On 20 December 2024, the Hong Kong government gazetted the Companies (Amendment) (No.2) Bill 2024 (“Bill”) which introduces Hong Kong’s long awaited inward re-domiciliation regime. The Bill was introduced to the Legislative Council on 8 January 2025 and once enacted, will enable non-Hong Kong incorporated companies to relocate their domicile to Hong Kong, while maintaining their legal identity and business continuity.
Cross-border lending in Asia Pacific continues to grow steadily despite external factors such as COVID-19. While the region is not immune to external factors, borrowing volumes for financial institutions, credit funds and other market participants remain high in Asia Pacific. Considering the demographics of many of the nations, the various financial centers and many market participants investing more substantially in some of those financial centers, we remain optimistic that lending activity across Asia Pacific will continue to grow.
The Hong Kong Monetary Authority (HKMA) Ā has been increasingly active in promoting green and sustainable finance in Hong Kong. Adopting a three-phase approach, the HKMA has developed a common assessment framework to assess the “greenness baselines” of HKMA-authorized banks and deposit-taking institutions (authorized institutionsĀ orĀ AIs) and completed a first round of self-assessments of AIs (Phase I). It has also moved to Phase II which involves the development of climate risk management-related supervisory requirements for AIs. An industry consultation on supervisory requirements is expected in 2021 (possibly within the first half). Phase III (implementation and compliance monitoring) will follow once targets have been set.
The Hong Kong Monetary Authority (HKMA) Ā has been increasingly active in promoting green and sustainable finance in Hong Kong. Adopting a three-phase approach, the HKMA has developed a common assessment framework to assess the “greenness baselines” of HKMA-authorized banks and deposit-taking institutions (authorized institutionsĀ orĀ AIs) and completed a first round of self-assessments of AIs (Phase I). It has also moved to Phase II which involves the development of climate risk management-related supervisory requirements for AIs. An industry consultation on supervisory requirements is expected in 2021 (possibly within the first half). Phase III (implementation and compliance monitoring) will follow once targets have been set.