Ms. Sherlynn Chan, partner of Stevenson, Wong & Co., attended the STEP Asia Conference 2019 held on between 5-6 November 2019 in Singapore. The Conference attracted hundreds of delegates from all around the globe, including legal practitioners, trust providers, and financial institutions.

The Conference’s main theme was “opportunities in complexities”. Day 1 began by delving deep into the changing macro landscape, such as economic substance, challenges to fiduciary providers and financial institutions working with Private Trust Companies and its significance to high net worth families and trust and estate practitioners. Day 2 focused on the micro landscape – the impact of UK tax changes on trustee, settlor and beneficiaries, and governance in family values and philanthropy through donor advised funds.

The Conference was well-organised, giving attendees a wonderful platform for knowledge sharing and networking.

Please contact Ms. Sherlynn Chan for any enquiries or further information about this event.

On 31st of October 2019, our firm’s partner Mr. Willy Cheng, senior associate Mr. Gordon Tsang, paralegal Mr. Arthur Hung and senior administrative officer Ms. Susan Lo attended the forum and opening ceremony of AllBright Law Offices in Wuhan.

Before the forum, our firm’s representatives first visited AllBright’s Wuhan Office and received a warm welcome by Mr. Zhang Chao, the senior partner of AllBright Law Offices and his team. After the visit, our firm’s representatives attended the forum of “How Capital Market Helps the Central Economy to Develop Continuously” in the Donghu Hotel. The forum attracted over a hundred elites across different industries. Guests included leaders of Justice Bureau of Hubei, Wuhan and Jianghan; scholars from the Wuhan University and the Zhongnan University of Economics and Law, and representatives of the partners of AllBright Law Offices from their 24 branches. The forum focused on the establishment of Sci-Tech innovation board of the Shanghai Stock Exchange (SSE Star Market) and the development of science and technology enterprises. During the 4-hour forum, speakers shared insights and discussed various topics including the revision of the securities law, financial technology and wealth management, the core assets of the science and technology enterprises, and the basic principles and core of the SSE Star Market.

After the forum, the grand opening ceremony of AllBright’s Wuhan Offices was held in the Donghu Hotel. Ths Wuhan branch is the 24th branch of AllBright Law Offices. Guests such as Mr. Xie Dingzhen, Director of the Wuhan Jianghan Judicial Bureau; Professor Qi Wenyuan of the Zhongnan University of Economics and Law; Mr. Hu Ying, President of Wuhan Lawyers Association; Mr. Yue Qinyu, President of Wuhan Lawyers Association, and Mr. Gu Gongyun, Managing Partner of AllBright Law Offices, congratulated and welcomed the establishment of AllBright’s Wuhan Office.

Our firm’s partner, Mr. Willy Cheng, also delivered a congratulatory speech at the celebration dinner, wishing the opening of AllBright’s Wuhan Office and looking forward to the cooperation between their office and our firm.

Our firm’s partner Mr. Willy Cheng (4th from right), senior associate Mr. Gordon Tsang (5th from right), Mr. Arthur Hung (the right) and senior administrative officer Ms. Susan Lo (3rd from right) at AllBright’s Wuhan Office

From the left: our firm’s senior associate Mr. Gordon Tsang, Mr. Zhang Chao, senior partner of AllBright Law Offices, our firm’s senior partner Mr. Willy Cheng, senior administrative officer Ms. Susan Lo and paralegal Mr. Arthur Hung

Mr. Gu Gongyun, managing partner of AllBright Law Offices and our firm’s senior partner Mr. Willy Cheng

ISSUING AUTHORITIES:
Government of the Hong Kong SAR
Insurance Authority, Hong Kong SAR

DATE OF ISSUANCE
May 17, 2019

EFFECTIVE DATE:
September 23, 2019

With effect from September 23, 2019, the Insurance Authority (IA) has taken over regulation of insurance agents and brokers from the three self-regulatory organisations (“SROs”), and has become the sole regulator to license and supervise all insurance intermediaries in Hong Kong.

Under the new regime, anyone carrying on a regulated activity as defined under the Insurance Ordinance must be licensed by the IA. There will be a three-year transitional period during which existing intermediaries who are validly registered with the SROs before September 23, 2019 will be deemed licensed under the new regime. Licensed insurance intermediaries are not only required to comply with the statutory conduct requirements, but also the relevant codes of conduct issued by the IA. Further guidelines promulgated by the IA on fit and proper criteria and continuing professional development also apply.

Several pieces of subsidiary legislation, such as the Insurance (Maximum Number of Authorized Insurers) Rules and the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules, have been introduced by the IA and have come into operation at the same time as the new regulatory regime for insurance intermediaries. The IA has indicated that it intends to consult on further rules, codes and guidelines.

Reference:
Insurance Companies (Amendment) Ordinance 2015 (Commencement) Notice 2019 (https://www.gld.gov.hk/egazette/pdf/20192320/es22019232077.pdf);
Insurance Ordinance, Cap. 41, Laws of Hong Kong (https://www.elegislation.gov.hk/hk/cap41);
Insurance (Maximum Number of Authorized Insurers) Rules, Cap. 41K, Laws of Hong Kong (https://www.elegislation.gov.hk/hk/cap41K);
Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules, Cap. 41L, Laws of Hong Kong (https://www.elegislation.gov.hk/hk/cap41L)

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.

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

ISSUING AUTHORITIES:
Government of the Hong Kong SAR; and
Hong Kong International Arbitration Centre

DATE OF ISSUANCE
August 1, 2019

EFFECTIVE DATE:
August 1, 2019

On August 1, 2019, the Hong Kong International Arbitration Centre (HKIAC) announced amendments to the Arbitration (Appointment of Arbitrators and Mediators and Decision on Number of Arbitrator) Rules (“Amended Rules”), which came into effect on the same day.

As the default statutory appointing authority for ad hoc arbitrations seated in Hong Kong, HKIAC determines the number of arbitrators and appoints arbitrators or mediators under the Arbitration Ordinance. HKIAC will charge a one-off fee of HK$8,000 to the party submitting the first request for performing the above functions in an arbitration in which the total amount in dispute is less than HK$2,500,000. The Amended Rules allow HKIAC to waive such fees if it considers reasonable in any particular case.

The Amended Rules include other amendments as to the delivery of request by a party for HKIAC’s decision or appointment, the time limits for parties to provide information before such decision or appointment, and HKIAC’s discretion to make decision or appointment after the expiration of a time limit.

The Amended Rules reflect HKIAC’s commitment to provide cost-effective assistance to facilitate efficient conduct of Hong Kong-seated arbitrations, and to strengthen Hong Kong’s status as a leading centre for international dispute resolution services.

Reference:
Arbitration (Appointment of Arbitrators and Mediators and Decision on Number of Arbitrators) Rules, Cap. 609C, Laws of Hong Kong (https://www.elegislation.gov.hk/hk/cap609C);
Arbitration Ordinance, Cap. 609, Laws of Hong Kong (https://www.elegislation.gov.hk/hk/cap609)

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.

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

Ms. Sherlynn G. Chan, Partner of Stevenson, Wong & Co., was invited by Brain Health Initiative (BHI) to give a talk on “Guide to Mental Health Law in Hong Kong and How to Protect Mentally Incapacitated Persons” at the Hong Kong Arts Centre on 28 October 2019.

BHI is an organisation set up by a group of concerned individuals to raise awareness on dementia and promote brain health.

SW Private Client team headed by Ms. Chan is committed to provide tailor-made services and innovative solutions for our clients in this specific area of law.

Please contact Ms. Sherlynn G. Chan or Ms. Hazel Wong for further enquiry about this event.

On the 25 of October, our firm’s partners Mr. Willy Cheng, Mr. Hank Lo, Ms. Catherine Por, Ms. Heidi Chui, Mr. Rodney Teoh, senior associates Mr. Osbert Hui, Mr. Gordon Tsang, associate Mr. Michael Lau, senior administrative officer Ms. Susan Lo and legal assistant Ms. Flora Ji were invited to the 20th anniversary celebration of AllBright Law Offices in the grand ballroom at the Shanghai Centre.

Guests included former deputy minister of the Ministry of Justice P.R.C., Mr. Duan Zhengkun; former minister and former deputy minister of the Legal Department of the Ministry of Justice P.R.C., Mr. Du Chun and Mr. Qiu Zheng; former deputy director of Shanghai Municipal Bureau of Justice, Mr. Liu Zhongding; U.K. Consul-General in Shanghai, Mr. Chris Wood; chief editor of “Democracy and Legal System”, Mr. Lau Guiming; dean of Huadong University of Political Science and Law, Mr. Ding Shaokuan; former managing partners of AllBright Law Offices, Mr. Shi Huanzhang and Mr. Wu Mingde.

Mr. Gu Gongyun, the current managing partner of AllBright Law Offices, gave a welcome speech to the guests and expressed his vision for the firm’s future. Mr. Duan Zhengkun, the former deputy minister of the Ministry of Justice P.R.C., congratulated the firm on their achievement. After the inspiring speeches, two prize-giving ceremonies were held to recognise the award recipients’ contributions and to thank them for sharing weal and woe with the company over the past 20 years.

To celebrate the 20th anniversary of AllBright Law Offices, our firm prepared a video and presented a customized Chinese crystal plate to wish AllBright Law Offices continued success.

Stevenson, Wong & Co. attended the 20th anniversary celebration of AllBright Law Offices

Our firm’s partners (from left to right): Ms. Heidi Chui, Mr. Willy Cheng, Ms. Catherine Por, Mr. Hank Lo and Mr. Rodney Teoh

Our senior partner Mr. Willy Cheng with Mr. Liu Feng, a senior partner of AllBright Law Offices

Our senior partners (from left to right): Mr. Hank Lo, Mr. Willy Cheng and Ms. Catherine Por

Mr. Gu Gongyun, managing partner of AllBright Law Offices

Mr. Duan Zhengkun, former deputy minister of the Ministry of Justice P.R.C.