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Mar 19 Legal Update

Share This: Top stories The Privacy Commissioner highlighted improvement areas in its “2018 Study Report on Implementation of Privacy Management Programme by Data Users”. (Click: full report; press release) The Commissioner examined 26 organizations from different sectors (including insurance, finance, telecommunications, public utilities and transportation) to understand their implementation of “Privacy Management Programme” (Background on […]

Feb 19 Legal Update

Share This: Top stories Latest SFC Regulatory Bulletin: “front-loaded” approach (Click: press release; full report)   Useful cases illustrate how the SFC intervenes at an early stage (“front-loaded” approach), where it has serious concerns about IPO applications or post-IPO corporate transactions. We focus on the post-IPO cases. SFC is devoting more resources to transactions which […]

Jan 19 Legal Update

Share This: Top stories HKEX review: annual reports disclosure   HKEX published a report on its review of issuers’ annual reports for year 2017. This is the first “consolidated” review, combining previously separate programmes: (i) review of disclosure in annual reports to monitor rule compliance; (ii) financial statements review. It reviewed eight areas — two […]

Dec 18 Legal Update

Share This: Top stories Two cases on information to shareholders   (i)  Disclosure of inside information (“positive profit alert”) SFC commenced proceedings in the Market Misconduct Tribunal (“MMT”) against CMBC Capital Holdings Limited and 6 former (executive and independent non-executive) directors, for failing to disclose inside information as soon as reasonably practicable. (Click: press release; […]

Nov 18 Legal Update

Share This: Top stories HKEX reviewed 2017 annual reports + ESG reporting guidance   (i)  HKEX published “Analysis of Corporate Governance Practice Disclosure in June and Dec year-end 2017 and March year-end 2018 Annual Reports”, reviewing issuers’ compliance with the Corporate Governance Code (“CG Code”) and Corporate Governance Report.  (Click: full report, press release, letter […]

Oct 18 Legal Update

Share This: Top stories SFC enforcement updates   SFC’s Head of Enforcement gave a speech at a regulatory summit regarding its strategic approaches in enforcement.  (Click: speech). SFC is partnering with other enforcement agencies (ICAC, the police) in targeting “nefarious networks”. These groups of highly organized people (controlling listed companies, licensed dealers, money lenders, financial […]

Sep 18 Legal Update

Share This: Top stories Competition Commission’s third case vs “cartels”   The Competition Commission commenced proceedings in the Competition Tribunal against three construction companies and two individuals for “market sharing” (i.e. allocated customers) and “price fixing” activities around June-Nov 17, regarding renovation services at a public rental housing estate in San Po Kong. (i.e. “cartel […]

Aug 18 Legal Update

Share This: Top stories The Privacy Commissioner issued the revised Best Practice Guide on Privacy Management Programme, to assist organizations in constructing a comprehensive Privacy Management Programme (“PMP”). Given recent privacy leakage incidents and much heightened sensitivity surrounding privacy, the Guide is very useful in providing concrete examples, templates of various tools, and checklists for […]

Jul 18 Legal Update

Share This: Top stories Revised HKEX Corporate Governance Code   HKEX published its consultation conclusions on “Review of the Corporate Governance Code And Related Listing Rules”, and a “Guidance for Boards and Directors”.  (Click: full report, press release; Directors’ Guide). The “over-boarding” provisions have attracted most media attention.  However, it is only one aspect of […]

Jun 18 Legal Update

Share This: Top stories HKEX published its 2017 financial statements review report, monitoring issuer compliance with disclosure requirements of Listing Rules, accounting standards, and Companies Ordinance (“CO”). (Click: full report; press release) This year’s special review themes are (i) “general accounting” review theme — disclosure of impact of new / amended HKFRS in issue but […]