Publication of the Consultation Paper on Cyber-Dependent Crimes and Jurisdictional Issues by the HKLRC
ISSUING AUTHORITY:
The Law Reform Commission of Hong Kong
DATE OF PUBLICATION:
July 20, 2022
The Hong Kong Law Reform Commission (“HKLRC”), through its Cybercrime Sub-committee, published a Consultation Paper (“Consultation Paper”) where preliminary proposals were made for law reform to address the challenges to protection of individuals’ rights caused by the rapid developments associated with information technology, the computer and internet, and the potential for them to be exploited for carrying out criminal activities.
There is currently no single ordinance in Hong Kong which deals with cybercrime specifically. Different offences are scattered over various ordinances, including the offences under ss.25(a), 27 and 27A of the Telecommunications Ordinance (Cap 106), and those under ss. 59, 60 and 161 of the Crimes Ordinance (Cap 200). One of the main recommendations in the Consultation Paper is therefore to enact a new piece of bespoke legislation on cybercrime to cover the various types of offences proposed in the Consultation Paper and to prescribe their applicable jurisdictional rules.
Other recommendations covered by the Consultation Paper include:
● There should be a new offence of unauthorised access to program or data, subject to a statutory defence of reasonable excuse;
● There should be possible extra-territorial application of the proposed offences, under which the Hong Kong Courts may have jurisdiction in a case where connections with Hong Kong exist; and
●The maximum sentences for the new cybercrime offences should be increased;
The consultation period for the recommendations as set out in this Consultation Paper expired on 19 October 2022.
Reference:
HKLRC Consultation Paper on Cyber-Dependent Crimes and Jurisdictional Issues
Phase 2 of the New Inspection Regime To Be Implemented by the Companies Registry of Hong Kong
ISSUING AUTHORITY:
Companies Registry of Hong Kong
DATE OF PUBLICATION:
August 19, 2022
To protect certain sensitive information of directors of Hong Kong-incorporated companies and registered non-Hong Kong companies, the Hong Kong Companies Registry (“CR”) is implementing, in three phases, a new inspection regime (“New Inspection Regime”) under the Hong Kong Companies Ordinance (Cap 622) (“CO”) to withhold the usual residential address and full ID number (the “Protected Information”) of natural person directors and company secretaries from public inspection. Phase 2 of the New Inspection Regime under the CO will commence on 24 October 2022 (“Phase 2”).
Protected Information in documents filed from 24 October 2022 onwards will not be provided for public inspection. However, “specified persons” (which include, amongst others, members of the company, persons authorised by the data subject, licensed company service providers, financial institutions and practising certified public accountants and solicitors) can apply to the CR to access Protected Information. Protected Information contained in documents filed before 24 October 2022 will not be withheld during Phase 2.
Starting from 24 October 2022, there will also be a total of 26 specified forms which pertain to the reporting of Protected Information. Hong Kong companies and users should check for the revised forms before making any filing with the CR.
Reference:
Companies Registry External Circular No. 3 / 2022 – Commencement of New Inspection Regime – Phase 2
New Policies to Promote Cross-Border Investment – 18 Measures for Supporting the Linked Development of Shenzhen and Hong Kong Venture Capital Investments in Qianhai
ISSUING AUTHORITY:
The Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen Municipality and the Financial Services and the Treasury Bureau of the Government of the HKSAR
EFFECTIVE DATE:
September 2, 2022
A policy document jointly promulgated by Shenzhen and Hong Kong authorities, the 18 Measures for Supporting the Linked Development of Shenzhen and Hong Kong Venture Capital Investments in Qianhai (“18 Measures”), came into effect on 2 September 2022 and are effective for three years.
The formulation of the 18 Measures aims at promoting the joint development of venture capital between Shenzhen and Hong Kong, effectively to serve Shenzhen-Hong Kong cooperation in science and technology innovation, and help build an international science and technology innovation center in the Guangdong-Hong Kong-Macao Greater Bay Area.
The 18 Measures cover four major areas which will benefit asset managers, venture capital and private equity firms and other investment institutions through a range of favourable policies and monetary subsidies.
Some of the highlights are:
●Supporting the eligible entities to establish Qualified Foreign Limited Partnership, Qualified Domestic Investment Enterprise and Wholly Foreign Owned Enterprise Private Fund Management businesses in Qianhai;
● Promoting the facilitation of cross-border capital flow;
● Offering various types of policy subsidies and rewards to the eligible entities along different stages of investments; and
●Supporting the development of a pilot scheme on business registration for contractual funds.
It is expected that the implementation of the 18 Measures will attract more high-quality assets management institutions to settle in Qianhai and make it easier for onshore money to invest in Hong Kong’s innovation and technology companies through Qianhai.
Reference:
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