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Singapore Tightens Strategic Goods Controls

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Singapore updated its strategic goods control regime on 3 August 2020 to ensure robust administration of controls and effective risk assessments, while ensuring the facilitation of legitimate trade. Key amendments include ensuring individual and bulk permit holders have access to English translations for strategic trade records kept in other languages. For bulk permit holders, expanded document categories under recordkeeping requirements and monthly reporting will apply. A new offence has also been created for failing to amend permits in the event that information submitted under initial permit application processes subsequently change.

Hong Kong: Securities and Futures Commission releases Policy Statement and Monetary Authority publishes inSight...

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Against the backdrop of an environment of rapid legal changes, the Hong Kong Securities and Futures Commission (SFC) issued a Policy Statement and the Hong Kong Monetary Authority (HKMA) published an article in its official column inSight, setting out their respective ongoing approach to regulation. We discuss the Policy Statement and inSight article and their genesis.

Hong Kong: Monetary Authority releases Consultation Paper on Enhancing the Regulation and Supervision of...

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The Hong Kong Monetary Authority (HKMA) has released a Consultation Paper on Enhancing the Regulation and Supervision of Trust Business (Consultation Paper). The HKMA plans to introduce a Code of Practice for Trust Business (Code) to be incorporated into a new Supervisory Policy Manual (SPM) applicable to all authorized institutions (AIs) and local subsidiaries of locally incorporated AIs (AI subsidiaries) conducting trust business in Hong Kong. The aim of the Code is to enhance protection of client assets held on trust and better align with international standards and practices to promote the fair treatment of customers and a customer-centric culture in the trust business. We discuss some of the HKMA's proposals and their potential application.

Hong Kong: Doing Business in Hong Kong 2020

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Read publicationThis Doing Business Guide to Hong Kong summarizes the requirements for the establishment and maintenance of a Hong Kong company and a branch...

UK / China arms embargo to be extended to Hong Kong

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On 20 July 2020, the UK Foreign Secretary, Dominic Raab, announced that the UK will extend to Hong Kong an EU arms embargo that...

Hong Kong National Security Law

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The Hong Kong National Security Law took effect on 30 June 2020. The 66-article law criminalizes four types of acts: secession, subversion of State...

Hong Kong: National Security Law in Hong Kong: Implementation Rules for Article 43

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On 30 June 2020, the Law of the People’s Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region (NSL)...

Hong Kong: Does your company have an effective whistle-blowing program? What Hong Kong companies...

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Whistle-blowers have been a prominent feature of the ongoing COVID-19 crisis. From the medics across the globe who have blown the whistle on supply shortages, misleading information regarding effective treatments and risk measures, whistle-blowers have been a vital source of information during the pandemic. Companies have also been challenged with increasing numbers of whistle-blowing reports during this period in areas including fraud, corruption and harassment.  Although there is no comprehensive law in Hong Kong requiring companies to implement a whistleblowing policy and procedure, it is a best practice component to any compliance program and an essential tool to combat internal misconduct and to ensure compliance with laws and regulations.

Hong Kong: Competition Commission substantially revamps leniency policies

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On 16 April 2020, the Hong Kong Competition Commission (HKCC) introduced significant reforms to its leniency policies, publishing:Substantial revisions to its corporate leniency policy, aimed at businesses (Revised Corporate Leniency Policy) A new leniency policy aimed at individuals (Individual Leniency Policy)

China and Hong Kong: COVID-19 – When fraudsters go phishing in the pandemic –...

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In brief With the slowdown in economic activity globally due to COVID-19, the number of cyber fraud cases from around the world has surged. The...
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