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Partners Tracy Wut and Derek Poon were featured in Private Equity International’s Keynote Interview, entitled “China’s rebound creates domestic PE opportunities.” In this interview they reflected on the impact of COVID-19 on PE firms and portfolio companies and its ramifications on deal activity in China. They also discussed the effects…

A recent High Court decision in Yung Wai Tak Abraham William v. Natural Dairy (Nz) Holdings Ltd (in Provisional Liquidation) (17/08/2020, HCLA26/2018) [2020] HKCFI 2067 (“Decision”) held that a Hong Kong listed company and its wholly owned subsidiary were joint employers of the appellant whose main job was to serve the listed company as its company secretary, notwithstanding that the written employment contract was solely made with the subsidiary. The parent company was held liable for, inter alia, unpaid wages, statutory severance payment and payment in lieu of notice owed to the appellant by the subsidiary. In coming to its conclusion, the court applied the “overall impression” test set down by the Court of Final Appeal in Poon Chau Nam v Yim Siu Cheung,1 taking into account all relevant features of the parties’ relationship, including the proper interpretation of the written employment contract, the recruitment process, the services provided by the employee to the companies involved, the employer’s confession, and other contemporaneous documentary evidence.

Hong Kong and Mainland China are common destinations for embezzled funds. In today’s global marketplace, disputes are growing in number and complexity. Businesses are facing intense competition and must manage the risks and challenges in doing business locally and internationally. Higher accountability standards and tighter regulatory scrutiny increase exposure and vulnerability.

Hong Kong and Mainland China are common destinations for embezzled funds In today’s global marketplace, disputes are growing in number and complexity. Businesses are facing intense competition and must manage the risks and challenges in doing business locally and internationally. Higher accountability standards and tighter regulatory scrutiny increase exposure and…

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.

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.

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.