Raymond Goh 吴敏耀

The recent decision in [2024] HKCFI 989 underscores the robust approach taken by the Court in examining the enforceability of non-compete clauses, even at the interim-interim stage. At the heart of the dispute is a 12-month, worldwide non-compete clause ("NCC") which purports to restrain a former CFO Asia of a financial services company ("Employee") from being employed in a "similar capacity" by a “competitor” within 12 months following a voluntary termination of his employment with his former employer ("Former Employer"). The takeaway from this decision is that "less is sometimes more" — NCCs which go further than is reasonably necessary to protect an employer’s legitimate business interest risk being struck down in their entirety, and the Court would not salvage the enforceability of such clauses by re-writing the parties’ bargain. Read more in DVC's latest Case Highlight https://lnkd.in/gtp5-6sA The full judgment is available at https://lnkd.in/g6p6uQUA Jose Maurellet SC and Clara Wong acted for the 1st Defendant (the Employee). Kevin Lau is involved in an earlier stage of the matter. #dvc #desvoeuxchambers #employment #employmentlaw #noncompete

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ICGN has responded to the Hong Kong Exchanges and Clearing Limited (HKEX)’s consultation on the Review of Corporate Governance Code and Related Listing Rules. We particularly welcome the Exchange’s efforts to strengthen board independence and effectiveness. These include proposed Code Provisions requiring issuers to conduct and disclose regular board performance reviews, to maintain a board skills matrix, the introduction of a Listing Rule to require issuers to have and disclose a diversity policy for their workforce, and the requirement for specific disclosure of the issuer’s policy on payment of dividends. The ICGN Global Governance Principles recommend that the board should disclose a clear policy on the company’s approach to capital allocation as a foundation for long-term value creation. See our full response to the consultation at: https://lnkd.in/d9w4Uj7G The ICGN Global Governance Principles, which serve as ICGN’s primary standard for well-governed companies, can be read at: https://lnkd.in/dbu28Dhc All our public consultation responses and comment letters are available in the Policy section of ICGN’s website, at: https://lnkd.in/drUVA8kx #governance #corpgov #boards #independ #disclosure #diversity #dividends #capitalallocation

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Joint press release of the PBoC, the SFC and the HKMA on Swap Connect enhancements to advance high-quality opening-up of China’s financial markets To implement the national strategy to steadily advance the opening-up of China's financial markets, the mutual access between the Mainland and Hong Kong interest rate swap markets (Swap Connect) was launched on 15 May 2023. Since the launch, the trading and clearing arrangements of Swap Connect have been operating smoothly and its trading volume has been on the rise with active participation of Mainland and overseas investors. As of the end of April 2024, 20 Mainland dealers and 58 overseas investors had conducted more than 3,600 interest rate swap transactions with an aggregate notional amount of approximately RMB1.77 trillion, representing an average daily turnover of RMB7.6 billion or thereabouts in notional amount. The average daily turnover calculated on a monthly basis had increased by around three times from approximately RMB3 billion in the first month after the launch to over RMB12 billion in April 2024, providing Mainland and overseas investors with a convenient and efficient risk management tool to manage their RMB asset allocation. #riskmanagement #interestrate #SwapConnect #HKMA #openingup

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In a groundbreaking decision of Mantra Dao Inc. and Another v John Patrick Mullin and Others [2024] HKCFI 2099, Mr Justice Lok of the Court of First Instance issued an order mandating the disclosure of financial records and books related to a decentralised autonomous organization (DAO) finance platform in the cryptocurrency industry. This decision highlights not only the critical need for financial transparency in the management of cryptocurrency platforms but also that new legal entities such as DAOs are not beyond the reach of the courts to ensure that legitimate interests of stakeholders are protected. Read more in the latest DVC Case Highlight authored by our member Charlie Liu at https://lnkd.in/gjPCveiw The full judgment is available at https://lnkd.in/gQV9u-JS). Mr. Douglas Lam SC and Mr. Charlie Liu represented the Plaintiffs. #DVC #DesVoeuxChambers #casehighlight #landmark #financial #crypto #cryptocurrency

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Hong Kong Exchanges and Clearing Limited (HKEX) published conclusions to its June consultation on changes to its Corporate Governance Code and related Listing Rules. https://lnkd.in/d87dZMDj

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During Fintech Week 2024, the SFC announced initiatives to expand Hong Kong's virtual asset market, including swift licensing for VATPs, a consultative panel for better regulation, and ongoing efforts in tokenisation and new legislative frameworks. Click here to find out more 💬 : https://lnkd.in/gBnwrUsD

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Following yesterday’s engaging pre-conference workshops, the Central Bank Payments Conference formally got underway this morning with an opening address by Bank Negara Malaysia Deputy Governor Jessica Cheng Lian Chew, who told the audience that central banks must be prepared to shape the future financial system. Burkhard Balz of Deutsche Bundesbank delivered an incisive keynote address on CBDC and the money of the future, stressing the importance of preserving access to central bank money…now and in the future. A pair of rich panel discussions ensued on financial inclusion and cyber resilience. In the former, country-specific perspectives were shared by Hakima EL ALAMI (Bank Al-Maghrib), Cheryl Venable (Federal Reserve Financial Services), and former Central Bank of Afghanistan Governor Ajmal Ahmady, while Siegfried Zottel spoke on The World Bank’s work to foster financial inclusion. The morning session concluded with a robust discussion on cyber resilience, a constant priority for central banks, featuring a lively conversation between Claudine Hurman (Banque de France), the Fed’s Tracy Harrington, and Tamás Gaidosch of the International Monetary Fund. An amazing start to #CBPC2024! Follow us to discover all the top-notch payments events we have planned for you. Visit now currencyresearch.com #cbpayments #GlobalPaymentsSummit #Innovation #Payments #PaymentsWeek #CentralBankPayments #FinanceInnovation 

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🚨 Hong Kong Monetary Authority (HKMA) has recently addressed the key risk management considerations regarding the review of banks’ proposals involving the use of distributed ledger technology (DLT).   Since the Government published its "Policy Statement on Development of Virtual Assets in Hong Kong" in 2022, the HKMA has noted growing interest from banks to explore how they can apply DLT to traditional financial market operations. The HKMA is supportive of banks adopting DLT-based solutions so long as they can adequately manage the associated risks. 💪 Looking forward to hearing more about the agile and dynamic development of the market and HKMA's role in providing the industry with additional supervisory clarity! #FTAHK #Fintech #FinTechHK #HongKong #dlt

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The HKMA and the People's Bank of China (#PBOC) have expanded the scope of the e-CNY pilot in Hong Kong to facilitate the set up and the use of e-CNY wallets by Hong Kong residents, as well as the top-up of e-CNY wallets through the Faster Payment System (#FPS). This marks the first linkage of a faster payment system with a central bank digital currency (#CBDC) system in the world. This pioneering cross-boundary #fintech initiative allows Hong Kong residents to: 📱 Register for e-CNY personal wallets in Hong Kong using HK mobile numbers, without having to open a Mainland bank account 🏦 Top up e-CNY wallets instantly via the FPS through 17 HK banks, of which 11 banks support top-up with instant conversion of HKD to RMB 🛍️ Make retail payments across the Greater Bay Area (GBA) and other Mainland pilot cities using e-CNY The e-CNY is a legal tender in digital form issued by the PBOC. It can be changed into physical renminbi (RMB) cash in 1:1. e-CNY pilots have been conducted in a number of major cities on the Mainland since 2019. The e-CNY will provide an additional safe, convenient and innovative means of cross-boundary retail payments to residents in Hong Kong and the Mainland. It will also enhance the efficiency and user experience of cross-boundary payments, and promote the interconnectivity of the GBA. Aligning with the G20’s roadmap for enhancing cross-border payments through interoperability, the e-CNY pilot exemplifies the HKMA’s commitment to fintech development and bolsters Hong Kong’s role as a global hub for cross-border digital payments and finance. Learn more about the e-CNY pilot in Hong Kong here: https://lnkd.in/g8DMvfwq #HKMAinnovates #eCNY #CrossborderPayments #DigitalTransformation #GBA #FutureOfPayments

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Proxinex Scam Alert in Hong Kong 🇭🇰 🚨 The Hong Kong Securities and Futures Commission (SFC) has issued a warning regarding Proxinex, a platform suspected of being involved in virtual asset-related fraud. Investors are urged to exercise caution and avoid dealings with Proxinex due to potential risks associated with the platform. This action is part of the SFC's ongoing efforts to protect investors and ensure market integrity. In addition to Proxinex, the SFC has also blocked access to the websites of BitCuped and the Hong Kong Digital Research Institute, highlighting concerns over misleading information and fraudulent activities. This warning comes in the wake of significant financial losses in previous cases, such as the Hounax scam, where investors lost approximately HK$120 million (US$15.4 million) before any advisory could be issued. For more details, you can read the official announcement from the SFC below https://lnkd.in/guUSPnv8 #InvestmentSafety #FinancialRegulation #CryptoAwareness #SFCWarning #Proxinex

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[GCC Consulting News] The Securities and Futures Commission (SFC) warned the public about suspected fraudulent activities by Tokencan, VBIT Exchange, and HKD.com Corporation, which are operating virtual asset trading platforms (VATPs) in Hong Kong without a license. The SFC advises verifying the licensing status of VATPs via their List of licensed virtual asset trading platforms, emphasizing that operating or marketing virtual asset services in Hong Kong without a license is an offence under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. #SFCWarning #Tokencan #VBITExchange #HKDcom #HongKong #FinancialRegulation #InvestorProtection #CryptoFraud #UnlicensedTrading #VATP #FinancialSafety

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The HKMA’s proposed revisions to the Supervisory Policy Manual module CR-G-7 – unveiled this June 2024 – have raised the standard related to managing collateral, guarantees and credit risk mitigation. This will have an impact on credit risk management, LGD, potentially Basel RWA and lending and collateral policy. Our latest flyer guides Authorised Institutions through the key changes they need to keep on their radar: https://lnkd.in/gX2RfdXf #HongKong #Banking #CreditRiskManagement

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【Cyberport News】Congratulations to Cyberport Incubatee HKVAX Becoming Hong Kong’s Third Licensed Virtual Asset Trading Platform! Cyberport Incubatee Hong Kong Virtual Asset Exchange (HKVAX) has recently obtained licenses from the Securities and Futures Commission (SFC): Type 1 (Dealing in Securities) and Type 7 (Providing Automated Trading Services), along with an Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) license to operate a virtual asset trading platform. HKVAX is officially the third licensed company to operate a virtual asset trading platform in Hong Kong, the second Cyberport member to secure the relevant operating licenses. In addition to over-the-counter (OTC) trading, exchange, and custody services, HKVAX specialises in Security Token Offerings (STO) and Real-World Asset (RWA) tokenisation. This comprehensive approach provides one-stop virtual asset financial services, further strengthening Hong Kong's FinTech ecosystem. As Hong Kong's largest Web3.0 hub, Cyberport is pleased to see HKVAX become the third licensed virtual asset trading platform in the market. This milestone further promotes the development of virtual assets in Hong Kong. Moving forward, Cyberport will continue to support Web3.0 enterprises and start-ups across various fields, including virtual assets, assisting Hong Kong in evolving into a leading Web3.0 hub. #Cyberport #CyberportCommunity #CIP #SFC #VirtualAssetTradingPlatform #Web3 #Fintech #HKVAX

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