Financial Services Newsletter, Issue 7 of 2014: July
"New KFS disclosure requirements for authorised funds"; "Changes to publication requirements for collective investment schemes"; "Proposal to introduce MPF core fund"; "Clarification on disclosure of company names"; "The SFC and corporate culture"; "SFC licensing and compliance hints"; "Recent publications"
Clarification from Companies Registry on the Disclosure of Company Name
The Companies Registry has issued an external circular on 24 July 2014 to clarify the requirements in relation to the disclosure of company name pursuant to the Companies (Disclosure of Company Name and Liability Status) Regulation (Cap.622B) ("the Regulation"). The position is now clear that for a company registered by bilingual names, it may choose to display or state just the English name or the Chinese name, or both the English name and Chinese name
Enhanced multipliers confirmed by Court of Appeal
In our February 2013 and June 2013 Client Alerts, we reported on Mr Justice Bharwaney's judgment of 7 February 2013 in respect of the discount rates to be applied to calculations for future losses in personal injury cases ("the Justice Bharwaney Ruling").
Court of Final Appeal rules that expiry of limitation period is to be assessed by looking at Indorsement on Writ and not Statement of Claim
The effect of section 35 of the Limitation Ordinance (Cap. 347) is that where a "new claim" is sought to be made in the course of an action and such claim would otherwise be time-barred, it will be allowable only if it arises out of "the same facts or substantially the same facts" as a cause of action "in respect of which relief has already been claimed" in the action by the party seeking leave to make the amendment.
China's merger clearance requirements – an update
The Anti-Monopoly Bureau (AMB) of the Ministry of Commerce of China (MOFCOM) has recently published the following provisions and guidelines relating to the review procedure for merger clearance with AMB (AMB Clearance).