Jurisdiction: Hong Kong

Internet marketing of collective investment schemes to professional investors

On 22 March 2013, a company and its director were acquitted by the Hong Kong’s Magistrate’s Court of four counts of issuing advertisements to promote a collective investment scheme, including posting relevant information on the company’s website, without the authorisation of the Securities and Futures Commission (SFC) in contravention of section 103 of the Securities and Futures Ordinance.

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Hong Kong: The Office of Privacy Commissioner for Personal Data Finds an Insurance Broker Collected Personal Data for Use in Direct Marketing by Arguably Deceitful Means

On 9 April 2013, the Office of Privacy Commissioner for Personal Data (“Commissioner“) issued a report in respect of the investigation carried out by the Commissioner against a body check service company and an insurance broker concerning the unfair collection of personal data from the public by the body check service company and its transfer to the insurance broker for use in direct marketing.

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Edwards Wildman’s Martin Lister Analyzes How the Hong Kong Insurance Industry is Preparing for a New Super-Regulator in Global Reinsurance

Martin Lister, a Hong Kong-based partner in Edwards Wildman’s Insurance and Reinsurance Department, discussed how Hong Kong will be establishing a new independent super regulator for the insurance industry in Global Reinsurance. In the article, “How Hong Kong is Preparing for its New Super-Regulator,” Lister said, “There will be some discomfort in the industry because these guys have got to do something. They may have 200 employees and 120 of them will be new. 

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Hong Kong: Challenging Years Ahead for the Insurance Industry

Hong Kong has one of the most developed and competitive insurance markets in Asia. Commentators observe that Hong Kong is over-serviced by insurance companies and market shares are unusually diffuse: in 2011, for example, the top insurer had a market share of only 8.3%, while the top five had a market share of just 30.9%. 

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Hong Kong: Regulatory Changes on Disclosure of Insurance Brokerage Commission to be Implemented on 15 April 2013

In January 2012, we wrote about the landmark decision by the High Court in Jeremy Paul Egerton Hobbins v Royal Skandia Life Assurance Ltd & Anor., HCCL 15 of 2010. Following this case, the Hong Kong Confederation of Insurance Brokers (CIB), the Professional Insurance Brokers Association (PIBA) and the Hong Kong Federation of Insurers (HKFI) formed a Joint Task Force in late April to evaluate the present market practice in relation to the disclosure of commission received by an insurance broker (acting as the agent of the insured) from the insurer concerned. 

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