Hong Kong Securities and Futures Commission seeks to bolster investor compensation remedies as part of a package of enforcement-related reforms

The Hong Kong Securities and Futures Commission’s (SFC) proposal for sweeping enforcement-related reforms would significantly impact the regulatory landscape in Hong Kong.  If the proposals are adopted as drafted, firms and individuals will need to prepare themselves for the more aggressive enforcement action and potentially greater financial consequences. Our detailed e-bulletin on the proposed reform … Read more

Hong Kong Court of Appeal rules on landmark case regarding escalation clauses

Herbert Smith Freehills has secured an important judgment from the Hong Kong Court of Appeal, C v D [2022] HKCA 729, regarding escalation clauses – contractual provisions which require negotiation or mediation before either party can begin formal proceedings. These clauses are intended to promote the efficient resolution of disputes, but often lead to costly … Read more

PRC Court recognises an English Court judgment for the first time

On 17 March 2022, the Shanghai Maritime Court of PRC (the “SMC“) issued a milestone ruling ((2018) Hu 72 Xie Wai Ren No.1) with the approval by the Supreme People’s Court of the PRC (the “SPC“), allowing for the recognition and enforcement of an English Court judgment based on the principle of reciprocity for the … Read more

Hong Kong gazettes success fee Bill

Hong Kong has officially published a Bill that would allow lawyers to agree outcome-based fees for arbitration work in the territory. If, as expected, the Bill passes into law later this year, it will allow lawyers in and outside Hong Kong to agree fees based on their clients’ success in the arbitration. This is a sea-change for … Read more

Rules of Online Litigation of the People’s Court of China launched

The Supreme People’s Court of China (SPC) has recently released Rules of Online Litigation of the People’s Court of China (Rules). The Rules are judicial interpretations formulated by the SPC binding on courts in Mainland China and will come into effect on 1 August 2021. Background As the digital economy in China continues to grow, … Read more

Singapore extends third-party funding framework to SICC proceedings and domestic arbitrations

From 28 June 2021, Singapore will permit third-party funding of proceedings in the Singapore International Commercial Court (SICC), domestic arbitration proceedings and related mediation proceedings. Before this, Singapore permitted third-party funding for international arbitration proceedings and related court and mediation proceedings only (as reported in our blog post of January 2017). In making these changes, … Read more

KEY JUDGMENT ON ARBITRATION CLAUSES AFFECTING THOUSANDS OF COMMERCIAL CONTRACTS

Herbert Smith Freehills has secured an important victory in Hong Kong proceedings with far-reaching consequences for arbitration disputes around the world. Many commercial contracts contain “escalation clauses” requiring parties to take certain steps before formal arbitration begins – such as a requirement to “negotiate in good faith” before starting arbitration. Previously, failure to comply with … Read more