The New Government Guidelines on Gifts and Official Meals, by Joseph Kwan and Rita Li
On 17 January 2014, the Hong Kong Government promulgated new guidelines on the bestowal of gifts and provision of official meals. In this article, we will discuss the revised guidelines and their implications for Hong Kong companies. Full article
Majority Shareholder wins a case of unfair prejudice under section 168A of the Companies Ordinance, by Cathy Wu
The application of section 168A of the Companies Ordinance (Cap. 32) (which is now replaced by Part 14 Division 2 of the new Companies Ordinance (Cap. 622) which came into force in early March 2014) is generally perceived to be an alternative remedy to winding up granted by the Court to minority shareholders who complain that the affairs of the company have been conducted in a manner unfairly prejudicial to their interests. Full article
New York Convention to have territorial application to the BVI with effect from 25 May 2014, by Philipp Hanusch
On 24 February 2014, the United Kingdom notified the United Nations that the territorial application of the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (better known as the "New York Convention") will be extended to the British Virgin Islands. The notification will take effect for the BVI on 25 May 2014. Full article
High Court ruled against the Magistrate’s approach in considering the charges of false trading, by Joseph Kwan and KC Tai
The Court of First Instance allowed the appeal of the Securities and Futures Commission ("SFC") against the acquittal of a retail investor and remitted the case to the Magistrate for retrial. Full article
The Securities and Futures (Amendment) Ordinance 2014: New Investigative and Disciplinary Powers of SFC and HKMA, by Peter So
The new regime under the Securities and Futures (Amendment) Ordinance 2014 (to come into operation on a date to be appointed by the Secretary for Financial Services) will be overseen and regulated by the SFC and HKMA jointly. The HKMA will regulate OTC derivative activities of authorized institutions ("AIs") and approved money brokers ("AMBs"), while the SFC will regulate OTC derivative activities of licensed corporations ("LCs") and other prescribed persons. Full article