The BO (and its subsidiary legislation) is the principal legislation establishing the legal framework for banks in Hong Kong. The HKMA intends to continue to promote the adoption of fintech across all types of financial services. The Hong Kong Monetary Authority (HKMA) is the central banking institution of Hong Kong, as well as the principal regulator responsible for maintaining the stability of the currency and banking system in Hong Kong. Our firm was established in 1977 and is one of the largest and most well-known local firms in Hong Kong with over 40 solicitors. Found inside – Page xliiiOverseas Correspondents Australia Charles Sweeney , Equity Chambers , 472 Bourke Street , Melbourne 3000 A. T. Scotford ... 57 Notara Street , Piraeus 38 Holland Ina H. Wildeboer , Oppert 34 , Rotterdam 3001 Hong Kong C. S. C. Quennell ... a proportionate balance of fixed and variable remuneration; the use of instruments for variable remuneration; exceptional use of guaranteed minimum bonuses; pre-determined criteria for performance measurement; the deferment of variable remuneration; and. This included a single transaction of HK$500 million, stolen from a foreign bank (see International email scams involving Hong Kong hit HK$1.5 billion for the year so far, South China Morning Post, 12 December 2016). Affinity Equity Partners is one of the largest independent private equity funds in the Asia Pacific region. Join to Connect Equity Chambers. Lawrence Ma Chambers, Hong Kong; Lawrence holds three degrees from the University of Queensland - a Bachelor of Commerce, a Bachelor of Laws and a Master of Laws by thesis. Enhancing our international mobility is central to our strategy, paramount to our firm's performance and your personal and professional growth. In recent years, the HKMA has been exploring various initiatives to promote the growth of the private banking and wealth management industry. Type of Deposits That Are Not Protected under the Scheme. He has experience sitting as presiding arbitrator, co-arbitrator or sole arbitrator in over 30 cases, encompassing . Central to the effective implementation of an AML/CTF regime is the risk-based approach that banks are required to adopt when conducting business with customers. Subject to any further extension to the discontinuation deadline agreed by regulators, the London Inter-bank Offered Rate (LIBOR) will be discontinued at the end of 2021. Most of the commonly placed bank deposits (in any currency) qualify for protection under the Scheme, including current accounts, savings accounts, secured deposits and time deposits with a maturity not exceeding five years. Private Equity Associate at Platinum Equity. The FIRO is designed to be compliant with the international resolution standards set out in the Key Attributes, and has the following resolution objectives: The HKMA has published a FIRO Code of Practice, which provides guidance on its approach to the resolution regime. These minimum criteria are set out in the Seventh Schedule to the BO and apply at the time of authorisation, and on a continuing basis thereafter. It is expected that the HKMA will continue to engage with its regulatory counterparts in the region to establish cross-boundary arrangements to promote Hong Kong as a leading centre for wealth management and private banking whilst maintaining Hong Kong’s robust regulatory protections for investors. 486, Laws of Hong Kong) (PDPO); the Financial Institutions (Resolution) Ordinance (Cap. Clark Wang of Sir Oswald Cheung's Chambers, Hong Kong, discusses the key considerations lawyers should take into account when advising clients for divorces with cross-border elements on whether divorce proceedings should be heard in Chinese courts or in Hong Kong courts The HKMA is currently exploring the use of AI alongside the banking sector to streamline compliance processes through the use of regulatory technology (regtech) and to integrate technology into the supervisory process through the use of supervisory technology (suptech). 201, Laws of Hong Kong). India CLSA established a presence in Mumbai in 1994 and is the leading brokerage with one of the highest market share of foreign flows in India. Found inside – Page 330... Singapore Chinese and Indian banks protested that it would harm their interests , and the chairman of the Hongkong Bank said it was “ without justification either in law or in equity ” . The Indian Chambers of Commerce in Selangor ... With a view to fostering a larger and more diverse regtech ecosystem, the HKMA has developed a two-year roadmap to promote regtech adoption in the banking sector in its White Paper entitled “Transforming Risk Management and Compliance: Harnessing the Power of Regtech”. To enable a smooth and timely transition before the discontinuation of LIBOR at the end of 2021, the HKMA expects banks in Hong Kong to adhere to the following transition milestones: The HKMA and the Hong Kong Treasury Markets Association are also jointly evaluating the need for a suitable fall-back for Hong Kong Interbank Offered Rate (HIBOR) contracts, but the HKMA has stated that there is no current intention to discontinue HIBOR. The HKMA also stated that their 2020 Supervisor-Driven Stress Test will be postponed by one year to 2021, to provide additional operational capacity for banks to respond to the challenges brought by COVID-19. The purpose of the Mandatory Reference Checking Scheme is to ensure that banks are aware of, and properly assess, any previous misconduct committed by individuals who they are looking to employ. It is anticipated that the HKMA will continue to focus on the use of technology to improve the productivity and internal controls within the banking sector. Tel : +852 2810 7222 The HKMA has recognised that COVID-19 has brought increased demand for remote on-boarding and the digital delivery of financial services, and the use of financial technology (fintech) can provide significant support to banks in managing the challenges posed by the pandemic.  She has experience in areas such as family and matrimonial matters, public law, land, tort, personal injuries, employee compensation, commercial litigation, trusts, probate and contract. The HKMA also noted that Project Inthanon-LionRock (the joint study conducted by the HKMA and the Bank of Thailand on the application of central bank digital currency (CBDC) to cross-border payment) has entered the second phase; the two authorities will explore business use cases in cross-border trade settlement and capital market transactions, and enhance the cross-border corridor network prototype to support CBDCs of other central banks in the Asia Pacific region. [email protected], Annex: Found inside – Page 409Hong Kong. Imperial Acts and Rules - Extension . IMPERIAL ENACTMENTS , -Continued . ... RULES , ORDERS , AND REGULATIONS , OF THE SUPERIOR COURTS OF LAW AND EQUITY AT WESTMINSTER . ... Conduct of business at Chambers . ensuring the competence of the managers and staff responsible for the business and internal control functions of the bank. Liverpool Law Clerk's Best Assessment Performance in Equity & Trust • Mooting - Warwick International Law and Intellectual Property Law Moot 2017 (Runner-Up), Student at The Chinese University of Hong Kong Hong Kong SAR. After receiving the application, the HKMA will review the documents to ensure that the minimum criteria for authorisation are satisfied and raise any queries they have with the applicant bank. Simon is ranked in Chambers (Hong Kong) in Band 1 of contentious insurance lawyers. –  acting for an alleged debtor in setting aside default judgment and charging order on his property (HCA 1746/2018), – acting for a car purchaser in setting aside an order for the vehicle licence to be transferred back to seller from the purchaser (HCMP 710/2020) Conan joined Chambers in 2020 after having served pupillage with Mr. Derek Chan SC, Ms. Yvonne Fong, Mr. Isaac Chan, and Mr. Joseph Lee. Barrister-at-law at Denis Chang's Chambers. In this interview with Asia Law Portal, Moses explains in detail his practice focus, how he came to practice law in Hong Kong, more about Liberty Chambers, and key considerations for . Vacation Scheme Herbert Smith Freehills . Equity and Trusts Law in Hong Kong - 3rd Edition . Prominent QC Leaves Essex Court Chambers After China Sanctions. Mustafa Hadi took part in a panel discussion on the appointment of experts in arbitrations at the Hong Kong International Arbitration Centre (HKIAC).The discussion, co-hosted by BRG, HKIAC, and Arbitration Chambers (Hong Kong/London), featured leading members of the Hong Kong international arbitration community. An applicant who is not on HKIAC's Panel or List of Arbitrators and wishes to be considered for inclusion on the FSD Panel must submit the following: 1. The CCyB is expected to be “released” when the credit cycle turns to absorb losses and enable the banking system to continue lending in the subsequent downturn; and. If a majority shareholder controller is incorporated outside Hong Kong, the HKMA may also require the controller to establish a holding company incorporated in Hong Kong, whose sole purpose will be to hold the shares of the bank; this “intermediate” holding company may itself be subject to certain conditions, in addition to those imposed on the bank and its ultimate holding company (if applicable). Found inside – Page xCONTRIBUTORS Catherine Addy is a barrister at Maitland Chambers, Lincoln's Inn. John F. Avery Jones is a retired judge of ... and at the Australian National University and a Non-Permanent Judge of the Hong Kong Court of Final Appeal. However, conditions have been placed on the note-issuing banks in Hong Kong (ie, commercial banks in Hong Kong that are authorised to issue currency notes) such that they shall have no close association with any foreign government or foreign government-controlled entity that – either alone or with associates – is entitled to exercise or control the exercise of 20% or more of the voting power at any general meeting of the bank or its holding company, or either directly or indirectly influences or seeks to influence any aspect of the management or business of the bank. The HLA requirement applicable to a D-SIB (expressed as a ratio of a bank’s CET1 capital to its risk-weighted assets as calculated under the Banking (Capital) Rules) ranges between 1% and 3.5% (depending on the level of the D-SIB’s systemic importance). Tel: 0121 236 5007 The HKMA may conduct face-to-face meetings to assess a candidate’s personal qualities, skills, knowledge and understanding of the bank’s business, key regulatory and supervisory requirements, and whether the candidate will be able to adequately fulfil the proposed role. Abigail is developing broad civil and criminal practice. Jacky Yeung Part-time Programme Worker at The Hong Kong Federation of Youth Groups . The HKMA also launched a self-assessment exercise for banks on green and sustainable banking in May 2020 to assess the financial risks associated with climate and environmental issues. Found inside71 R Chambers, Resulting Trusts (Oxford, Clarendon Press, 1997); R Chambers, 'Is There a Presumption of Resulting Trust? ... 88Cf Attorney-General for Hong Kong v Reid [1994] 1 AC 324 (PC) 331 (Lord Templeman). In March 2020, the Basel Committee announced that the implementation of the final Basel III reform package will be deferred by one year to 1 January 2023 as a result of the impact of COVID-19 on the global banking system. The HLA requirement (together with the countercyclical capital buffer) is an extension of the Basel III capital conservation buffer. The HKMA’s SPM LM-1 “Regulatory Framework for Supervisory of Liquidity Risk” provides guidance on the statutory liquidity requirements. Ryan Ho NDT Engineer at HAECO Global Engine Support Hong Kong SAR. Audrey Osborn Registered Nurse at Pleasant Bay Nursing and Rehab Center Brewster, Massachusetts, United States 1 connection Found inside... must continue to administer both law and equity on the basis that, whenever there is any conflict or variance between ... In civil matters, a single judge of the Court of Appeal sitting in court or in chambers may make an order or ... as a result of express contractual obligations; where a bank is placed in a fiduciary position; from the equitable law of confidence, which may confer an obligation to maintain the confidentiality of disclosures made to a person in a professional capacity (such as a banker); by virtue of legislation, such as the PDPO and related guidance from the Office of the Privacy Commissioner for Personal Data (the Commissioner), the dedicated data privacy regulator. This release includes 4,136 department rankings, 7,443 individual rankings, 970 new individual rankings and 399 Up-and-Comers. For banks incorporated outside Hong Kong, no statutory approval will be needed from the HKMA upon a change in control, although the HKMA still must be satisfied that the controller is fit and proper; the HKMA will rely heavily on the views of the home supervisor in making this assessment. Requirements Governing Changes in Control. Barrister-at-law at Denis Chang's Chambers Hong Kong SAR. From Hong Kong, CLSA provides global investors insights and access to Asia through unrivalled research, execution, sales, corporate finance and capital market expertise. During the Hong Kong Fintech Week 2020, a range of initiatives were announced by various stakeholders to further foster the banking ecosystem in Hong Kong. may carry on banking business (such as receiving deposits from the general public, and paying or collecting cheques drawn by or paid in by customers); and. Pantheon Ventures (Ireland) DAC Sobo Works Windmill Lane Sir John Rogerson's Quay Dublin 2 D02 K156. Found inside – Page 116First, by section 3, the common law (of England) and the rules of equity were to be in force subject to (1) their ... Attorney General's Chambers and their usefulness to modern Hong Kong examined; only seventy survived in the schedule. . Barrister-at-law at Equity Chambers Hong Kong SAR 500+ connections. their knowledge and experience, competence, soundness of judgement and diligence; whether they have a record of non-compliance with non-statutory codes or disciplinary records; and. In 2020, the HKMA worked with the banking sector to explore greater use of technology in banking operations in a number of different areas, including as set out below. Common Equity Tier 1 (CET1) capital ratio; Tier 1 capital ratio; and ; . By Reuters. the business of the applicant bank being carried out with integrity, prudence and competence. 2007 Key remuneration principles that underpin sound remuneration polices include: Banks are required to annually disclose matters relating to their remuneration structure and framework, such as: A breach of SPM CG-5 and the related guidance on remuneration may call into question whether the bank concerned continues to satisfy the minimum criteria for authorisation. The firm's zigzags in its Hong Kong practice are in keeping with broader trends in the market over the past two decades. may take deposits of HKD100,000 or above with an original term of maturity of at least three months. The HKAB and the DTC Association publish codes, guidelines and rules, which member banks are expected to comply with. Barrister-at-law at Equity Chambers Hong Kong SAR. Proposed Code of Practice for Trust Business. 263 others named Phyllis Lee are on LinkedIn. The HKMA’s SPM RE-1 “Recovery Planning” provides guidance for banks in establishing their recovery plans. Found inside – Page 128For similar reasoning in the context of restitution for wrongs cf Attorney-General of Hong Kong v Reid [1994] 1 AC ... 136 Birks in Equity and Contemporary Legal Developments (n 132) esp 346; Chambers Resulting Trusts (n 132) esp 19–27. Found inside – Page 4279,538,457,000 Equity Analyst Coverage : BNP Paribas Securities ( Asia ) Ltd. ... Ferry Wong 62 21 57900500 CIMB - G.K . Securities Ltd. ... Erwan Teguh 62 21 5151330 CLSA Ltd. ( Hong Kong ) ... Michael Chambers 62 21 25548888 Merrill ... 455, Laws of Hong Kong) (OSCO); the United Nations Sanctions Ordinance (Cap. Alternatively, an overseas bank may establish a local representative office in Hong Kong, whose role is confined mainly to liaison work with customers in Hong Kong; it is not allowed to engage in any banking business. . The BO provides that no person shall become a “controller” of a Hong Kong-incorporated bank without the prior approval of the HKMA. Author: Alan Gibb, Richard Morris, King Fung Tsang. The HKMA and the SFC have entered into a Memorandum of Understanding which sets out (amongst other things) the roles and responsibilities of the HKMA and the SFC when supervising registered institutions, including how information will be exchanged between the regulators. Following the Basel Committee's announcement, the HKMA also announced that the implementation of the Basel III final package in Hong Kong will be deferred accordingly. Found inside – Page 172Equity Chambers , 9 , Cook Harswell Rectory , York . Street , Liverpool . Deane , Hermann Frederick Wil Deacon , William ... Colonial Secretary of Hong - Kong . AuDealtry , Percy Stovin , Trinity . B.A. , thor of " Letters on Whist . The thoughts are summarised in nine guiding principles – covering the issues of governance, strategy, risk management and disclosure – and are designed to help banks develop frameworks and strategies to manage ESG risk. Self-assessments were conducted by banks in Hong Kong, and the HKMA published the Report on Review of Self-assessments on Bank Culture (the BC Report) in May 2020. Enforcement of Awards and Judgments Acting for a Dubai-based company in pursuing multi-jurisdictional claims arising from a substantial fraud perpetrated through metal trading and financing contracts, securing injunctive relief in . Senior Associate at Providence Equity Partners . Category 2 institutions designated by the HKMA as category 2A institutions must maintain, on average, a core funding ratio (CFR) of at least 75% in each calendar month. The University of Hong Kong (2017) Hong Kong SAR. She has experience in areas such as family and matrimonial matters . Personal data means any data relating directly or indirectly to a living individual and from which it is practicable for the identity of the individual to be directly or indirectly ascertained, if such data is in a form in which access to or processing of it is practicable. Found inside – Page 800As Chambers has observed:13 Normally, it is fairly easy to tell whether a trust duty is a primary duty created by the ... really a remedy at all.15 As Lord Millett pointed out in the Hong Kong decision in Hall v Libertarian Investments ... Phyllis Lee. Application Form - FSDPAL; 2. The HKMA expects banks to adopt good practices identified in the BC Report with reference to their own circumstances. Epson Hong Kong Ltd. Finance Manager Hong Kong SAR. In May 2020, the HKMA, the SFC and other regulators established the Green and Sustainable Finance Cross-Agency Steering Group (the Steering Group). The CAR requirements for Hong Kong-incorporated banks are calculated on a solo basis or on a consolidated basis, both of which measure the capital adequacy of a bank based on the capital strength, risk profile, or the on- and off-balance sheet exposures of the bank. An Introduction to the Conflict of Laws - Second Edition (Student) Publication Date November 19, 2019. Standard Chartered Bank. Private Banking; Wealth Management; Greater Bay Area. Barrister-at-law at Equity Chambers Hong Kong SAR. The consultation closed in August 2020; the HKMA will be reviewing the responses and looking to establish the Mandatory Reference Checking Scheme in due course. The HKMA must continue to be satisfied that managers appointed by the banks are fit and proper persons. Fax : +852 2810 6728, Members of Denis Chang’s Chambers recognised for pro bono legal services to the community, High Court strikes out election petition involving first judicial interpretation of section 51 District Councils Ordinance, COVID-19 – The Law Un-Masked: Non-performance of commercial contracts during the coronavirus pandemic. 16 September 2021. information relating to the governance structure of the remuneration system; information relating to the design and structure of the remuneration processes; and. Under the BO and its subsidiary legislation, banks are required to maintain adequate capital adequacy and liquidity ratios. Wong Yin Fong and Others v ISS Hong Kong Services Ltd., HCLA 56/2003, [2005] 2 HKLRD 648 (employer's right to relocate workers) (led by Neville Sarony SC) Equity and Trusts Lee Kin Wai v Lee Kin Chuen & Another , HCA 212/2014, 8 February 2017 (property dispute between brothers, common intention construction trust) Found insideFor many in Hong Kong, the absence of electoral democracy became a potent explanation for decline of social and economic opportunity. Achieving democracy came to be valued not just for its own sake but also as a means to promote equity. a higher loss absorbency (HLA) buffer for global systemically important banks (G-SIBs) (there are currently none headquartered and incorporated in Hong Kong) or domestic systemically important banks (D-SIBs). the products, services, transactions and delivery channels of the bank. ISBN/ISSN 9789888476466. The Scheme is funded by annual contributions paid by Scheme members, with the amount being determined by the size of protected deposits held with the Scheme members and the supervisory ratings assigned to them by the HKMA. HONG KONG, April 6 (Reuters) - Asia's breakneck growth was a boon for international schools as expatriates moved to . The HKMA is currently reviewing the results of the banks’ self-assessment exercise and collecting feedback on the White Paper in order to build on the guiding principles and formulate ESG supervisory requirements. Found inside – Page 4279,538,457,000 Equity Analyst Coverage : BNP Paribas Securities ( Asia ) Ltd. ... Ferry Wong 62 21 57900500 CIMB - G.K . Securities Ltd. ... Erwan Teguh 62 21 5151330 CLSA Ltd. ( Hong Kong ) .. , Michael Chambers 62 21 25548888 Merrill ... ICC YAF is headed by the Global Coordinating Committee (GCC) and based at ICC's Global Headquarters in Paris. The manner in which the HKMA interprets them is set out in the “Guide to Authorisation” issued by the HKMA. Alexandra Chambers respects and values this tradition and plays a full role in offering effective pupillages to those intended to qualify for and practice at the Bar of Hong Kong. Restricted licence banks and deposit-taking companies have also established their own equivalent body: the Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies (DTC Association). The HKMA notes that simpler recovery plans may suffice for smaller Hong Kong-incorporated banks and Hong Kong branches of banks incorporated outside Hong Kong with relatively simple business models and a limited scale of business activities in Hong Kong; however, the bank’s recovery plan must still cover the elements set out above. The board has the ultimate responsibility for the operations and financial soundness of the bank. Banks may also engage in a number of ancillary businesses (including through their subsidiaries), such as providing mandatory provident fund services, trust business and/or insurance. Nicholas (Nick) Chan is an experienced private equity/venture capital, merger and acquisition, commercial and compliance, TMT, employment, competition and regulatory lawyer with a computer science background and a regional practice covering 22 countries. Barrister-at-law at Equity Chambers Hong Kong SAR. Non-Hong Kong resident candidates may need not attend a course if they are able to demonstrate that they have attended a similar course elsewhere and they are fully conversant with HKIAC . The main aims of the Steering Group are to co-ordinate management of climate and environmental risks to the financial sector, and to help accelerate the growth of green and sustainable finance in Hong Kong. Blackstone Chambers, Blackstone House, Temple, London, EC4Y 9BW Westminster. Some key components of the corporate governance frameworks are also contained in other relevant SPM modules, and the HKMA also sets out its expectations in various additional guidance and circulars from time to time. 89 Queensway, Admiralty 575, Laws of Hong Kong) (UNATMO); and. Paul obtained First Class marks in Trusts in his Oxford degree, and later taught the law of trusts at the University of Hong Kong. The HKMA intends to work closely with the banks during the upcoming period to promote sound bank culture and share industry-wide insights and practices on culture. Simon is also ranked by The Legal 500 (Asia Pacific) as a leading insurance practitioner. For over 35 years we have been advising clients on business critical and precedent setting matters in Asia. The HKMA has also endorsed – and expects banks to comply with – the HKAB’s “Code of Banking Practice” (the Code), which is a non-statutory, voluntary code that applies to personal customers (ie, private individuals). The scope and frequency of AML/CTF training should be tailored to the specific risks faced by the bank. any person who, either alone or with any associate or associates, is entitled to exercise, or control the exercise of, 10% or more, but not more than 50%, of the voting power at any general meeting of the company or of another company of which it is a subsidiary (a “minority shareholder controller”). She is a barrister-at-law and a Senior Counsel in private practice in Des Voeux Chambers, Hong Kong. Found inside – Page 436If you Ladrones , and of which Hong - kong is , to us at like his society , that is reason enough - the best all events ... a perfectly harmless individual , with whom just place allotted to us , with an equity which she could talk when ... In assessing the fitness and proprietary of executive officers, the HKMA will have regard towards the fit and proper guidelines set out in the SFO and various guidance published by the SFC. multinational corporations, investment or private equity firms, and companies with international businesses Speaker Profiles: Elizabeth Cheung - Barrister-at-law Elizabeth Cheung is a barrister, practicing from Temple Chambers, Hong Kong. Equity Research at J.P. Morgan Hong Kong SAR. Affinity currently advises and manages US$14 billion of funds and investments, and invests out of its latest US$6 billion Affinity Asia Pacific Fund V. Found inside – Page 63... ( 50 % ) Principal Banks : NAB Auditors : Atkinson Gibson Principal Law Firm : Corrs Chambers Westgarth Financial Information ... Central Equity Hong Kong Pty Ltd ( Hong Kong ) ; Central Equity Homes Pty Ltd ; Central Chambers Pty Ltd ... The HKMA also expects that either one-third or three of the board members (whichever is higher) of a fully licensed bank will be INEDs, and at least two of these INEDs should have a background in accounting, banking or another relevant financial industry. At least two written references regarding the applicant's . Abigail joined Chambers in 2019 after completing her pupillage with Mr. Graham Harris SC, Mr. Tim Kwok, Ms. Catherine Wong, Mr. Simon Wong and Mr. Jeffrey Tam. The Department of Justice's main value is the rule of law. Leot 6 zing 3 si 1. New York, NY. Banks that are also “registered institutions” are required to comply with the requirements under the SFO (and its subsidiary legislation) when carrying on the regulated activities. The remuneration policy should cover all employees, particularly those who could have a material impact on the bank’s risk profile and financial soundness. map out a communication strategy with the authorities, public, financial markets, staff and other stakeholders to support the deployment of the recovery options. It is now a subject which must be covered by .

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