HKMA Takes Disciplinary Action under the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (AMLO)
Peter So
On 31 July 2015, the Hong Kong Monetary Authority (HKMA) issued a press release announcing that it has taken disciplinary action against the State Bank of India, Hong Kong Branch (Bank) under the Anti-Money Laundering and Counter - Terrorist Financing (Financial Institutions) Ordinance (Cap. 615) (AMLO). This is the first reported case in which the HKMA has taken disciplinary action against a bank under the AMLO, which came into effect on 1 April 2012. Full article »
Non-disparagement Clauses in Employment Contracts - Enforceable or not?
Richard Hudson, Cathy Wu
What are non-disparagement clauses?
In general, a non-disparagement clause restricts individuals from taking any action, including making comments, that negatively impacts an organization, its reputation, products, service or employees. Full article »
PRC’s Supreme People’s Court issues guidance regarding CIETAC split
KK Cheung
In August 2012, the Shanghai and South China (Shenzhen) Sub-Commissions of CIETAC declared that they had separated from the CIETAC headquarters in Beijing. In response, CIETAC Beijing issued a notice stating that:- Full article »
Directors’ liability for corporate offences
Vivien Leung
There are various situations in which directors or other officers of corporations will be held liable for offences of the corporation. Sometimes, liability may extend to members where the corporation is managed by its members. Full article »
“No Consent” Letter from JFIU - What it means for Financial Institutions?
Joseph Kwan, Peter So
Mr Justice P. Li of the Court of First Instance handed down his decision on 5 August 2015 in Interush Limited v Commissioner of Police, HCAL167/2014, in which His Lordship held that section 25A of the Organized and Serious Crimes Ordinance, Cap 455 (“OSCO”) and the “no consent” letter issued by the Joint Financial Intelligence Unit (“JFIU”) in response to a suspicious transaction report (“STR”) are not unconstitutional. Full article »
Arbitration (Amendment) Ordinance 2015 comes into force
KK Cheung
The Arbitration (Amendment) Ordinance 2015, which amends the Arbitration Ordinance (Cap 609), came into effect on 17 July 2015. The purpose of the amendment Ordinance is outlined in our 12 February 2015 Legal Alert. Full article »
Section 21M Applications - Due Regard Should be Given to the Foreign Primary Court’s Decision
Peter So, Rita Li
The Court of Appeal (“CA”) handed down a judgment in Beyonics Technology Limited & Another v Goh Chan Peng & Others CACV 244/2014 recently which provides guidance on the discharge of a worldwide Mareva injunction issued by the Hong Kong courts and discovery orders in aid of foreign proceedings under section 21M of the High Court Ordinance (“Section 21M”). Full article »
Drafting arbitration clauses - Difficulties that can arise when specifying “China” as the seat of arbitration
KK Cheung, Christy Yu
In the Court of First Instance (the Court) decision of Z v A & ORS [2015] 2 HKC 272, the Court was asked to construe the ambiguities arising out of two arbitration clauses concerning the seat of arbitration. Full article »