Financial Services

We hope you all have been keeping well and staying safe! The ACC HK Financial Services group’s next lunch circle will be held as a virtual Zoom “lunch” meeting on Tuesday, 4 May 2021 from 12:30 - 2:00 pm.

As with past lunches, the agenda will consist of crowd-sourced discussion topics submitted by attendees so that we can share ideas and input with each other.

There are several topics that the Financial Services Subcommittee Co-Chairs propose for this lunch, including: Hong Kong SFC Consultation on Management and Disclosure of Climate-related Risks; APAC employer programs / efforts to encourage / incentivize employees to get Covid-19 vaccines; and conducting internal investigations during COVID/remote working, but we are also looking for each attendee to propose a topic to discuss.

The details of everything we discuss at the lunch is strictly confidential and subject to Chatham House rules, which will allow our discussion to be fulsome and candid (and as a result, helpful and productive) – our goal is to maximize the input from a broad cross section of firms across various financial services industries in a discreet and confidential setting in order to make the lunch informative and valuable.

We encourage those who have not attended an ACC HK Financial Services group event (or those who have been away for a while) to join us and participate. The event headcount will typically be capped to give everyone time to discuss their topics. We look forward to welcoming you to the lunch!

Venue:  Zoom details will be forwarded upon registration

Date:  Tuesday, 4 May 2021

Time:  12:30 pm - 2:00 pm

RSVP: Monday, 3 May 2021

Now more than ever it is critical for in-house lawyers to show their value, along with that of the legal department. A critical skill is being able to speak the language of business – numbers. While you may not need an MBA, you can definitely show how much of a superstar you are if you know the basics of corporate finance.

What you’ll learn:
•    The basics of corporate finance;
•    The difference between a cash flow statement, balance sheet, and P&L;
•    Key terms and important formulas that give insight into how the business is operating;
•    A lot more!

This is also a great refresher for those of us who are already familiar with the basics.

Follow this link for full session details.

Follow this link for full session details.

AGENDA:

• Session I - 9:00 a.m. to 10:00 a.m. Financial Services Regulatory and Litigation Update: Where Do We Go From Here?
  
  Industry disruption caused by the pandemic and new technologies are creating unique challenges and opportunities for in-house counsel in financial services.  From the new Biden Administration’s focus on expanding the regulatory environment, fair lending protections, as well as artificial intelligence tools making credit decisions, to the inevitable rise in defaults and litigation caused by the pandemic, this is no time to be in the dark.
   

• Break - 10:00 a.m. to 10:30 a.m.

• Session II - 10:30 a.m. to 11:30 a.m.  Digital Asset Custody Update
  
  Federal regulators (CFTC, SEC, OCC) are beginning to provide guidance around custody of digital assets by financial institutions. While the regulators are signaling that they are open to financial institutions providing digital asset custodial services, they have not provided specific guidance around developing internal compliance programs and best practices for these services. Financial institutions that are exploring establishing a digital asset custodian should ensure they understand (and incorporate) the latest guidance from the relevant federal regulators and the operational and technical requirements of best-in-class digital asset custody. In this session, our team will provide guidance on these developments.

Use the red "Register" button below to RSVP, then be sure to click on the "Add to Calendar" feature located within your email confirmation.

The following link and passcode will allow you to join the webinar.

https://accinhouse.zoom.us/j/91891762787?pwd=ZUVsTlRvWWlZN0htTlNPdGhuYUZ2Zz09

Passcode: 426395

Or iPhone one-tap :
    US: +13126266799,,91891762787#  or +16468769923,,91891762787#

Or Telephone:
    Dial(for higher quality, dial a number based on your current location):
        US: +1 312 626 6799  or +1 646 876 9923  or +1 301 715 8592  or +1 346 248 7799  or +1 669 900 6833  or +1 253 215 8782  or 888 788 0099 (Toll Free) or 877 853 5247 (Toll Free)

Webinar ID: 918 9176 2787
    International numbers available: https://accinhouse.zoom.us/u/acq3V4e40z

The ACC Hong Kong Board of Directors invites you to the following presentation, hosted by:

In collaboration with EY, this session will focus on the typical fund structures and recent tax developments impacting the funds industry in Hong Kong and Singapore. Hong Kong and Singapore are well known as regional fund management hubs, and they have continued to evolve their regimes and initiatives (in terms of fund structures and tax exemption regimes) to meet the commercial needs of the industry and attract further investment.

The session will address Hong Kong vs Singapore as a fund platform location, including the recent introduction of a new Hong Kong Limited Partnership regime and the reform of the Hong Kong Open-Ended Fund Company regime; as well as the Singapore Variable Capital Company structure; and how they can be used within the fund structure. Further, the session will provide a quick overview of the recently gazetted Inland Revenue (Amendment) (Tax Concessions for Carried Interest) Bill 2021 in Hong Kong.

SPEAKERS:

Vanessa Chan
Partner, Ernst & Young Tax Services Limited, Hong Kong

Vanessa is a Hong Kong based partner in the International Tax Services team within the Asia-Pacific Financial Services Group, focusing on International tax and Hong Kong tax. She has 20 years of tax experience and has extensive in-house tax experience and expertise in regional tax management. She also has deep knowledge and understanding of fund formation and fund structuring from the Hong Kong tax perspective and extensive experience in advising funds and investors on fund formation and fund structuring of investments.

Christy Ngai
Manager, Ernst & Young Tax Services Limited, Hong Kong

Christy is a Hong Kong based manager in the International Tax Services team within the Asia-Pacific Financial Services Group, specializing in providing Hong Kong and international tax advisory services to Private Equity and Real Estate funds.

She has solid experience in advising private equity and real estate funds as regards to the fund and deal structure, tax disclosures in fund documentation and ongoing compliance requirements.