|2023/03/31||Consultation Paper on the Proposed Regulatory Requirements for Virtual Asset Trading Platform (VATP) Operators licensed by the Securities and Futures Commission (SFC)|
The Chamber welcomes the SFC’s introduction of a new regulatory framework for licensed virtual asset trading platform (VATP) service operators as well as proposals to allow retail investors to access services delivered by the former, provided that there is balance between supporting the development and demands in virtual asset trading, and providing robust protection to investors and market integrity. At the same time, the Chamber notes that there exist differences in industry views on the necessity and sufficiency of certain proposed investor protection mechanisms.
|2022/10/19||Consultation Paper on Cyber-dependent Crimes and Jurisdictional Issues|
The Chamber welcomes the HKLRC’s proposals to introduce a bespoke law that deals with the proliferation of cyber-dependent crimes given the risks of such illegal acts on Hong Kong’s businesses. The Chamber has also called for a balanced approach in the design of the new law so that other than the objective of protecting public interest, consideration should also be given to upholding business’ legitimate needs.
|2022/06/06||Competition Commission Consultation on the Proposal to Vary (Renew) the Competition (Block Exemption for Vessel Sharing Agreements) Order 2017|
The Chamber welcomes the Commission’s proposals to extend the Block Exemption for Vessel Sharing Agreements) Order 2017 (“the Order”). At the same time, we continue to advocate for the extension of the Order for five years, as well as the removal of the market share limit for vessel sharing agreements currently imposed under the Order.
|2021/05/28||Consultation Paper on Listing Regime for Overseas Issuers|
The Chamber agrees with the HKEX that the existing listing requirements should be streamlined through the introduction of a common set of core shareholder protection standards (“Core Standards”) especially in respect of overseas issuers. The Chamber has also made a number of observations and recommendations on certain aspects of the Core Standards to facilitate issuer compliance, and enhance the city’s status as a place to list.
|2021/03/19||Consultation Paper on Real-name Registration Programme for SIM Cards|
The Chamber agrees with the Government that there is the need to address the abuse of SIM Cards for criminal purposes, but suggests that consideration should also be given to attendant issues such as data privacy implications and efficacy of a mandatory registration system. In light of the social impact that such regulatory changes may bring, the Chamber recommends that efforts be made to better define the rights and responsibilities of stakeholders, namely, users, operators, and regulators under the proposed programme.
|2021/03/16||Consultation Paper on Outcome Related Fee Structures for Arbitration|
The Chamber agrees with the Law Reform Commission’s proposals to relax the current prohibition of outcome-related fee structures for arbitration to enhance Hong Kong’s competitiveness as an arbitration centre, but suggests that a phased approach be adopted to the implementation of flexible fee structures. Due consideration should also be given to the protection of the interests of smaller businesses opting for such a means of dispute resolution.
|2020/09/18||Consultation Paper on the proposed application of the United Nations Convention on Contracts for the International Sale of Goods to the HKSAR|
The Chamber welcomes measures which are conducive to the development of international trade such as the proposal to apply the UN Convention on CISG to Hong Kong. While there are apparent benefits of doing so, a proper cost-benefit analysis should be conducted to better assess the impact this may have on the Hong Kong business community and our status as a leading international trading centre.
|2019/12/20||Submission on Law of the People's Republic of China on Value-added Tax (Draft for Consultation)|
The Ministry of Finance of the People's Republic of China and the State Taxation Administration announced in November that it was seeking public opinion on the "Law of the People's Republic of China on Value-added Tax (Draft for Consultation)." The draft reduces the uncertainty in the current VAT law, and is a significant step in the reform of Chinese tax laws. The Chamber submitted a number of suggestions to the authorities on 20 December, after consolidating members’ opinions on the draft.
|2019/11/29||Submission on the Regulations for the Implementation of the Foreign Investment Law of PRC |
The aim of the “Regulations for the Implementation of the Foreign Investment Law” is to provide implementational details of the regulatory framework of the “Foreign Investment Law”. The “Regulations for the Implementation of the Foreign Investment Law” and the “Foreign Investment Law” will be in effect on 1 January 2020.
|2019/08/01||Submission on Mainland Individual Income Tax to the development of the GBA|
The Chamber suggests that the difference between the day-counting rule of the Mainland Individual Income Tax and that of the Hong Kong / Mainland Taxation arrangement should be addressed and aligned in order to promote the long term development of the Greater Bay Area (GBA).