Financial markets in Hong Kong : law and practice / Douglas W. Arner, Berry F.C. Hsu, Say H. Goo, Syren Johnstone, Paul Lejot ; consulting editor, Maurice Kwok-Sang Tse.
2016
KNQ9323.6 .F56 2016 (Map It)
Available at Cellar
Formats
| Format | |
|---|---|
| BibTeX | |
| MARCXML | |
| TextMARC | |
| MARC | |
| DublinCore | |
| EndNote | |
| NLM | |
| RefWorks | |
| RIS |
Items
Details
Author
Title
Financial markets in Hong Kong : law and practice / Douglas W. Arner, Berry F.C. Hsu, Say H. Goo, Syren Johnstone, Paul Lejot ; consulting editor, Maurice Kwok-Sang Tse.
Published
Oxford, United Kingdom : Oxford University Press, 2016.
Call Number
KNQ9323.6 .F56 2016
Former Call Number
Ch.HK 640 F49 2016
Edition
Second edition.
ISBN
9780198706472 (pbk.)
0198706472 (pbk.)
0198706472 (pbk.)
Description
xlviii, 655 pages ; 26 cm
System Control No.
(OCoLC)948839725
Bibliography, etc. Note
Includes bibliographical references and index.
Other Editions
Revision of: Financial markets in Hong Kong Oxford ; New York : Oxford University Press, 2006
Record Appears in
Table of Contents
Table of Cases
xxi
Table of Legislation, Conventions and Treaties
xxv
List of Abbreviations
xliii
Authors and Consulting Editor
xlvii
I.
Finance In Hong Kong
1.
Hong Kong's Financial Markets: Evolution and Overview
A.
Introduction 1.01
B.
Substantive and Specialist Financial Centres 1.08
C.
Recent Centre of Finance 1.14
D.
Unimpeded Legal Transplant 1.23
E.
Recent Regulation 1.29
F.
Constitutional Objectives 1.34
G.
International Engagement 1.46
H.
Other Atypical Factors 1.49
2.
Financial Regulatory Structure
A.
Regulatory Evolution 2.01
1.
Early development (1840-1948) 2.02
2.
Emerging market (1949-87) 2.04
3.
Developed markets (1987-2008) 2.11
B.
Foundations: Government and Legal System 2.18
1.
Basic Law and common law: The legal framework 2.22
2.
Legislative process and the Executive 2.28
3.
Judiciary 2.30
4.
Basic Law: Monetary and financial systems 2.34
C.
Financial Regulatory System 2.36
1.
Financial regulatory framework 2.38
2.
Role of the Hong Kong government 2.43
3.
Financial supervisory agencies 2.44
4.
Companies: Legal framework 2.63
5.
Other agencies 2.95
D.
Pre-global Financial Crisis Weaknesses 2.108
1.
Pre-existing weaknesses 2.108
2.
International Monetary Fund review 2003 2.109
3.
Other issues: Review of banking stability 2.126
4.
global financial crisis 2.129
E.
Post-crisis Evolution and Reforms 2.135
1.
international response to the crisis 2.136
2.
Post-crisis reforms in Hong Kong 2.139
3.
Lehman Minibonds 2.148
4.
Other international best practice reforms 2.154
5.
international financial centre for China 2.159
F.
Conclusion 2.163
II.
Regulation Of Banking, Securities, And Insurance
3.
Banking Regulation and the Hong Kong Monetary Authority
A.
Regulatory Framework 3.01
1.
HKMA 3.03
2.
Central banking and the Exchange Fund 3.05
3.
Banking regulation and supervision 3.10
4.
Legal framework for banking business 3.20
5.
Banking Ordinance (Cap. 155) 3.23
6.
Banking (Amendment) Ordinance 2012 3.28
7.
Financial infrastructure development 3.29
B.
Banking and Related Business 3.37
1.
Authorized institutions and the HKMA 3.37
2.
Securities activities: The HKMA and SFC 3.40
3.
Financial products and services 3.44
4.
Customer disputes and advertising 3.87
5.
Money brokers 3.89
6.
Money changers 3.90
C.
Licensing and Authorization 3.91
1.
Banks 3.93
2.
Securities activities of banks 3.123
3.
Other intermediaries 3.124
D.
On-going Requirements and Compliance 3.130
1.
Transfers of authorization 3.131
2.
Major acquisitions or investments by a bank 3.132
3.
Capital requirements 3.134
4.
Liquidity requirements 3.141
5.
Banking Review Tribunal 3.146
6.
Credit risk 3.147
7.
Market and other risks 3.155
8.
Securities activities: The HKMA and SFC 3.156
9.
Governance and internal controls 3.160
10.
Methods of on-going supervision 3.163
11.
Consolidated supervision 3.171
12.
Information and records requirements 3.172
13.
Anti-money laundering 3.175
E.
Insolvency and Resolution 3.179
1.
Revocation of authorization 3.183
2.
Deposit insurance 3.185
3.
Bank resolution 3.191
4.
Bank insolvency 3.197
F.
Conclusion 3.201
4.
Securities Regulation: The Securities and Futures Commission and Hong Kong Exchanges and Clearing Limited
A.
Regulatory Framework 4.01
1.
Evolution 4.01
2.
Three-tier system: Government, SFC, and HKEx 4.12
3.
Committees, tribunals, and panels 4.38
4.
Interaction with local regulators 4.41
5.
International regulatory cooperation 4.47
6.
SFO, subsidiary legislation, and regulations 4.50
7.
HKEx Listing Rules 4.58
B.
Licensing and Registration 4.63
1.
Licensing of corporations 4.77
2.
Temporary licences 4.82
3.
Fitness and properness: Corporations and AFIs 4.84
4.
Associated entities 4.98
5.
Licensing of representatives 4.102
6.
Fit and proper guidelines for individuals 4.105
7.
Securities market infrastructure providers 4.108
C.
Regulated Activities 4.113
1.
Type 1: Dealing in securities 4.117
2.
Type 2: Dealing in futures 4.119
3.
Type 3: Leveraged foreign exchange trading 4.121
4.
Type 4: Advising on securities 4.126
5.
Type 5: Advising on futures contracts 4.128
6.
Type 6: Advising on corporate finance 4.130
7.
Type 7: Providing automated trading services 4.132
8.
Type 8: Securities margin financing 4.134
9.
Type 9: Asset management 4.135
10.
Type 10: Providing credit rating services 4.136
11.
Type 11: Dealing or advising in OTC derivatives 4.137
12.
Type 12: OTC derivative client clearing services 4.138
13.
Securities activities of banks 4.139
D.
On-going Requirements and Compliance 4.140
1.
Securities activities of banks 4.146
2.
Securities firms 4.154
3.
Client assets and record keeping 4.160
4.
Conduct of business 4.163
5.
Discipline 4.166
6.
Securities market infrastructure providers 4.168
E.
Conduct of Business 4.175
1.
Code of Conduct 4.176
2.
Internal Control Guidelines 4.208
F.
Compensation, Insurance, Resolution, and Insolvency 4.221
1.
Investor Compensation Fund 4.222
2.
Insurance cover 4.232
3.
Resolution regime 4.237
4.
Insolvency 4.240
G.
Conclusion 4.243
5.
Insurance Regulation, the Office of the Commissioner of Insurance, and the Insurance Authority
A.
Transitional Regulatory Framework 5.01
1.
Pre-ICAO 2015 legislation and regulations 5.05
2.
Pre-ICAO 2015 supervision 5.18
3.
ICAO 2015 legislation and regulations 5.30
4.
ICAO 2015 supervision 5.47
B.
Insurance and Related Business 5.50
1.
Insurance business 5.50
2.
Regulated activities 5.54
3.
Non-insurance business 5.60
C.
Authorization and the New Licensing Regime 5.62
1.
Authorization of insurance companies 5.65
2.
Insurance intermediaries 5.71
D.
On-going Requirements and Compliance 5.77
1.
Reporting requirements 5.79
2.
Accounting and financial requirements 5.83
3.
Conduct requirements 5.93
4.
Powers of intervention 5.100
5.
Discipline 5.105
E.
Insolvency and Resolution 5.111
1.
Insolvency 5.112
2.
Resolution 5.113
F.
Global Perspective 5.120
1.
Hong Kong in a global context 5.121
2.
International financial regulation 5.126
3.
Globalization of insurance 5.135
G.
Conclusion 5.144
III.
Regulation Of Financial Products
6.
Securities Offerings
A.
Introduction 6.01
B.
Public and Other Types of Offers 6.09
1.
Private and public companies 6.09
2.
Non-Hong Kong companies 6.13
3.
Public offers 6.15
4.
Offers that do not involve a public offer or listing 6.21
C.
Listing on the SEHK 6.24
1.
function of regulation 6.28
2.
Rationale for listing 6.31
3.
Methods of listing shares 6.34
4.
Listing debt securities 6.46
5.
Alternative market: The GEM 6.48
D.
IPO Listing Process 6.49
1.
Preparatory steps 6.52
2.
Eligibility for listing 6.54
3.
Non-Hong Kong issuers 6.73
4.
Application, approval, and filing 6.84
5.
Growth Enterprise Market 6.102
E.
Sponsors and Underwriters 6.104
1.
Sponsors 6.105
2.
Underwriters 6.115
3.
Liability of sponsors and underwriters 6.118
F.
Prospectus and Related Liabilities 6.126
1.
Listing document and prospectus 6.129
2.
Contents 6.131
3.
Document production: Due diligence and verification 6.157
4.
Supplementary offering documents 6.171
5.
Prospectus liability 6.172
6.
Mechanisms of mitigating potential liability 6.202
G.
Post-listing Considerations 6.212
1.
Continuation of disclosure 6.214
2.
Stabilization 6.220
3.
New share issues 6.222
4.
Share buy-backs 6.223
5.
Minimum public holding 6.230
6.
Trading halt and trading suspension 6.232
7.
Cancellation and withdrawal of listing 6.238
H.
Debt and Other Listed Securities 6.244
1.
Debt issues to professional investors 6.245
2.
Debt issues to retail investors 6.248
3.
Other securities 6.249
I.
Conclusion 6.250
7.
Asset Management and Investment Products
A.
Regulatory Framework 7.06
1.
Market context 7.06
2.
SFO gateways 7.14
3.
Misrepresentation 7.29
4.
Sales process 7.34
B.
Asset Management 7.36
1.
Definition of asset management 7.36
2.
Licensing 7.43
3.
Fund Manager Code of Conduct 7.46
C.
Authorized Investment Products 7.74
1.
General considerations 7.74
2.
Collective investment schemes 7.78
3.
Cross-border offerings 7.103
4.
Specialized listed collective investment schemes: ETFs and REITs 7.112
5.
Structured products 7.119
D.
Retirement Schemes and MPF Regulation 7.134
1.
ORSO 7.135
2.
Mandatory Provident Fund Schemes Authority 7.137
3.
MPFSO (Cap. 485) 7.140
4.
MPF intermediaries 7.145
5.
SFC Code on MPF Products 7.147
6.
Anticipated reforms 7.149
E.
Insurance Products 7.150
1.
ILAS Code 7.150
2.
Insurance Ordinance and Insurance Authority 7.151
F.
Hong Kong and Global Asset Management 7.152
1.
ASEAN CIS Passport 7.154
2.
APEC Funds Passport 7.161
G.
Conclusion 7.169
8.
Financial Derivatives
A.
Sources and Uses 8.04
1.
Classification 8.08
2.
Instrument types 8.18
3.
Uses 8.54
B.
Exchange Traded Derivatives in Hong Kong 8.70
1.
HKEx activity and principal contracts 8.72
2.
Margin requirements 8.88
3.
Risk management controls 8.89
4.
Regulatory framework 8.97
5.
Investor protection 8.102
C.
OTC Derivatives and Hong Kong Regulatory Oversight 8.108
1.
Swaps and structured transactions 8.111
2.
Documentation and the role of ISDA 8.112
3.
Credit derivatives 8.124
D.
Regulatory Framework 8.129
1.
Part IIIA, SFO[—]OTC derivative transactions 8.133
2.
Licensing 8.138
3.
Reporting requirements 8.152
4.
Clearing requirements 8.163
5.
Trading requirements 8.169
9.
Takeovers and Mergers
A.
Code on Takeovers and Mergers 9.04
1.
Scope 9.09
2.
Administration and enforcement 9.11
3.
General principles 9.18
B.
Takeover Structures 9.20
1.
Offers 9.23
2.
Reverse takeovers 9.40
C.
Offers 9.48
1.
When does an offer first arise? 9.49
2.
Requirements in making an offer 9.51
3.
Types and terms of offers 9.59
4.
Offer price 9.85
5.
Chain principle 9.93
6.
Convertible securities, warrants, and options 9.94
7.
Revising or withdrawing offers 9.97
8.
Offer timetables 9.103
D.
Announcements 9.104
1.
Announcements prior to the offer announcement 9.108
2.
offer announcement 9.120
3.
Announcements during the course of an offer 9.124
4.
No intention announcements 9.128
E.
Considerations Applying to Other Parties 9.129
1.
Acting in concert 9.130
2.
Associates and associated companies 9.142
3.
Directors and advisers 9.145
4.
Special deals 9.160
5.
Irrevocable commitments 9.161
F.
Dealing during an Offer Period 9.164
1.
SFO 9.165
2.
Takeovers Code and fund managers 9.170
3.
Listing Rules 9.180
G.
Conclusion 9.181
IV.
Financial Market Conduct And Misconduct
10.
Corporate Governance
A.
Development of Corporate Governance in Hong Kong 10.12
B.
Topic of Corporate Governance 10.23
1.
Responses to a problem 10.30
2.
Market integrity 10.36
C.
Corporate Governance Framework in Hong Kong 10.41
1.
Common law and equity 10.45
2.
Statutory framework 10.46
3.
Constitutional document of the company 10.51
4.
Regulatory rules 10.53
5.
Other sources 10.62
6.
Non-Hong Kong companies 10.64
D.
Directors and the Board 10.65
1.
Ambit of 'director' 10.66
2.
Common law and equity 10.77
3.
Statutory framework 10.115
4.
Regulatory rules 10.125
E.
Shareholder Rights 10.164
1.
Common law and equity 10.165
2.
Statutory framework 10.167
3.
Constitutional document of the company 10.181
4.
Regulatory rules 10.184
F.
Disclosure and Transparency 10.192
1.
Statutory framework 10.193
2.
Regulatory rules 10.202
G.
Notifiable and Connected Transactions 10.212
1.
Notifiable transactions 10.216
2.
Connected transactions 10.224
3.
Determining percentage ratios 10.232
4.
Transactions concerning subsidiaries 10.241
5.
Requirements for notifiable transactions 10.244
6.
Requirements for connected transactions 10.249
7.
Discretionary powers 10.255
H.
Conclusion 10.256
11.
Market Integrity
A.
Market Integrity and Abuse 11.01
B.
Disclosure Obligations of Listed Companies 11.07
1.
Statutory disclosure obligations 11.11
2.
Meaning of inside information 11.14
3.
Safe harbours 11.22
4.
disclosure 11.25
5.
Consequences of a breach 11.27
6.
Relationship with market misconduct provisions 11.32
C.
Disclosure Obligations of Shareholders 11.34
D.
Market Misconduct Regulation 11.43
1.
Legal framework 11.46
2.
mental element 11.51
3.
dual system of market misconduct 11.57
4.
Consequences 11.61
5.
MMT 11.68
6.
Safe harbour rules 11.74
E.
Insider Dealing 11.75
1.
theoretical framework 11.75
2.
Criminalization of insider dealing 11.78
3.
Definition of connected person 11.85
4.
Defences 11.90
F.
Market Manipulation 11.100
1.
False trading 11.109
2.
Price rigging 11.119
3.
Stock market manipulation 11.222
G.
Information-based Forms of Market Misconduct 11.128
1.
Disclosure of false or misleading information inducing transactions 11.129
2.
Disclosure of information about prohibited transactions 11.134
H.
Fraud and Deception 11.140
I.
Money Laundering 11.142
1.
Legislation 11.146
2.
Regulatory guidance 11.152
3.
Record-keeping and reporting 11.162
J.
Conclusion 11.166
V.
International Dimension
12.
China Nexus
A.
Modern Evolution of China's Financial Sector 12.05
B.
Financial Markets and their Regulation in Mainland China 12.15
1.
Overview of China's legal structure 12.16
2.
Financial law and regulation in mainland China 12.24
C.
Banking 12.30
1.
Development of mainland banking institutions 12.31
2.
Development of banking laws and regulations 12.46
D.
Securities 12.63
1.
Development of mainland securities markets 12.64
2.
Structure of the mainland securities legal system 12.83
3.
Mergers, acquisitions, and takeovers 12.112
4.
Stock Connect 12.114
E.
Insurance 12.128
F.
Opportunities in China Financial Services Business 12.132
1.
H-shares and red chips 12.133
2.
WTO/GATS 12.135
3.
CEPA 12.136
G.
Conclusion 12.141
13.
Hong Kong's Future as a Leading International Financial Centre
A.
Financial Stability and International Competitiveness 13.10
B.
Financial Regulatory Structure and Reform 13.26
C.
Corporate Governance 13.34
D.
Financial Innovation 13.55
E.
Financial Fraud and Misconduct 13.60
F.
Conclusion 13.73
Index
641