“2024 ALB年度亚洲争议解决律师”评选，旨在对在争议解决领域表现出色的法律专家予以表彰。他们凭借深厚的法律知识和敏锐的洞察能力，帮助企业和个人化解复杂的法律问题，在市场经济发展、个人和机构权益保护以及法治推进进程中，发挥着至关重要的作用。

如阁下有任何查询或想了解更多详情，请联络本所合伙人徐凯怡律师，或按此查看《亚洲法律杂志》12月刊。

为培养具备国际法律专业知识和普通法视野的人才，香港律师会与大中华地区的顶尖大学展开合作开设法律课程。该课程以英语授课，并授予学分。徐律师围绕“国际商事争议解决”为主题，通过多个案例分析，向学生传授执行和撤销仲裁裁决、风险管理、专业行为与诚信、跨境及知识产权纠纷等多个重要课题。

如阁下有任何查询或想了解更多详情，请联络本所徐凯怡律师。

此次座谈会汇聚多位粤港澳大湾区律师，他们围绕跨境与涉外法律协助等热点话题，深入交流各自的见解与经验，现场气氛热烈而融洽。通过这一交流平台，参与律师们期望在未来的合作中，进一步推动大湾区法律服务的发展，为客户提供更加优质和专业的法律支持与服务。此次座谈不仅加深了各方的理解与合作，也为粤港澳大湾区法律服务的未来发展奠定了良好的基础。

The A-List is a highly regarded compilation that celebrates legal professionals who have made significant contributions to their fields and the wider legal community. It features three categories: The Visionaries, The Growth Drivers, and Rising Stars. The Visionaries category honours established legal leaders who have excelled both within their firms and in the industry. These individuals often hold key management positions, such as founders, managing partners, or heads of practice areas, and are known for their strategic insights that drive their firms’ growth.

The results of Growth Drivers and Rising Stars categories will be announced in the next upcoming phases. We would like to take this opportunity to thank CBLJ for the recognition and express our gratitude to our clients for their continued trust and support.

For more information, please contact our Partner Hank Lo, or click here to see our rankings on The CBLJ.

On 28 November 2024, the Hong Kong Monetary Authority (“HKMA”) has officially launched the Digital Bond Grant Scheme (“DBGS”), a key initiative announced in the 2024 Policy Address. The scheme aims to accelerate the development of the digital securities market and encourage the adoption of tokenisation technology in capital market transactions. By providing financial incentives to eligible issuances, the DBGS seeks to position Hong Kong as a global leader in digital finance.

1. Financial Support for Digital Bond Issuances

The DBGS offers funding to cover 50% of eligible expenses for digital bond issuances, up to:

To ensure a broad distribution of resources, each issuer and its associates can receive subsidies for a maximum of two digital bond issuances.

2. Basic Eligibility Requirements

To qualify for the scheme, digital bonds must meet the following criteria:

(1) The bond must be issued in Hong Kong, with at least 50% of the lead arrangers recognised as Hong Kong-based; and
(2) The issuance must either:
– involve a digital team with substantial operations in Hong Kong (assessed based on factors such as team size, composition, and seniority); or
– take place on a distributed ledger technology (“DLT”) platform operated by the Central Moneymarkets Unit (“CMU”).

3. Additional Criteria for Full Grant

Issuances seeking the Full Grant must meet the following additional requirements:

(1) DLT Platform: The bond must be issued on a distributed ledger technology platform independent of the issuer.
(2) Issuance Size: The bond must have a minimum issuance size of HK$1 billion.
(3) Investor Distribution: The bond must be distributed to at least five investors unaffiliated with the issuer or the platform provider.
(4) Listing Requirements: The bond must be listed on either (i) The Stock Exchange of Hong Kong Limited (“SEHK”); or (ii) a virtual asset trading platform (“VATP”) licensed by the Securities and Futures Commission (“SFC”).

4. Reimbursement of Eligible Expenses

The scheme also provides reimbursement for various issuance-related costs, including fees paid to DLT platform providers, arrangers, legal advisers, auditors, accountants, and rating agencies, provided these service providers are based in Hong Kong and are independent of the issuer. Listing fees for SEHK or SFC-licensed VATPs, as well as lodging and clearing fees charged by the CMU, are also covered under the scheme.

5. Coordination with Green and Sustainability Bonds

For issuances classified as green, social, sustainability, or transition bonds, the DBGS may work in conjunction with the GSF Grant Scheme to cover issuance costs. However, issuers must ensure that the same expenses are not claimed under both schemes, as dual funding for identical cost categories is prohibited.

6. Application Process and Oversight

Applications for the DBGS are now open and will be accepted for the next three years. Detailed guidelines have been published by the HKMA, outlining the eligibility criteria, application process, and reimbursement procedures. The HKMA has also indicated that it will monitor market developments closely and may refine the scheme’s structure if necessary. All decisions regarding eligibility and subsidy amounts will be at the sole discretion of the HKMA.

7. Conclusion

The launch of the DBGS underscores Hong Kong’s commitment to advancing its position as a global leader in digital securities. By fostering innovation and promoting tokenisation technology, the scheme is expected to attract issuers and investors, contributing to the long-term development of the city’s capital markets.

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

This news update 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.