New measures against Omicron variant |
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Keeping a close watch on the newly emerged COVID-19 Omicron variant, the Hong Kong Special Administrative Region (HKSAR) Government has implemented stringent boarding and quarantine requirements for eight places (Botswana, Eswatini, Lesotho, Malawi, Mozambique, Namibia, South Africa and Zimbabwe) in southern Africa, starting Nov 27. Non-Hong Kong residents who have stayed in these places within 21 days will not be allowed to enter Hong Kong. The Centre for Health Protection (CHP) will also further strengthen (Nov 28) the quarantine and testing requirements for Hong Kong residents arriving from the relevant places, including arranging them to stay in quarantine center for 7 days, to be followed by 14-day compulsory quarantine at designated quarantine hotels. To further prevent the transmission of COVID-19, people undergoing compulsory quarantine at a designated quarantine hotel must not wear a mask with any exhalation valve or vent. As at Nov 29, three cases of the Omicron variant have been detected in Hong Kong.
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Calls for better vaccination rate |
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Noting the recent quick rebounds of COVID-19 cases in other places, Chief Executive Carrie Lam urged the public to get vaccinated as soon as possible in order to further increase the vaccination rate, so that cross-boundary travel can resume as soon as possible. Good progress was made in the meeting (Nov 25) on exploring the resumption of quarantine-free travel between the Mainland and Hong Kong. The HKSAR Government is now moving on to get fully prepared for the implementation of orderly resumption of quarantine-free travel, including the roll-out of the “Hong Kong Health Code”.
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Opportunities for fund management business |
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Hong Kong will see more opportunities for asset- and wealth-management business, said Financial Secretary Paul Chan at the SFC Regulatory Forum 2021 (Nov 25). Noting that the fund-management business grew 21%, year on year, to almost US$4.4 trillion at the end of 2020, Mr Chan said Hong Kong is offering tax concessions and financial incentives for the business and its players. To encourage foreign funds to establish a presence in Hong Kong, a set of new fund redomiciliation mechanism has been introduced (Nov 1) to attract foreign funds to relocate their registration and operation to the city. Pioneering wealth management firm Lioner International Group recently opened an office in Hong Kong as its regional headquarters in Asia, with a focus on the business development in the Greater China market.
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The HKSAR Government announced the successful inaugural offering of RMB5 billion offshore renminbi green bonds under the Government Green Bond Program. setting an important new benchmark for the offshore renminbi market. Financial Secretary Paul Chan said the landmark offering further enriches the range of offshore renminbi financial products available in Hong Kong, consolidates its role as the premier offshore renminbi center, and contributes to promoting the internationalization of the renminbi. It also strengthens the Hong Kong platform to better serve renminbi issuers who raise green financing in support of low-carbon transition efforts. “Together with the US dollar and euro-denominated green bond offerings last week, it demonstrates our continued commitment to further develop the green bond market through piloting issuances with different parameters,” he said.
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Regional arbitration center set up in HK |
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The Asian-African Legal Consultative Organization (AALCO) will set up a regional arbitration center in Hong Kong, marking a major milestone in the development of Hong Kong as an international legal and dispute resolution services hub. Adding to the five existing regional arbitration centers of the AALCO, the Hong Kong center will seek to integrate itself in the AALCO dispute settlement system and perform a number of tasks, including providing facilities for alternative dispute resolution services and assisting in the enforcement of arbitral awards. In addition, it’s also the first time the AALCO is holding its annual session in Hong Kong. Launched on Nov 29, the three-day event is conducted in a hybrid format, bringing high-ranking diplomats and legal experts representing the member states as well as observer delegations representing governments and international organizations from across the globe together to discuss important international law topics.
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Views sought on copyright legislation amendments |
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The HKSAR Government launched a three-month public consultation (Nov 24, 2021 – Feb 23, 2022) on updating Hong Kong’s copyright protections. Secretary for Commerce & Economic Development Edward Yau said the purpose of updating the copyright legislation is to provide the necessary legal safeguards to preserve copyright which is important for creative industries. One of the key legislative proposals is to provide new copyright exceptions for the use of copyright works for parody, satire, caricature and pastiche, commenting on current events, and quotation of copyright works. Other proposals include revising and expanding exceptions on various modes of using copyright works to facilitate online learning, the operation of libraries, archives and museums, and media shifting of sound recordings; giving copyright owners a technology-neutral exclusive communication right, and introducing “safe harbor” provisions to limit the liability of online service providers for subscriber copyright infringement acts on their service platforms.
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Webinar: Opportunities in Hong Kong |
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Join the webinar on Dec 7 at 8pm (EST) / 5pm (PST) to learn more about the myriad of opportunities in Hong Kong, including the various talent admission programs for the different professions and industry sectors, as well as the support provided for entrepreneurs setting up in Hong Kong. The webinar will include sharing sessions by Edith Shih, Executive Director of CK Hutchison Holdings and US entrepreneur Josiah Adams, Co-founder and CTO of software company PolySentry and director of PushLogic. Register here to find out what opportunities await you in Hong Kong!
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The values of Hong Kong’s total exports and imports of goods in October both recorded year-on-year increases, at 21.4% and 17.7% respectively. For the first 10 months of 2021 as a whole, the value of total exports of goods increased by 26.7% while the value of imports of goods increased by 25.5%.
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Hong Kong and its Basic Law |
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The Basic Law (BL) is the constitutional document of the Hong Kong Special Administrative Region. Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems”.
Q: Are Mainland laws applicable to Hong Kong?
A: Generally speaking, national laws of the Mainland China are not applied in the HKSAR. Article 18(2), (3) and (4) of the Basic Law provide for application of national laws in the HKSAR. Such national laws as applied in the HKSAR shall be listed in Annex III to the Basic Law. Currently, a total of 14 national laws are so listed in Annex III, all of which concern matters outside the limits of the HKSAR’s autonomy. They include national laws on the capital, calendar, national anthem, national flag, national day, national emblem, national security, territorial sea and contiguous zone, exclusive economic zone and continental shelf, nationality, garrisoning, diplomatic and consular privileges and immunities as well as judicial immunity of assets of foreign central banks. (BL Article 18; Annex III)
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