A complex landscape of data protection, cyber security and privacy regimes has developed over the past 40 years, influenced by cultural preferences and local issues. The US regime prioritises information disclosure (symbolic of freedoms), the EU focuses on protecting security (respecting personal data as a basic human right) and China focuses on privacy and security (data is a matter of sovereignty and national security).
It is the island home of some of the world’s longest-living people and Wenchang chicken, a dish popular in mainland China and across south-east Asia.
We set out in this article the background to, and the expected effects of, the US CHIPS Act aimed at boosting domestic US research and manufacturing capacity in relation to semiconductors, and its effect in China Mainland and potentially Hong Kong SAR. If you have any questions or feedback, please get in touch.
20 January 2023
AMLO Bill passed - Key things to know about the new virtual asset regime and other AML/CTF developments
The Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (“Bill”) has been passed by the Legislative Council on 7 December 2022. The passage of the bill brings into law changes to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (“AMLO”) to give effect to Hong Kong’s new virtual asset licensing regime (“VASP Licensing Regime”). We previously detailed what changes were proposed to the AMLO under draft law and how the VASP Licensing Regime would work in our extensive alert, Lift off: A close look at Hong Kong's virtual asset exchange licensing regime and the IOSCO crypto roadmap. In this alert, we provide a summary of the key changes that have been made to the draft Bill in the now confirmed AMLO amendments and procedural timeline for those changes to come into effect.
12 December 2022
We set out in this article some key issues to which banks and corporates need to pay attention in the final stage of London Interbank Offered Rate (LIBOR) transition in the Hong Kong SAR and mainland PRC lending market. If you have any questions or feedback, please get in touch.
29 November 2022