Recent years have seen a dramatic growth in the regulations affecting Hong Kong businesses. The sanctions for breaching the law are increasingly severe. In April this year, seven construction companies were fined at the maximum level - 10 per cent of their Hong Kong turnover - for engaging in anti-competitive conduct. The Competition Commission has more cases in the pipeline, seeking not just financial penalties, but also disqualification of company directors. Meanwhile, the Government is proposing a dramatic increase in penalties for breach of the Personal Data (Privacy) Ordinance.
Against this background, it is all the more important to protect your business, and its management and staff, with an effective compliance programme. Whether the law concerns competition, consumer protection, data privacy or anti-bribery and corruption, a proper compliance programme helps you steer clear of trouble under the law.
Moreover, if something slips through the net and an inadvertent breach does occur, the fact that you had tried your best to avoid it by putting a compliance programme in place can mean more lenient treatment by regulators and courts when it comes to imposing sanctions. (The Competition Commission, for example, announced recently that it will seek lower penalties if the business had a proper compliance programme in place).
This webinar will give you an overview of the current high risk regulatory environment in which Hong Kong businesses have to operate, explain the key elements of a proper compliance programme that will minimise the risks, and provide you practical tips on how to put one in place.