Publications - Deacons

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Hong Kong Government initiates subsidies for OFCs

25 February 2021, Hedge Fund Services , Securities and Futures Commission , Authorised Funds & Products , Investment Funds, Legal Alert, by Sarah Lau, Fiona Fong,

On 24 February 2021, the Finance Secretary Paul Chan delivered the 2021-22 Budget which highlighted upcoming government initiatives to promote the establishment of and re-domiciliation… LEARN MORE

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Hong Kong introduces new carried interest tax concession

25 February 2021, Tax, Legal Alert, by Stefano Mariani,

Introduction and summary As part of a longstanding Government policy to attract private equity (“PE”) and investment fund operations to Hong Kong, the Inland Revenue (Amendment)… LEARN MORE

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SFC consults on proposed conduct requirements for bookbuilding and placing activities

23 February 2021, Debt , Equity , Capital Markets, Legal Alert

On 8 February 2021, The Securities and Futures Commission (SFC) published a consultation paper on (i) the proposed code of conduct on bookbuilding and placing activities in equity… LEARN MORE

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Consultation on revised Supervisory Policy Manual (“SPM”) module “The Sharing and Use of Consumer Credit Data through Credit Reference Agencies” (IC-6)

22 February 2021, Banking & Finance, Newsletter, by Simon Deane, Randy Lam

The Hong Kong Monetary Authority (the “HKMA”) recently issued a consultation on a revised SPM module (IC-6). IC-6 specifies the minimum standards that authorised institutions… LEARN MORE

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Hong Kong Monetary Authority (“HKMA”) – AML/CFT Regtech: Case Studies and Insights

22 February 2021, Banking & Finance, Newsletter, by Simon Deane, Randy Lam

The HKMA published a report titled “AML/CFT Regtech: Case Studies and Insights” highlighting the opportunities that Regtech offers to transform the effectiveness and efficiency… LEARN MORE

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International Swaps and Derivatives Association (“ISDA”)’s New IBOR Fallbacks Effective for Standard Form Derivatives Documents from January 2021

22 February 2021, Banking & Finance, Newsletter, by Simon Deane, Randy Lam

The ISDA’s IBOR Fallbacks Supplement (the “Supplement”) and IBOR Fallbacks Protocol (the “Protocol”) were launched on 23 October 2020. The Supplement amends ISDA’s standard interest… LEARN MORE

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ICE Benchmark Administration (“IBA”) and Refinitiv Launched Term SONIA Benchmarks

22 February 2021, Banking & Finance, Newsletter, by Natalie Chan, Simon Deane,

On 11 January 2021, IBA and Refinitiv launched their respective Sterling Overnight Index Average (“SONIA”) term rates (“Term SONIA”). Term SONIA, which is a forward-looking risk-free… LEARN MORE

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UK Finance Guide to LIBOR Discontinuation for Banks and Lenders

22 February 2021, Banking & Finance, Newsletter, by Natalie Chan, Simon Deane,

On 12 February 2021, UK Finance published a guide to LIBOR discontinuation for banks and lenders (“Guide”). The Guide provides a progress check on the LIBOR transition and identifies… LEARN MORE

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Insurance group-wide supervision regime to commence on 29 March 2021

22 February 2021, Banking & Finance, Newsletter, by Simon Deane, Randy Lam

The Insurance (Amendment) (No. 2) Ordinance 2020 (the “IAO”) was enacted in July 2020. The IAO introduces an insurance group-wide supervision (“GWS”) framework to empower the… LEARN MORE

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Financial Stability Institute (“FSI”) publishes Bank for International Settlement (“BIS”) research paper on Fintech regulation

22 February 2021, Banking & Finance, Newsletter, by Bonnie Wong, Simon Deane,

The FSI has published the BIS’s research paper titled “Fintech regulation: how to achieve a level playing field” in February 2021 (the “Paper”). The Paper explores how regulation… LEARN MORE

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1	It is often necessary for individual clients or (where clients are businesses, incorporated or otherwise) their individual representatives (including without limitation directors, other officers, employees and staff members of client businesses) (in this statement these individual representatives will, for the sake of brevity, also be referred to generally as “clients” and, in paragraph 4.7(b) below, as "Representatives") to supply Deacons with data about themselves in connection with Deacons’ provision of legal advice and services to those clients. These data may include copies, and other details, of identity documents, proof of address, other contact details, and proof of authority to instruct Deacons.

2	Failure to supply such data may result in Deacons being unable to provide clients with the legal services, or generally to give clients the legal advice, requested.

3	It is also the case that Deacons collects data from clients in the ordinary course of the client-solicitor relationship on an ongoing basis.

4	The purposes for which personal data relating to a client may be used are as follows:

	Obligatory purposes - if a client does not want Deacons to use his personal data for any of the purposes listed in paragraphs 4.1 to 4.6 below (inclusive), Deacons will not be able to provide the legal services, or give the legal advice, requested

	all kinds of personal data about a client will be used for -

		4.1	the provision of legal advice and services to the client in accordance with the instructions of the client and as Deacons may otherwise deem appropriate or necessary;

		4.2	designing legal services or related products for clients’ use;

		4.3	collection of outstanding fees from clients;

		4.4	meeting the requirements to conduct client identification and verification and to make disclosure under the requirements of any law, guideline, code of practice or practice direction binding on, or applicable to, Deacons or any of its branches or associated firms or offices including, but not limited to, any such law, guideline, code or practice direction relating to anti-money laundering and anti-terrorism;

		4.5	purposes specifically provided for in any particular service offered by Deacons;

		4.6	purposes directly related to any of the above;

			the client's name and contact details (including but not limited to office address, telephone number and email address) provided by the client to Deacons will be used for -

		4.7	marketing Deacons' own legal services and/or related products.

			If a client does not want Deacons to use his personal data for the purposes mentioned in paragraph 4.7 above, he may write to or email the officer named at the end of this statement, indicating his decision and/or return a copy of this statement to that officer.

			IMPORTANT NOTES about Deacons marketing:

				All marketing in relation to Deacons legal services and related products to Representatives is sent to them in their official capacity as representatives of the client business for whom they work or represent and not in their individual capacity.

5	Data held by Deacons relating to a client will generally be kept confidential but Deacons may provide such information for the above purposes to:

		5.1	any other branch or associated firm or office of Deacons;

		5.2	a government agency such as the Hong Kong Police, the Hong Kong Customs and Excise Service, the Hong Kong Immigration Service and the Independent Commission against Corruption, if Deacons knows or suspects that any person is engaged in drug trafficking, terrorism or any other serious crime or handling the proceeds of crime or that any property constitutes terrorist property; in this case, the obligation to report to the authorities may override Deacons' confidentiality obligations;

1	For people intending on applying for jobs within Deacons you should aware that it is necessary for staff members ('data subjects') to supply the Firm with data about themselves and sometimes also their family members from time to time in connection with their employment.

2	Failure to supply such data will result in the Firm being unable to operate its practice properly and may affect a data subject's employment prospects with the Firm and even result in dismissal.

3	The purposes for which data relating to data subjects are to be used are as follows:

	3.1	identification and determination of eligibility for employment in Hong Kong generally and qualifications relevant to data subject's employment with the Firm in particular;

	3.2	assessing work performance, attendance and disciplinary record;

	3.3	reviewing salaries, bonuses and other benefits;

	3.4	consideration of eligibility for staff loans;

	3.5	providing employee references;

	3.6	disclosure to immigration authorities - in relation to employment visa, where required;

	3.7	disclosure to tax authorities in the ordinary course of business;

	3.8	all other matters relating to employment of a data subject.

4	Data held by the Firm relating to data subjects will be kept confidential but the Firm is authorised to provide such information to:

	4.1	any person when the Firm is compelled to make disclosure under the requirements of any law binding on it or any of its branches, including, without limitation, tax authorities;

	4.2	any person with the express or implied consent of the data subject;

	4.3	any person where the interests of the Firm require disclosure;

	4.4	any person where the public interest requires disclosure;

	4.5	any agent, contractor, or third party service provider who provides administrative, telecommunications, computer or other services to the Firm in connection with the operation of its practice;

	4.6	any other person under a duty of confidentiality to the Firm including member of Deacons and other associated law firms and related business which has undertaken to keep such information confidential;

	4.7	persons seeking employee reference;

	4.8	Personnel Department staff of the Firm and supervisors of the data subject during the course of his/her employment; and