The Chamber supports the extension of the Competition (Block Exemption for Vessel Sharing Agreements) Order (“the Order”) in its current form for another term of five years. We believe that the existing Order and proposed period of extension will provide a stable and predictable regulatory environment for and in sustaining the competitiveness of Hong Kong’s shipping and logistics sector– a major pillar of our economy. We also continue to advocate for the removal of the market share limit for vessel sharing agreements currently imposed under the Order for the reasons set out in our response.

The Chamber notes that despite the recent interest in and use of Special Purpose Acquisition Companies (SPACs) as a listing vehicle, there have been growing concerns and regulatory scrutiny in early adopter jurisdictions such as the United States. Should SPACs be approved in Hong Kong, the Chamber recommends that such instruments be subject to the HKEX’s Listing Rules to the greatest extent possible.

The Chamber believes that there are a number of fundamental issues which should be addressed before consideration is given to the issue of whether a Code of Practice for Third Party Funding of Mediation is needed. Should the decision be made to proceed with the implementation of such a code, we would suggest against the replication of contents of the existing code for arbitration given that there are fundamental differences between these two forms of alternative dispute resolution.