Tag: Business Law Digest
Commercial leases: abatement clauses and principle of frustration
The Hong Kong Court of Appeal has examined the applicability of the abatement clause and the principle of frustration in an appeal from a business tenant that sought to relieve its obligation to pay full rent during the covid-19 pandemic
Improved copyright infringement practices
Following Copyright Law amendments that took effect in 2021, Chinese courts have actively developed an array of solutions to tackle the ever-evolving field of infringement claims among cutting-edge technologies and new industrial types
Customs challenge for post-importation TP adjustments
Post-importation transfer pricing (TP) adjustments have always presented great challenges for multinational companies doing business in China
Highlights of patent protection in healthcare
The CNIPA released guidelines to support open patent licensing following amendments to the Patent Law
Preferential tax policy extended for share incentive income
The Ministry of Finance (MOF) and State Taxation Administration (STA) have extended preferential individual income tax (IIT)
HK expands arbitration financing options
Effective from 16 December 2022, lawyers in Hong Kong are permitted to fund clients for whom they act in an arbitration by entering into ORFS, such as conditional and contingency fee arrangements
Guangdong’s first equal opportunity judgment issued
The first equal opportunity employment case in Guangdong province was concluded in 2022, with a judgment ordering the employer to pay compensation and apologise in writing to the employee
Amendments reinforce protection of women’s rights
The newly amended Law on the Protection of the Rights and Interests of Women, adopted by the Standing Committee of the 13th National People’s Congress on 30 October 2022, came into effect on 1 January 2023
First action against compliance manager for overseas failures
The Hong Kong Securities and Futures Commission’s (SFC) “manager in charge” (MIC) regime, which aims to heighten senior management’s accountability within licensed corporations, came into effect in 2017
Phase two of new HK inspection regime commences
Phase two of the new inspection regime of the Companies Registry has come into effect from 24 October 2022, allowing Hong Kong companies to limit disclosure to the public regarding certain personal information of their directors and secretaries
HK passes bill for reciprocal enforcement of mainland judgments
Hong Kong’s Legislative Council (Legco) passed the long overdue Mainland Judgments in Civil and Commercial Matters (Reciprocal Enforcement) Bill on 26 October 2022
Guidance for implementing stamp duty policies
In June 2021, the Standing Committee of the 13th National People’s Congress (NPC) officially announced the Stamp Duty Law of China (SD law), which became effective from 1 July 2022
China deposits instrument of approval to OECD convention
On 25 May 2022, China deposited its instrument of approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) with the Organisation for Economic Co-operation and Development (OECD)
Court: Employees cannot be forced to set off quarantine against leave
The Xiaoshan District Court in Hangzhou municipality recently held that the quarantine leave taken during the pandemic may not be set off against an employee’s annual leave entitlement
HKCC succeeds in first appeal on pecuniary penalties
Hong Kong’s Court of Appeal allowed an appeal by the HKCC, increasing pecuniary penalties imposed against various respondents in two separate price-fixing cases on 2 June 2022
Stronger enforcement against price gouging
Determinations of price gouging infringements under the Price Law (PL) were clarified in detailed rules set by the State Administration for Market Regulation (SAMR) on10 June 2022
China mulls lifting merger filing thresholds
Significant changes to merger control procedures have been proposed by the antitrust enforcement authority, raising the existing turnover-based threshold and adding a new hybrid threshold based on turnover and market value
Bank compliance for wealth management subsidiaries
Establishing BWMS is an important means for commercial banks to strengthen risk isolation management and implement professional operation
HK court backs established means for protecting cryptos
A recent Hong Kong judgment confirms that familiar legal principles of trusts and injunctions apply equally to cryptocurrency as a novel asset class
Landmark AML reforms modernise enforcement
In June, the National People’s Congress 13th Standing Committee approved far-reaching amendments to the Anti-Monopoly Law (AML) that become effective from 1 August
Relaxed measures for inbound China travellers
Chinese embassies and consulates have adjusted requirements for pre-travel testing and Health Declaration Code applications
Greater chance of criminal liability for stealing trade secrets
The Tianjin Intellectual Property Court recently tried a criminal case involving an employee’s infringement of his employer’s trade secrets
PU Letter requirement for workers waived
Foreign affairs offices in China announced that, effective 6 June 2022, they have lifted the PU Letter requirement for foreigners who work in China and their dependents
