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Hong Kong audit regulator says it expects full compliance with laws and regulations

Hong Kong’s audit regulator, the Accounting and Financial Reporting Council (AFRC), says it expects all audit firms and their staff to comply with all relevant laws and regulations...

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Preserving fairness in arbitration: The challenge of reviewing procedural decisions for apparent bias

A Hong Kong court has reiterated that an arbitral tribunal enjoys a wide discretion as to the procedure it adopts, and repeatedly deciding matters, such as whether to hold an oral hearing,...

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Auditors’ liability – English case casts doubt on effectiveness of disclaimers in negligence actions

A recent English case may cause concern amongst Hong Kong auditors hoping to protect themselves from liability towards third parties by the inclusion of standard disclaimer wording in their ...

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No clear picture - Hong Kong court criticises legal representatives in refusing to sanction scheme of arrangement

A Hong Kong court has refused to sanction a scheme of arrangement, saying that practitioners should explain the key terms and effect of any proposed restructuring in a way which can be...

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Hong Kong Court of Appeal rules arbitration agreement trumps winding-up petition in insolvency

The Hong Kong Court of Appeal has finally laid to rest the vexed issue of whether an arbitration agreement or a winding-up petition should take precedence in an insolvency situation. In two ...

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Disciplinary, litigation risk - AFRC highlights skill shortage in Hong Kong public interest entity audits

The Accounting and Financial Reporting Council (AFRC) has published its first report on the public interest entity (PIE) audit market in Hong Kong. Reviewing its own survey of PIE auditors, ...

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Is the writing on the wall for the shareholder principle? Privilege update in Hong Kong

The concept of the “shareholder principle” in English law provides that a company cannot assert privilege against its own shareholders, unless the privileged documents in...

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Remittal reconsidered – Hong Kong court grants leave to appeal on illegality defence decision

A Hong Kong court has granted leave to appeal against a decision in which an arbitral award was sent back to the arbitrator for reconsideration on the basis that the law had changed on a...

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Arbitration Highlights in the Year of the Dragon

In the year of the dragon, attention turns to the enforcement of arbitral awards. We look at five different Hong Kong decisions where enforcement or set aside has been the central issue...

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