Events listed in [HKG] Hong Kong Government
United Nations Sanctions (Democratic Republic of the Congo) Regulation 2019 ...
ID 22597
On March 31, 2023, the Hong Kong government published a press release to announce the gazettal of the United Nations Sanctions (Democratic Republic of the Congo) Regulation 2019 (Amendment) Regulation 2023 which came into force on same day. The regulation amends the United Nations Sanctions (Democratic Republic of the Congo) Regulation 2019 „to give effect to certain decisions on sanctions in the United Nations ...
Re-domiciliation proposal mooted
ID 22581
On March 30, 2023, the Hong Kong government published a press release to announce the launch of a consultation by the Financial Services and the Treasury Bureau (FSTB) on a proposed new re-domiciliation regime for ALL types of companies. The proposed new regime follows the introduction of a similar, highly successful regime for open-ended fund companies in 2021. This time, the regime would apply ...
LCQ1: Incidents of a number of banks in the United States being taken over
ID 22556
During a recent session of the Legislative Council, Mr. Christopher Hui, Secretary for Financial Services and the Treasury, was asked a number of questions in connection with the recent bank failures in the United States. Specifically, the Secretary was requested to provide information on (1) the exposures of authorized institutions in Hong Kong to the Silicon Valley Bank (SVB); (2) potential risks to the ...
Family office policy stated
ID 22454
The Hong Kong government has published a press statement as regards the new upcoming family offices (SFOs) scheme in Hong Kong. Specifically, the government informs of the publication of the „Policy Statement on Developing Family Office Businesses in Hong Kong“, which – according to the government – „sets out its policy stance and measures“ the government plans to take to foster the development of ...
LCQ3: Mandatory Provident Fund schemes
ID 22433
On March 22, 2023, Mr. Christopher Hui, Secretary for Financial Services and the Treasury, was asked a number of questions during a session of the Legislative Council in connection with the Mandatory Provident Fund Scheme (MPFS). These questions primarily pertain to the estimated „poor“ performance of MPFs in the past year and seek to inquire about (a) the number of account withdrawals in the ...
Wealth summit to be held
ID 22145
The Hong Kong Government has published a press statement to announce an upcoming Wealth for Good in Hong Kong Summit on March 24, 2023 at the Hong Kong Palace Museum. The summit is addressed at family offices and asset managers and will cover the following four topics – as quoted: (a) Wealth for Tech: Hong Kong’s financing capability to empower the next generation of ...
United Nations Sanctions (Somalia) Regulation 2019 (Amendment) Regulation 2023 ...
ID 22144
The Hong Kong government has published a press release to announce the gazettal of the United Nations Sanctions (Somalia) Regulation 2019 (Amendment) Regulation 2023 which came into force on same day. The regulation amends the United Nations Sanctions (Somalia) Regulation 2019 „to give effect to certain decisions in Resolution 2662 (2022) adopted by the Security Council of the United Nations (Security Council) on 17 ...
United Nations Sanctions (Haiti) Regulation gazetted
ID 22124
The Hong Kong government has published a press release to announce the gazettal of the United Nations Sanctions (Haiti) Regulation. The regulation implements several decisions of the United Nations Security Council as regards restrictive measures towards Haiti as outlined in UN resolution 2653 which was subsequently modified by UN resolution 2664. The sanction measures encompass the following: (1) the prohibition to supply, sell, or ...
Tax measures proposed in 2023-24 Budget
ID 21980
The Hong Kong government has published a press statement to summarize the key budget measures for the upcoming fiscal year 2023/2024 that were announced by the Financial Secretary on February 22, 2023. While most measures are irrelevant for businesses, there were two that we find worth noting: 1. The Secretary plans to provide a one-off tax cut of 100% to profit taxes for the ...
Government welcomes Financial Action Task Force’s adoption of Hong ...
ID 21927
The Hong Kong government has published a press release in which it welcomes the „FATF adoption of Hong Kong’s AML and CFT follow-up report“ (please see Event ID 19675 in this context for the FATF publication). The government notes that the FATF report reaffirms that Hong Kong’s current AML and CFT regime is „compliant and effective overall“ making it the first jurisdiction to achieve ...