HK presents its legal system

Secretary for Justice Rimsky Yuen has pointed out that the effectiveness of the legal system and legal infrastructure in Hong Kong has played a vital part in maintaining the jurisdiction’s competitiveness and status as one of the leading financial and commercial centres in the world.

During his speech organized in London by the Hong Kong Association, Yuen said that the availability of top quality legal services provides necessary support to the business community. He also mentioned that, with the rapid economic development in the Asia Pacific region capitalizing on Hong Kong’s well-developed legal system and legal infrastructure is the steadfast policy of the Government of Hong Kong.

the Hong Kong Government aims to consolidate, maintain, enhance and promote Hong Kong as a centre for international legal and dispute resolution services in the Asia Pacific region. So it fully appreciates the pivotal role of the rule of law, the legal system and legal services.

In particular, to promote the jurisdiction as a regional hub for international legal and dispute resolution services, the Government has been instrumental in promoting the development of other dispute resolution methods rather than litigation.

Filed under: Business and Economy, HK as a Financial Centre, HK Law changes

HK and EU sign AIFM MOU

Hong Kong’s Securities and Futures Commission has entered into memoranda of understanding (MOUs) with the competent authorities of the European Union and European Economic Area countries as regards consultation, cooperation and the information exchange related to the supervision of alternative investment fund managers (AIFM).

The MOUs are required by the EU Alternative Investment Fund Managers Directive (AIFMD), and are in identical terms and conditions with all of the countries. They are deemed to have come into effect from July 22, 2013.

The AIFMD MOUs provide a framework for cooperation and mutual assistance in the supervision and oversight of alternative investment fund managers operating on a cross-border basis and for the exchange of information and cross-border on-site visits.

The cross-border marketing of alternative investment funds to professional investors between jurisdictions is also subject to the non-EU jurisdiction not being listed as a non-cooperative jurisdiction by the Financial Action Task Force (FATF) and having co-operation agreements in place with EU member states regarding the exchange of information on tax matters.

Filed under: Business and Economy, Financial Services, International Business Environment