplinary Tribunal of England and Wales for Anti-money Laundering Breaches
  • Hong Kong Securities and Futures Commission Suspends Finfluencer for Unlicensed Investment Advice
  • Hong Kong Securities and Futures Commission Releases Quarterly Report Showing Strong Momentum in Hong Kong’s Capital Markets Towards End of 2024
  • Hong Kong Insurance Authority Secures First Conviction Against Licensed Insurance Broker for Failure to Submit Audited Financial Statements
  • The China Securities Regulatory Commission Issues “Guideline No. 11 on the Supervision of Listed Companies — Matters Related to the Bankruptcy Reorganization of Listed Companies
  • Hong Kong Accounting and Financial Reporting Council Publishes Report Digest: Reminders for 2024/25 Year-End Audits
  • Hong Kong Exchanges and Clearing Limited Signs MOU with CMU OmniClear to Enhance the Post-Trade Securities Infrastructure of Hong Kong’s Capital Markets
  • OTC Clearing Hong Kong Limited to Accept China Government Bonds, Policy Bank Bonds as Collateral for All Derivatives from 21 March 2025
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Financial Services Regulatory Update 2025/02/28

By JML
  • Hong Kong Securities and Futures Commission Unveils New Roadmap to Develop Hong Kong as a Global Virtual Asset Hub
  • Hong Kong Green and Sustainable Finance Cross-Agency Steering Group Sets 2025 Priorities to Support Growth of Sustainable Finance in Hong Kong
  • The Hong Kong Securities and Futures Commission Flags Cybersecurity Incidents Involving Licensed Firms that Resulted in Business Disruptions in Thematic Review Report
  • The Hong Kong Accounting and Financial Reporting Council Study Advocates for Improved Sustainability Assurance Practices and Urges Auditors to Incorporate Climate Risks in Financial Audits
  • Hong Kong Securities and Futures Commission Concludes Consultation on Proposals to Pave Way for Fully Digitalized Public Offerings
  • Hong Kong Securities and Futures Commission Reprimands and Fines Hang Seng Bank Limited HK$ 66.4 Million for Misconduct in Selling Practices of Investment Products
  • London Metal Exchange Approves Hong Kong as a Delivery Point, Expanding Global Commodity Market Access
  • International Monetary Fund Acknowledges Hong Kong’s Economic Recovery and Resilient Financial System Amid Global Challenges
  • Hong Kong Securities and Futures Commission Supports Listing of Alternative Funds to Broaden Investor Choice and Bolster Market Development
  • Hong Kong Gazettes Subsidiary Legislation to Implement Uncertificated Securities Market Regime for Enhancing Market Efficiency
  • Hong Kong Intellectual Property Department Launches Revised Trade Marks, Patents, and Designs Forms Effective May 2025
  • Hong Kong Companies Registry Implements Key Legislative Reforms Effective April 17, 2025

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Financial Services Regulatory Update 2025/01/25

By JML
  • Hong Kong OTC Market Expands Collateral Options to Include China Government Bonds and Policy Bank Bonds for Derivatives
  • The Stock Exchange of Hong Kong Limited Publishes Conclusions on Further Paperless Listing Reforms
  • Hong Kong Monetary Authority Launches Digital Bond Grant Scheme to Advance Securities Market Innovation
  • Hong Kong Securities and Futures Commission Issues Circular on Listed Structured Funds
  • Hong Kong Enhances New Capital Investment Entrant Scheme to Attract Global Investors
  • Hong Kong Legislative Council Passed the Companies (Amendment) Bill 2024 to Establish a Treasury Share Regime and Promote Paperless Corporate Communication for Both Listed and Unlisted Hong Kong Companies
  • Hong Kong Process Review Panel for the Accounting and Financial Reporting Council Publishes 2023-24 Annual Report
  • Hong Kong Accounting and Financial Reporting Council Gives its First Direction for Additional Continuing Professional Development in Accounting Firm Disciplinary Case
  • The Securities and Futures Commission of Hong Kong Extends Swift Licensing Process for Virtual Asset Trading Platform Applicants
  • New Initiatives between the Hong Kong Monetary Authority and the People’s Bank of China – Strengthened Financial Cooperation Between Hong Kong and Mainland China
  • Tender of 10-year Hong Kong Dollars Hong Kong Special Administrative Region Government Institutional Government Bonds
  • Hong Kong Outlines Sustainability Disclosure Roadmap to Enhance Green Finance Standards
  • Hong Kong Exchanges and Clearing Limited and Cathay Pacific Airways Limited Settle Carbon Credits on Core Climate Marketplace
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