Financial Services Focus Group (FIG)

Come and join us for this discussion in which Adrian Bradbury, Director M&A at Quam Capital, will discuss various main issues on M&A from preparing a business for sale to identifying and approaching potential purchasers; the negotiating process and due diligence and warranties.

On 1 April 2010 a new Banking Conduct Department was established within the Hong Kong Monetary Authority (HKMA) to give greater focus to banking conduct regulation following the 2008 financial crisis.  Hong Kong was not alone in introducing reform in the banking sector to enhance investor, consumer and depositor protection. 

Ms Meena Datwani, the Executive Director of Banking Conduct Department in the HKMA, will discuss the new paradigm for banking conduct regulation and what changes have been made to enhance investor, consumer and depositor protection in Hong Kong.

Mr. Allan Chiang was appointed as the Privacy Commissioner for Personal Data in August 2010. Despite his relatively short service as the Privacy Commissioner, Mr. Chiang has successfully tackled a number of important privacy issues in Hong Kong.

Following some major incidents of serious contraventions of the Personal Data Ordinance in 2010, Mr. Chiang was instrumental in the revision of privacy policies and practices of many corporate data users to ensure compliance with the privacy Law. He is presently advising the Hong Kong Government on the overhaul of the Ordinance to ensure adequate protection to personal data in a changing privacy landscape.

In June 2011, the UK Government issued two consultation documents on these two very important areas of UK taxation. The statutory residence tests are subject to consultation until 9th September 2011, and will come into effect from 6th April 2012.

The proposals contain a number of surprises, and may in practice restrict days spent in the UK to below 90 days in a tax year in cases where the individual has family or accommodation available for use in the UK.

Come and find out more, and how the proposals are likely to affect you if you visit the UK.

 

 Do you know how your organisation collects and use personal and client information? The continuing developments in Hong Kong's personal data regulations could have significant impact for financial institutions and multi-national corporations.The recent regulatory scrutiny into the Octopus data sharing incident and the Privacy Commissioner's actions against Wing Lung Bank and the recent Sony Playstaion investigation has shown that the Commissioner is a pro-active regulator and the rules are being interpreted narrower than expected. Many institutions are reviewing the way in which they collect, use, share and transfer information amongst themselves and with third parties, in light of these events and the pending changes to the Personal Data (Privacy) Ordinance. 

UK Chancellor George Osborne will give the UK Budget on the 23rd March 2011. There are many rumours the new Remittance Basis Charge of GBP 30,000 – paid by only approx 5,400 in the first year it operated in 2008/09 - applied to resident non UK domiciled individuals  will be changed to apply from year 1 of UK tax residence , rather than year 8.  Amongst other things, this may be one way to raise UK tax revenues!

This Breakfast Briefing will cover the main UK Budget /tax news, focusing on how it affects businesses and residents in Hong Kong and the region.  It will also include a post-budget analysis of feedback from UK professional bodies and the media.

Anthony Thomas, Deputy President of the UK Chartered Institute of Taxation will be giving a UK Tax update to members, including developments in UK Tax policy and administration in light of the Coalition Government.  This event is free and for members only.

 In 2010 InvestHK supported an all-time record of 284 firms to invest in Hong Kong.  In recent years the UK has overtaken Japan to be the Department’s third largest source of projects, behind the US and Mainland China.

Simon Galpin, Director-General of Investment Promotion at Invest Hong Kong, will talk abut the work of InvestHK and the challenges and opportunities in attracting businesses to Hong Kong.

The Chamber's Financial Services Interest Group is delighted to invite Charles Li, Chief Executive of Hong Kong Exchanges and Clearing Limited to discuss how HKEx faces intensifying competition and an increasingly complex marketplace through its Strategic Plan 2010-2012.