(中文) 自最早发行至今，非同质化代币 (Non-Fungible Tokens)(下称「NFT(s)」) 现在已成为众所周知的「有价值的商品」。然而，由于存在的历史相对较短，大多数国家和司法管辖区尚未充分认可NFTs或加密货币资产 (crypto assets) 的法律地位，也未能提供全面的监管框架。

2021年11月1日，在一款名为「鱿鱼币 (SQUID Tokens)」的开发商携款潜逃后，该代币的投资者遭受了巨额损失，共计250万美元。这一骗案为投资与公众者提供了及时的警告，提醒投资者与公众不可忽视与NFTs相关的风险。鉴于投资者与公众对NFT市场的兴趣日益增加，本文旨在简要介绍全球主要市场NFTs的近期发展概况，包括对于NFTs法律地位的司法认可，以及NFTs在娱乐行业的最新应用。

首先，有必要指出的是，一些国家在一定程度上禁止NFTs或与NFTs相关的交易。例如，中国人民银行于2021年9月24日完全禁止加密货币交易，而印度的立法者正在考虑将持有、发行、采矿、交易和转移加密货币资产的行为定为犯罪行为。

香港

在香港，一般的规管情况是若NFTs被视作符合《证券及期货条例》(第517章)(下称「香港证券条例」) 附表1所列的「证券 (securities) 」的定义，则该等NFTs便会受到香港证券及期货事务监察委员会 (下称「香港证监会」) 的规管。然而，如果此类代币不属于香港证券条例「证券」的定义，则它们将不受香港证券条例的监管管辖。

同时，在民事救济方面，香港高等法院在Nico Constantijin Antonius Samara v Stive Jean Paul Dan [2019] HKCFI 2718一案中已经确认了加密代币的「数字资产 (digital assets)」的地位，并批准了冻结该案被告的资产玛瑞瓦禁令 (Mareva Injunction)，其中包括被告持有的比特币 (Bitcoin)。然而，香港法律对于NFTs是否被认定为「普通个人财产」 未有清晰定义。

在2021年8月中旬，一家位于瑞士的第三方资助者(third-party funder)资助了超过700名申请人在香港国际仲裁中心对币安(Binance)(加密货币的主要交易所和交易平台) 开展仲裁程序。该仲裁程序是关于币安今年5月网上交易平台崩盘而引发的争议。该仲裁案件将会为香港法律界及仲裁界带来许多独特的挑战，包括 (除其他外) 将香港单一标准 (香港法作为管辖法律) 适用于解决多个国家和司法管辖区关于有争议的或至少是尚未确定的NFTs交换和交易领域服务的争议。

英国

与香港不同，英国高等法院在AA v Persons Unknown [2019] EWHC 3556 (Comm)一案中已经确认加密资产被视为「财产」并批准了有关原告作为赎金的比特币的所有权强制令 (proprietary injunction)。此后，英国法院一般都愿意向NFT相关的骗案受害者提供标准民事救济，以帮助识别欺诈者和确定相关资金的去向。

除了在法庭上有关NFT的讨论之外，英国Stephenson Law律师事务所更是于2021年10月25日推出了一组三种不同的代币 (其中一种代币将使买家有权与律所创始人进行一对一的会面)，成为首家推出NFT的律师事务所。

美国

在美国，NFTs越来越多地被应用于娱乐行业。自从数字艺术家迈克温克尔曼 (又名Beeple) 以6,900万美元的价格成功出售其创作的NFT后，美国娱乐行业对将影视作品的视听片段甚至手写剧本转换为NFT的兴趣日益增加。2021年11月初，昆汀塔伦蒂诺 (Quentin Tarantino) 宣布计划出售电影 《低俗小说》(Pulp Fiction)的原版手写剧本。然而，就在几天之内，这部电影的制片人米拉麦克斯影业 (Miramax) 就以违反合同、侵犯版权和商标为由提起了诉讼。尽管有关艺术品模糊的所有权以及相关知识产权的问题可能已经威胁到了其他一些NFTs的发行，但该等纠纷对于行业与NFTs的进一步联动发展而言可谓恰逢其时。

与此同时，NFTs的交易也面临着挑战。2021年5月12日，一名原告起诉了Dapper Labs, Inc. (下称「Dapper」) 及其首席执行官，指称Dapper因在其交易平台NBA Top Shot出售NFTs而违反证券法。原告认为，由于NFTs是「从一个特定的项目、发起人或初创企业的成功或失败中获得其价值 (derive their value from the success or failure of a given project, promoter, or start-up)」的数字资产，NFTs应当在美国证券交易委员会进行登记。目前法院尚未对Dapper一案作出判决，但这一具有里程碑意义的案件预计将为NFT交易的当事人提供有用的指引，甚至为香港证券条例的监管范围提供参考。

结论

在过去一年，NFTs在全球范围内受到了前所未有的欢迎和关注。相信在不久的将来，NFTs与合同和知识产权法之间的相互作用会继续增多，NFTs在各行业的应用会继续扩大，而对NFTs市场的投资也会继续增加。

在这个关键时刻，各个司法管辖区的监管机构有可能会对加密货币资产提供进一步的监管，并就加密货币的法律地位提供指引。同时，投资者和公众在评估和投资NFTs时应更加谨慎并做好尽职调查。

本文由本所合伙人，诉讼及争议解决部主管徐凯怡律师和黄晊晄律师撰写。若阁下想了解更多详情，请联络本所徐凯怡律师 (heidi.chui@sw-hk.com)。

于本文中提供的一切资料仅供参考，不构成任何法律意见，资料亦受制于适用规定及法例不时的更新与修改。若需取得相关法律意见，须咨询法律顾问。

(中文) 2021年11月19日, 本所合伙人，诉讼及争议解决部主管兼广东省粤港澳合作促进会第一届法律专业委员会副秘书长、香港女律师协会现任理事- 徐凯怡律师，受邀为「比较中华人民共和国和香港特区合同法及商业仲裁法」担任主持及演讲嘉宾。

本次在线座谈会由广东省粤港澳合作促进会法律专业委员香港区主办, ACIA华人内部审计师公会和香港女律师协会共同协办，并吸引了超过1200名人士报名参加。

左起:香港女律师协会主席曾妙儿律师、广东省粤港澳合作促进会法律专业委员会委员何文琪律师、本所合伙人，诉讼及争议解决部主管徐凯怡律师和华人内部审计师公会会长徐惠祥博士

随着400多名香港律师取得在粤港澳大湾区内地九市执业资格，香港律师及大湾区企业需特别注意内地合同法及商业仲裁法有别于香港普通法。徐律师在会上阐释了香港的仲裁司法体系以及香港法院在其担当之角色, 并就内地与香港签订的司法互助安排之《两地仲裁保全安排》之要点进行了分享与讨论。

本次座谈会成果丰硕，本所期待日后与华人内部审计师公会和香港女律师协会在不同领域中合作。

左起: 华人内部审计师公会副会长刘嘉明先生、本所合伙人徐凯怡律师、华人内部审计师公会荣誉顾问周荣生先生和华人内部审计师公会会长徐惠祥博士

若阁下想了解更多详情，请联络本所合伙人徐凯怡律师(heidichui.office@sw-hk.com)。

Asian Legal Business (ALB) published their recent findings of Asia’s Top 50 Law Firms on 18 November 2021. We are pleased to announce that our firm has been listed as the top 5th largest Hong Kong domestic law firm for 6 consecutive years.

Established in 1978, Stevenson, Wong & Co. has more than 170 experienced lawyers and staff. Our aim is to provide clients with innovative and effective solutions for their personal or commercial problems with our local and international expertise.

We would also like to take this opportunity to congratulate our association firm, AllBright Law Offices, for being ranked as the top 5th largest domestic law firm across Asia.

About ALB and Asia Top 50
ALB is a leading law journal published by Thomson Reuters and is considered as one of the most influential legal media in Asia. ALB’s Asia Top 50 aims to identify and rank the largest law firms across Asia by their size and number of lawyers.

For the full ranking, please click here.

Please contact us for any enquiries or further information.

Introduction

On 29 October 2021, The Stock Exchange of Hong Kong Limited (the “Exchange”) published a consultation paper (the “Consultation Paper”) on Proposed Amendments to Listing Rules relating to Share Schemes of Listed Issuers.  In particular, since Chapter 17 of the Listing Rules currently only governs share option schemes, the Exchange seeks to amend Chapter 17 to also include share award schemes by issue of new shares, taking into consideration of the increasing adoption thereof by issuers and their subsidiaries.  The Exchange is seeking market feedback on its proposals by 31 December 2021.

Background

Traditionally, listed issuers use share option schemes and share award schemes (collectively, the “Share Schemes”) as equity-based awards to attract, retain and motivate employees and service providers.  They are used to align the interests of the participants with those of issuers and shareholders.  Generally speaking, share option schemes are funded by issuance of new shares by the issuers and share award schemes can be funded by new shares or existing shares of the issuers purchased on-market.  A vast majority of issuers on the Exchange have adopted Share Schemes.

Currently, Chapter 17 of the Listing Rules, which was last amended in 2000, governs share option schemes of the listed issuers and their subsidiaries.  On the other hand, there is no existing Listing Rules that specifically govern share award schemes.  Instead, they are subject to Chapter 13 of the Listing Rules, which governs the issuance of securities in general, as well as Chapter 14A of the Listing Rules if the grants of new shares are to connected persons.  In fact, if the share award schemes are funded by existing shares of the listed issuers, shareholders’ approval is not required as it would not have any dilution effects on the existing shareholders of the issuers.

In the Consultation Paper, the Exchange is taking the opportunity to review Chapter 17 of the Listing Rules to include share award schemes.  The proposals place more importance on the role of the remuneration committee in reviewing, supervising, overseeing the operation of Share Schemes.

Key Proposals relating to Share Schemes of Listed Issuers

The below table sets out a comparison between the current requirement under the Listing Rules and the key proposals to establish the framework for the Share Schemes set out in the Consultation Paper:

Analysis and Takeaways

In the Consultation Paper, the Exchange proposes to extend Chapter 17 of the Listing Rules to include share award schemes, in view of the issuers’ increasing adoption of share awards and options.  We note that there is an existing inconsistency of Listing Rule treatments as to share option schemes and share award schemes.  It is a therefore welcoming move for the Exchange to align the Listing Rules requirements in respect of the Share Schemes.  Since the regime of share option schemes has remained unchanged for over two decades, the proposals can help to address the market developments and be in conformity with the international standards, which will maintain investor confidence.

Please contact our Partner Mr. Rodney Teoh for any enquiries or further information.

This newsletter is for information purposes only. Its content does not constitute legal advice and should not be treated as such. Stevenson, Wong & Co. will not be liable to you in respect of any special, indirect or consequential loss or damage arising from or in connection with any decision made, action or inaction taken in reliance on the information set out herein.

(中文) 2021年11月4日，本所合伙人、诉讼及争议解决部主管徐凯怡律师，作为「一带一路」论坛2021筹委会委员，筹备并参加了香港律师会主办之第四届「一带一路」论坛。本次论坛为香港律政司举办之「香港法律周2021」的其中一环，于香港会议展览中心以线上线下同步形式举行。

本所合伙人、诉讼及争议解决部主管徐凯怡律师

本届会议主题为「『一带一路』倡议——引领全球复苏与和谐」，聚焦探讨如何加快各国的合作与复兴，并邀得多位来自不同司法区的重量级演讲嘉宾, 包括香港特别行政区律政司司长郑若骅、中央人民政府驻香港特别行政区联络办公室法律部部长刘春华先生、中华人民共和国外交部驻香港特别行政区特派员公署特派员刘光源先生和香港特别行政区政府律政司普惠避免及解决争议办公室主任丁国荣博士等，分享他们对各项协助企业复兴的倡议及计划之独到见解。

今年的论坛吸引了逾 670 名来自 24 个司法管辖区的人士报名参加，参加者与各司法管辖区的领袖及律师积极交流和互动，就「一带一路」各项倡议项目和计划所带来的机遇和挑战，以及有效的争议解决机制和实现机遇展开探讨。

香港特别行政区律政司司长郑若骅

若阁下想了解更多详情，请联络本所合伙人徐凯怡律师(heidichui.office@sw-hk.com)。

Our Partner Mr. Calvin Lo (TEP), winner of the STEP Excellence Award, was interviewed by the STEP Journal- Issue 5 2021. Mr. Lo received the STEP Excellence award with the highest score across all four papers and all jurisdictions under the 2020 STEP Diploma in International Trust Management.

In the interview, Mr. Lo shared his journey in becoming a private client solicitor, advising clients on family litigation, trust and estate planning, and mental capacity issues. He also shared his experience as a STEP student and insights on the challenges facing in Hong Kong.

About our Partner Mr. Calvin Lo

Mr. Lo was admitted as a solicitor in Hong Kong in 2014. He joined the firm in 2015.

Mr. Lo handles a wide range of private client works, including complex family matters, children disputes,
wardship, relocation, ancillary relief claims and often with cross-border elements. He has vast experience in
involving jurisdiction and forum disputes. He also handles trust advisory, MIP Committee guardianship
applications matters, personal injury and fatal accident claims.

Mr. Lo is an accredited TEP practitioner and a Civil Celebrant.

For more information, please contact our Partner Mr. Calvin Lo or visit here for the full interview.