On 11 November 2015, our partner Ms Heidi Chui, senior associate Ms Freda Au, associate Ms Karman Fung, and trainee solicitor Mr Jensen Chang gave a presentation on the Competition Ordinance (Cap. 619) at the Hong Kong office of Malayan Banking Berhad (Maybank). Our team demonstrated how the Ordinance, which is due to come into force on 14 December 2015, may possibly affect how the banking industry operates.
In light of the First Conduct Rule (which relates to agreements and concerted practices between undertakings) and Second Conduct Rule (which relates to abuse of substantial market power), and given there is no grace period, a clear message was sent to the participants that they ought to refrain from usual banking practices which may constitute an infringement of competition law and attract civil and criminal liabilities (including corporate and personal). It was emphasised that even a casual conversation in an informal occasion might potentially be caught by the Ordinance. Examples as to how the leniency policy may work and what actions bankers should take in order to avoid violation of competition law were given during the presentation.
Ms Fung offered an overview of this new legal regime
The presentation was well received by the audience, and questions in relation to exchange of information with competitors were raised during the Q&A session.
Photograph of Ms Chui (in the middle), Ms Au (on the right), Ms Fung (on the left), Mr Chang (second from right), and Mr Patrick Leung (second from left), Head of Compliance, Hong Kong, Global Banking
Contact person: Ms. Heidi Chui