MinterEllison sponsored St. James’ Settlement (SJS) in organising a new community event called Sunday Café at the Blue House, a landmark historic building in Wanchai, Hong Kong. The event, which will run on several Sundays, is organised for the children with special educational needs and their parents with an aim to provide social activities for the children and a means to support the parents. The event was originally scheduled to take place in 2020, but postponed due to the COVID-19 pandemic.
On 31 October 2021 and 7 November 2021, MinterEllison joined hands with SJS in hosting the first ever Sunday Café where our Community Investment Committee members worked together with the participating children in the arts and crafts sessions. MinterEllison will continue to collaborate with SJS in the upcoming Sunday Café in December 2021.
On 7 October 2021, our Partner Desmond Yu and Associate Iris Cheng delivered a seminar on “Internal Investigations on Misfeasance, Bribery, Fraud and Employee Misconduct” organized by the Hong Kong Chamber of Commerce (HKGCC). Apart from fundamental issues relating to employment, secrecy requirements and legal professional privilege, they also shared practical advice on how to plan and carry out internal investigations.
See further at the HKGCC’s website here.
Changes to the Companies Ordinance (Cap. 622) are already underway for the implementation of the so-called “new inspection regime” for the Companies Register, which is maintained by the Hong Kong Companies Registry. The key driver for the change is to usher in a regime that protects the sensitive personal data of certain individuals, such as directors and company secretaries, by limiting inspection of such data by the general public.
The new inspection regime is being implemented in three phases:
Specified Persons include the person to whom the personal data relates (i.e. a data subject), a person who has been given written authorisation by a data subject, shareholders, public officers and public bodies, lawyers, practising accountants and financial institutions.
This updates an earlier news update published by MinterEllison LLP on 4 August 2021.
On 15 September 2021, the Securities and Futures Commission (SFC) released its consultation conclusions on the proposed amendments to (i) the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Corporations) and (ii) the Prevention of Money Laundering and Terrorist Financing Guideline issued by the SFC for Associated Entities (collectively, the AML/CFT Guidelines) . The amendments were proposed to align the AML/CFT Guidelines with the Financial Action Task Force standards (in particular, the Guidance for a Risk-based Approach for the Securities Sector).
The revised AML/CFT Guidelines serve to outline the key principles and provide practical guidance to the securities industry on adopting a risk-based approach in combating money laundering and terrorist financing (ML/TF) . Under this risk-based approach, licensed corporations (LCs) are required to identity and assess the ML/TF risks to which they are exposed and implement AML/CFT policies that are appropriate and adequate for the nature, size and complexity of the business of the LCs in order to mitigate the ML/TF risks identified. To elaborate, the key amendments in the revised AML/CFT Guidelines address various aspects, including (i) steps to take and risk indicators to consider when conducting risk assessment; (ii) additional due diligence for cross-border correspondent relationships; (iii) simplified and enhanced measures LCs may apply to lower risk and higher risk customers or business relationships; (iv) red-flag indicators for suspicious transactions and activities; and (v) policies, procedures and measures for handling transactions involving third-party deposits and payments.
The revised AML/CFT Guidelines came into effect on 30 September 2021 (except for the cross-border correspondent relationship requirements, which will become effective on 30 March 2022 after an additional six-month transition period).
For further details, please refer to SFC’s consultation conclusions here.
The Minor Employment Claims Adjudication Board (the “MECAB”), which adjudicates minor employment claims, provides easy and cost-efficient recourse to certain claims arising from employment-related disputes, including the Employment Ordinance (Cap. 57 of the Laws of Hong Kong). Like Labour Tribunal claims, no legal representation is allowed before the MECAB, and the parties are required to conduct the case themselves, although legal assistance may be obtained “behind the scene”. Claims before the MECAB are heard by an Adjudication Officer in public, whose awards or orders are legally binding.
Effective from 17 September 2021, the jurisdictional limit of the MECAB for claims which arose on or after 17 September 2021 has been increased from HK$8,000 to HK$15,000 per claimant1. Up to a maximum of 10 claimants for a claim amount of not more than HK$15,000 per claimant arising out of the right of action may be filed in the same claim. Representative claims are also permitted, such that one person may represent not more than 5 persons for claims against the same defendant.
It is anticipated that the increase in MECAB’s jurisdictional limit will lead to a rise in the MECAB’s caseload, and help ease traffic at the Labour Tribunal. Simple claims which fall within the MECAB’s jurisdiction, for example, disputes on holiday, annual leave or sick leave entitlements and payment on termination of employment not exceeding HK$15,000, can be handled quickly and economically.
1 The MECAB’s jurisdictional limit for claims which arose before 17 September 2021 remains HK$8,000 per claimant.
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