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In March 2016, the Financial Services Development Council (FSDC) of Hong Kong published a paper to examine whether the financial market of Hong Kong should introduce regulatory framework to promote equity crowdfunding. This article examines the recent experiences of the United States and United Kingdom in setting a regulatory framework on equity crowdfunding and seeks to identify what Hong Kong can learn from its Anglo-American counterparts in regulating such activity. It is ultimately argued that these experiences provide a good platform for implementing a broadly similar regime in Hong Kong by permitting crowdfunding within the scope of current regulated activities. [ABSTRACT FROM AUTHOR]

In March 2015, the Securities and Futures Commission (SFC) of Hong Kong launched a consultation to examine whether the financial market of Hong Kong should implement the Principles of Responsible Ownership, based on the Stewardship Code which was first introduced into the United Kingdom’s (UK) financial market in 2010. One year later, in March 2016, the SFC announced in its consultation conclusions that it would adopt the Principles subject to some amendments. This article examines as to whether the implementation of such Principles would be effective in encouraging shareholder activism and engagement in the corporate governance of Hong Kong. Contrary to the SFC’s conclusions, it is argued here that due to the nature and characteristics of Hong Kong’s financial market, the Principles are unlikely to foster greater shareholder involvement. The article will suggest alternative legal and institutional mechanisms that can better enhance investor engagement. [ABSTRACT FROM AUTHOR]

The article reports on the lack of clarity in the secrecy laws of People's Republic of China (PRC) as of April 2015. It mentions court rulings in the U.S. and Hong Kong that found violation of U.S. and Hong Kong securities laws for withholding information of their audited PRC companies. It also mentions the Supreme People's Court's Interpretations of certain issues related to the specific application of the law.

The request of Alibaba, China's largest e-commerce firm, to allow a self-selected group of its past and present management known as the 'partners' the right to nominate a majority of the directors in its negotiation with the Hong Kong Stock Exchange for an initial public offering has reignited a new round of debate over the one share, one vote policy, which has survived for 27 years in Hong Kong. This paper discusses the viability of allowing the dual-class share structure in the city. Although the United States has adopted dual-class share structures for decades, this paper identifies the major institutional differences between Hong Kong and the United States and argues that Hong Kong should not follow suit due to these differences. [ABSTRACT FROM AUTHOR]

The article examines the basis of law on judicial review of air pollution standards in Hong Kong, China and the historical reasons for its notion as an anemic force and its poor performance in environmental cases. It looks at the institutional defects and problems in air pollution control and discusses the issues of the roles of the government and the scope of judicial review. It suggests that the failure of governance in air pollution is associated with the inefficacy of judicial review.

This article argues that each of the US, the UK and Australia could take inspiration from Hong Kong's Protection of Wages on Insolvency Fund (POWIF) because it has the makings of a world-leading model for the protection of employee entitlements in circumstances of business failure. In particular, it is argued that although POWIF is open to fraud by unscrupulous employers it does not unduly increase moral hazard because its coverage provides only a modest safety net, it is funded by a mandatory private sector levy and it operates on a self-sustaining basis. [ABSTRACT FROM AUTHOR]

The much debated Minimum Wage Ordinance eventually secured passage in the Hong Kong Legislative Council on 17 July 2010 and is to take effect on 1 May 2011. A Minimum Wage Council established under the Ordinance has made recommendations to the Chief Executive on the initial minimum wage level. This paper compares the minimum wage legislation in Hong Kong with that of other Western jurisdictions and seeks to identify what the former can learn from these international experiences in setting a statutory minimum wage. In the final analysis, it is argued that these experiences provide a good platform for implementing a broadly similar regime in the Special Administrative Region, albeit one with 'Hong Kong characteristics'. [ABSTRACT FROM AUTHOR]

The article presents an overview of the proposed corporate rescue reform of the Financial Services and Treasury Board of Hong Kong, China. It features the similarities of the proposed corporate rescue law and the Australian voluntary administration (VA) model. If offers information on the present corporate rescue procedure of Hong Kong and the benefits of the FSTB's proposals.

In October 2009, the Financial Services and the Treasury Bureau of the Hong Kong Government published a consultation paper to review corporate rescue procedure with the aim of reforming key issues relating to corporate rescue. This paper compares the proposed reform in Hong Kong and the debtor-in-possession concept of the United States of America in Chapter 11 corporate rescue, and seeks to identify the reasoning behind the differences. [ABSTRACT FROM AUTHOR]

Section 172 of the UK Companies Act 2006 is arguably one of the most controversial provisions that has been introduced into the company law of the UK. It incorporates the concept of enlightened shareholder value, together with a list of non-exhaustive factors that directors ought to take into account in promoting the success of the company. The discussion focuses on a recent review undertaken by the Hong Kong Standing Committee on Company Law Reform (SCCLR) as to whether Hong Kong should follow the UK by incorporating a similar provision to section 172 of the Companies Act 2006 in its Companies Bill. Contrary to the SCCLR recommendation, the primary conclusion drawn is that it makes commercial sense for a similar provision to be introduced in Hong Kong. A careful examination of section 172 of the Companies Act 2006 shows that it simply reflects existing law and modern business practices. Therefore, the purpose of implementing such duty on directors does no more than reinstate the practical reality. [ABSTRACT FROM AUTHOR]