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Hong Kong Government initiates subsidies for OFCs

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

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

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

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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