(中文) 江苏省律师协会联合江苏省产业海外发展和规划协会、国际商会中国国家委员会仲裁委员会、国际商会仲裁院、香港国际仲裁中心、新加坡国际仲裁中心、中国国际经济贸易仲裁委员会香港仲裁中心、中国国际经济贸易仲裁委员会上海分会、上海国际仲裁中心等举办「涉外仲裁江苏行：国际商事仲裁实务研讨及模拟开庭」研讨会于2017年10月12日在南京完满结束。本所合伙人、诉讼及争议解决部门主管徐凯怡律师获邀出席，并担任主讲嘉宾之一。

是次研讨会以「深化了解国际商事仲裁程序及实务」为主题，吸引300多名人士参加，莅临嘉宾包括国际商会中国国家委员会仲裁委员会沈四宝主席、香港仲裁司协会王则左会长、国际商会北亚地区仲裁与ADR主任范铭超先生、新加坡国际仲裁中心中国代表处首席代表刘润东先生、香港国际仲裁中心上海代表处首席代表Joe、中国国际贸易仲裁委员会香港仲裁中心总法律顾问王皓成先生、上海国际仲裁中心副秘书长黄文先生、艾伦格禧律师事务所国际律师Sophia Feng Pu、江苏省高级人民法院民三庭审判长王天红、以及省律协涉外委等。

研讨会由省律师协会副会长车捷、宋政平和省产业海外发展和规划协会副会长仇小萍致辞掀开序幕。研讨会分别由主旨演讲、分论坛和国际商会仲裁院模拟仲裁庭三个环节组成。首环节的主题是「国际商事仲裁的最新改革与创新」，省律协车捷副会长担任该环节主持人。各位嘉宾就当前国际仲裁现状、仲裁的优势、国际仲裁的最新动态以及创新进行了深入的探讨。

第二个环节主题为「国际商事仲裁裁决的承认与执行」，并由中国国际经济贸易仲裁委员会上海分会秘书长焦亚尼担任主持人。各位嘉宾就国际商事仲裁裁决的承认与执行中存在的问题以及实务操作展开了探讨。徐律师在本节中，就中国内地仲裁裁决于香港的执行及司法实践的最新发展发表演讲。

最后是国际商会仲裁院模拟仲裁庭。CMS香港律师事务所董希林高级律师、江苏省律师协会车捷副会长、国浩律师（南京）事务所高级合伙人陈发云担任模拟仲裁庭的仲裁员，本所合伙人徐凯怡律师和江苏迈图律师事务所合伙人朱永磊担任申请人律师，上海力勤律师事务所副主任郑亮和国际商会北亚地区仲裁与ADR助理主任黄一文担任被申请人律师。各方代表唇枪舌剑，从事实、法律等方面展开了激烈的辩论，向广大参与人员全面展现了国际商事仲裁的庭审流程和程序，也充分呈现了律师娴熟的庭审技巧，让台下观众看得津津有味，完全沉浸在仲裁的氛围当中。

徐律师很感谢江苏省律师协会的盛情邀请，她非常荣幸可以参与其中，也十分珍惜能有机会与江苏各界精英分享交流。

如阁下对本次活动有任何查询或想了解更多详情，请联络本所徐凯怡律师。

UK Home Office makes enormous profits from immigrants
The UK Home Office has been accused of rejecting UK visa applications based on technicalities and forcing visa applicants to reapply in order to increase profits. The UK may have the highest visa fees in the world. It is estimated that the Home Office is making an 800 % profit from some UK visa applications.

For example, the application fee for indefinite leave to enter or remain has been set at £2,297; however the actual cost to process an application is only about £252. This shows a great discrepancy between how much it costs the government to process the application and the fee it charges the applicant.

Not only is the fee higher, the Home Office has even started to introduce a new charge of £5.48 for anyone contacting UK Visas and Immigration from overseas by email.

The Home Office response to the backlash is that the approach is “only right and fair”, since it ensures that those who benefit directly from the UK visa system contribute to it appropriately.

In order to avoid mistakes on technicalities and resubmission, visa applicants should therefore consider employing professionals to apply for their visas on their behalf.

(Source: http://www.independent.co.uk/voices/home-office-immigration-costs-government-huge-profits-underfunded-theresa-may-a7944206.html)

Introduction

The Primary Equity Connect (“PEC”) initiative is a key element of The Hong Kong Exchanges and Clearing Limited’s (“HKEX”) Strategic Plan 2016 – 2018, specifically to complete Mainland-Hong Kong Mutual Market connectivity of the equity market segment. The PEC aims to expand cross-border accessibility to the primary equity markets in both the Mainland and Hong Kong for mainland and global investors. This will be achieved by allowing Mainland investors to subscribe for Initial Public Offerings (“IPOs”) in the Hong Kong market via the PEC (Southbound) and global investors in Hong Kong to subscribe for IPOs in the Mainland market via the PEC (Northbound). It is believed that this initiative will be of mutual benefit to each market in view of the limited “internationalisation” development of both markets. Industry players have expressed interest in the PEC, in the belief that the initiative will improve market liquidity, expand investor base and attract sizable global IPOs. However, concerns have been raised regarding the PEC’s potential negative impact on both markets, as well as regulatory and operational complications relating to the implementation of the PEC. In response to such concerns, HKEX has released a research report seeking to elaborate and clarify the details of the PEC, to address the concerns, and to enhance public confidence and support for the initiative.

Background

HKEX has identified deficiencies currently faced by the Mainland and Hong Kong markets:

(a) A Mutual Market without primary market connectivity; and

(b) Developmental bottlenecks in Mainland and Hong Kong stock markets.

The table below summarises the deficiencies as presented by the HKEX:

In light of the above deficiencies, HKEX proposes that the mutual market connectivity model with access to the primary equity market via PEC, supplemented by access to the secondary stock market via Stock Connect, will sufficiently remedy those deficiencies. The PEC will also provide various benefits to the Stock markets on both sides of the border, and contribute to China’s wider economic strategy of attaining a balanced economy, opening up the financial market, and fully realising RMB capital account convertibility.

Implications

The PEC’s potential benefits to both the Mainland and Hong Kong markets are detailed in the table below:

However, there are legitimate concerns in connection to the implementation of the PEC. Sound market regulations for the PEC will have to be established to ensure a fair environment for investors, and to provide adequate investor protection and risk control. This may include eligibility criteria for issuers and investors, and obligations and liabilities of interested parties such as exchanges, market regulators, intermediaries, issuers and investors on both sides of the Mutual Market. Additional disclosure requirements may also need to be imposed for both IPOs under PEC (Southbound) targeting Mainland investors, and IPOs under PEC (Northbound) offered to local and global investors in Hong Kong. A coherent and well-constructed regulatory framework will ensure that regulatory incidents relating to issuers under PEC which impact investors’ interests could be minimised and resolved.

Operational concerns, such as those relating to IPO procedures and general market practices were raised:

(a) whether cross-border retail investors will be allowed to subscribe for PEC shares, or will PEC shares only be open to cross-border institutional investors;

(b) how PEC shares will be allotted to cross-border investors;

(c) whether there will be a separate subscription pool for cross-border subscription, or a combined pool with domestic market subscription;

(d) whether cross-border subscription be subject to different market rules or follow the IPO home market rules;

(e) whether cross-border investors be served by intermediaries in the IPO home market or in the investor’s market; and

(f) whether intermediaries serving cross-border investors be subject to different regulatory requirements, such as Know-Your-Client rules and placement guidelines.

For example, with regards to (a), if the PEC allows retail investors in the Mainland to subscribe for IPO shares, it may entail additional regulatory requirements for the listing company, as this will be deemed as a mainland public offering. This will foreseeably lead to increased time and costs for the listing company. Conversely, if the PEC only allows institutional investors in the Mainland to subscribe for IPO shares, the listing will be exempt from those regulatory requirements. Such operational uncertainties must be properly remedied to preserve market fairness and integrity.

It is anticipated that with considerable effort, a suitable model design catering to the best interests of the Mainland-Hong Kong Mutual Market will be able to effectively address the regulatory and operational concerns, and the PEC will be a successful endeavour benefitting both the Mainland and Hong Kong markets.

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.

Please contact our Eric Lui or Rodney Teoh for any enquiries or further information.

¹ Refer to HKEX Research Report “Primary Equity Connect – A Breakthrough Opportunity for Mainland-Hong Kong Mutual Market Connectivity and RMB Internationalisation” pp 7; and CSDC Monthly Statistics, CSDC website, December 2016
² Refer to HKEX Research Report “Primary Equity Connect – A Breakthrough Opportunity for Mainland-Hong Kong Mutual Market Connectivity and RMB Internationalisation” pp 7; and Southwest Securities research report on QFII 2017Q1 shareholding status, 1 May 2017
³ Refer to HKEX Research Report “Primary Equity Connect – A Breakthrough Opportunity for Mainland-Hong Kong Mutual Market Connectivity and RMB Internationalisation” pp 10 – 11 and Figure 7

We are delighted to announce that our Partner and Head of Litigation and Dispute Resolution Department Ms. Heidi Chui has been appointed by The Honourable Chief Justice Geoffrey Ma, the Chief Justice of the Hong Kong Court of Final Appeal as a Practising Solicitor Member of the Solicitors Disciplinary Tribunal Panel in October 2017 for a term of three years.

The Solicitors Disciplinary Tribunal deals with specific disciplinary cases brought by The Law Society of Hong Kong against any person who is, or was at the relevant time, a solicitor, a registered foreign lawyer, a trainee solicitor or an employee of a solicitor or a registered foreign lawyer of Hong Kong for alleged professional misconduct.

Ms. Heidi Chui is an Arbitrator (on the panel list of the Law Society of Hong Kong), Fellow of the Chartered Institute of Arbitrators (U.K.) and an Accredited General Mediator with both the Hong Kong International Arbitration Centre and the Law Society of Hong Kong. She is also a member of the Arbitration Committee of The Law Society of Hong Kong. She is a China Appointed Attesting Officer.

Please contact Ms. Heidi Chui for any enquiries or further information.

On 9 October 2017, SW partners Mr. Hank Lo, Mr. Eric Lui, Ms. Erica Cheng and Mr. Stephen Wong attended the 10th listing anniversary celebration dinner of China Aoyuan Property Group (“Aoyuan”) held at the Shangri-La Hotel Guangzhou. More than 1,000 guests from foreign investment institutions, financial institutions, media, strategic partners of Aoyuan and industry associations attended the event.

Aoyuan is a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 3883) and has established a long-term working relationship with our firm.

Please contact Mr. Hank Lo, Mr. Eric Lui, Ms. Erica Cheng or Mr. Stephen Wong for any enquiries or further information about this event.

On 27 September 2017, our partner Mr. Stephen Wong was invited by “zhi10.com” to host an E–class with the topic “How to Obtain a Financial License in Hong Kong”.

Mr. Wong shared six issues of Hong Kong financial license including license application; financial resources; management structure; full licensed representatives, responsible officers, substantial shareholders, senior officers and the others; and additional requirements of Type 6 and 9 licenses applications. Mr. Wong hopes that people and enterprises have better understanding about Hong Kong financial license through this online seminar.

The E-class received positive feedback and the registered users of “zhi10.com” can watch the recorded seminar online.

“zhi10.com” is a renowned online legal education platform in mainland China, which has previously invited a number of distinguished practitioners from top law firms. Having a strategic association with AllBright Law Offices, one of the nation’s best law firms, Stevenson, Wong & Co. has a profound experience and knowledge in both China and Hong Kong with a comprehensive network in the two jurisdictions. SW was delighted to have the opportunity to give the online seminar for “zhi10.com” and the firm looks forward to joining more events to connect with mainland China.

Please contact Mr. Stephen Wong for any enquiries or further information about this seminar.