Showing posts with label Alexa Lam. Show all posts
Showing posts with label Alexa Lam. Show all posts

Wednesday, September 5, 2018

Alexa Lam's Inspiring Message to Incoming HKU Law Students 2018-2019

Talk at Faculty Opening Ceremony
31 August 2018
To most of you here, today is a special day. It marks the start of a new chapter of your life. It is a relatively short chapter – you are spending just a few years here, but it will probably be one of the most important chapters, because it is during this time that you will develop the moral and intellectual compass which you will use to navigate your life journey. 
     Your sense of pride and excitement, tempered perhaps by a bit of foreboding, is almost palpable. There is ample justification for this. Not only have you gotten into a prestigious university in the region, you actually managed to enroll in its top 20 world-ranking law school. Once you get over the next few years of lectures, tutorials, assignments and exams, you will join the profession of smart men and women in black robes, funny wigs and lawyer-speak in glamorous downtown Central, where successful professionals spend most of their waking hours. 
     You wanted to do law, and your wish has been granted. I have heard anecdotally that our LLB freshmen are increasingly a sophisticated bunch. Before they stepped foot into Cheng Yu Tung Tower on the first day, they had worked out what courses are the least rigorous and the most likely to yield a good grade, who are the teachers to avoid in the next four years because they are mean with their grades, how they could sail through law school with minimum work, etc. Our Department Head Professor Zhao Yun told us that you all came with top admission scores, which means that at age 18, you already have the ability to grapple with knowledge in a broad range of academic subjects. I therefore cannot believe that you are here just for the purpose of getting a ticket to the exclusive club of legal practice and big money. You would be doing yourself a great disservice, indeed you would be throwing away the opportunity of a lifetime, if you did not take advantage of the environment that university provides to equip yourselves with skills that will enable you to get the greatest intellectual and emotional satisfaction out of not just work but life in general. Life is a long journey – if it is just work and nothing else, it is a journey of hardship. You may become rich, but yours is an impoverished life. 
     To enjoy a rich life (and money does not equate a rich life), you must have passion for what you do and what you believe in. Passion drives your desire to participate, use your creativity, innovate solutions and in the end excel. The joy is not just in the result but the process. Let me illustrate with a story. 
     In the course that I teach, students are required to take part in a moot. They are given a life case – a hearing pending before the Market Misconduct Tribunal on an insider dealing complaint brought by the securities market regulator, the Securities and Futures Commission. Students were told that they should themselves form moot groups of four each - two for the regulator and two the defendants. The facts of the case are set out in a Notice filed by the regulator and available on the Tribunal’s website. Effectively a statement of claim by the regulator, the notice is of course a one-sided document setting out facts and allegations in the regulator’s favour. Other than this, there was very little structure. Students were advised that members of a group could agree among themselves on any additional facts that would give the defendants a good defence. That of course would make the regulator’s case more difficult but it would even the odds and render the hearing more interesting. When students were first told about this, they looked distinctly unhappy. I could just see what was on their minds: "Why does this professor have to be so marfan? Why can’t she just talk about the case in lecture? How am I to figure out a group to join? What a waste of my time!" Some emailed me right after class asking if I could do the grouping for them as they did not know one another. One even questioned if it was not the responsibility of the teacher to set up and assign students to groups. 
    I sent around a list of names of students in the class with their contact email address. In my message I made clear that a student’s ability to organize his group, agree with his group members the facts of the case and a fair allocation of work for each team member, and work with his team members to deliver results would go towards the student’s overall grade. The mention of the word “grade” worked like magic. Everyone rushed to email me with details of his group. As students started working with their group members, I noticed a sea change of attitude. I started getting enthusiastic emails asking for clarification of the Tribunal’s procedures and telling me about the additional facts on which their group had agreed. On the day of the mooting, students came before me, men and women smartly dressed in black, displaying a command of the facts, an understanding of the law, an ability to advocate a seamlessly woven legal argument and a poise and eloquence worthy of the best that this Law Faculty has ever produced. Some even prepared their bundles of documents, which included actual announcements, financial reports and media publications relevant to the company whose shares the regulator claimed were the subject matter of the insider dealing. Their enthusiasm in presenting their case in the best light was almost contagious. After their mooting, brimming with pride and satisfaction, students told me how much they had enjoyed the process, and they thanked one another in their group for a great experience together. 
     The central theme of the story is that in the next four or five years at HKU, there is nothing about learning that is a waste of your time. Learning comes in all forms and modes. Your teacher is only a small part of it. You learn because of your own intellectual curiosity and imagination, which drive thinking, debates, research and analysis. You learn from your peers, and you learn from actual and vicarious experiences. 
     Let me talk about your peers. Your class is big – some 200 students. Apart from those who are “your type”, many come from schools whose students you have never interacted with. Then there are those who went to high schools abroad, and still others who come from Mainland China, or other common law jurisdictions. They are an important part of your learning. In a world where technology continues to disrupt incumbents and open new theatres of opportunities, hard facts and skills that you learn today may become completely obsolete tomorrow. Your role model – the smart men and women in black in downtown Central, could be replaced one day by robot advisers. In Mainland China, they are already experimenting with virtual trials where cases are argued and adjudicated on the web. To stay relevant, you have to be agile and adaptable. Diversity, therefore, is the key to success in the tomorrow’s world. 
     Many of your classmates come from a different history and culture. Get to know them. You will find that there is something that you can learn from one another, or something about them that could help you better understand yourself. Explore the different activities, forums, clubs and programs that are available. They do not have to be law related. They are never a waste of time. Even if in the end you find that you do not enjoy any particular activity, you will have given yourself the opportunity of trying it. Understanding yourself, who you are and what you stand for, is crucial. The next four or five years is a time for you to do that. That is what I meant about building your moral and intellectual compass. You will need that as your guide when you come to crossroads in your life journey. 
     “That all sounds grand, but then what about my law studies? Where do I find to study law, which is my first priority?” Those of you who have been warned about the onerous workload of a law undergraduate may wonder. Let me share with you the provocative words of Lord Sumption, Justice of the Supreme Court of the United Kingdom in a recent debate in Cambridge on the motion “Those who wish to practise law should not study law at university”. Lord Sumption made the comment that “…law is dead easy. Most of it is common sense with knobs on. The difficulty is in the facts. Once you understand and strip away 95% of the facts which are not relevant, the legal solution is obvious…” While that may be over simplifying the process of legal reasoning, and I am certainly not suggesting that the next four years will be dead easy, what Lord Sumption said reminds us that the practice of law requires not just knowledge of the rules in the statue book and in cases – that is the easy part, but more importantly an understanding of the history, culture, values and sensibilities of society that the law serves. That understanding comes from acquiring a broad knowledge of the world and of humanity, and from the sharing of ideas in a liberal environment with a diverse body of contemporaries. 
     So far, I have focused on how you could prepare for a successful legal career and an intellectually fulfilling life. I now wish to say a few words to those of you who are not sure that you want to practice law, or whether you even wish to be here in the first place. I had 20 academic advisees last year. Among them was one who told me that he was studying law only because both his parents wanted it. I have heard similar stories in medical student circles. For these students, I would urge you to look at the next four years as an investment in a richer life ahead. An undergraduate law degree is a rigorous intellectual grounding in legal reasoning, logical analysis and dialectical debates within a historical, cultural, literary and political context that are relevant to the world you live in today. These are excellent tools for almost any other discipline or profession that you may wish to take up later in life. History is full of stories of successful men and women who first trained in law and subsequently excelled in other fields. More than half of the presidents of the United States for instance were trained as lawyers. Your law studies here could well be a prelude to more exciting things to come. Use the time here to open you mind to the ideas and opportunities that a liberal university environment has to offer. You will not be disappointed. 
     With that, let me draw this to a close by wishing you all an enriching experience at HKU.

Thursday, July 12, 2018

New Issue of Hong Kong Law Journal (Part 1 of 2018)


Editor-in-Chief: Professor Rick Glofcheski
Associate Editor: Professor Albert Chen
Publisher: Sweet & Maxwell

TABLE OF CONTENTS

Comment
The Law Society’s Power to Introduce a Common Entrance Examination Johannes Chan  1

Analysis
Malice through the Looking Glass Brendan Clift  11

Alternate Dispute Resolution for Medical Disputes Albert Lee  23

Co-location is Constitutional Po Jen Yap and Jiang Zixin 37

ARTICLES
Rights, Proportionality and Deference: A Study of Post-Handover Judgments in Hong Kong Cora Chan  51

The Doctrine of Legitimate Expectations: International Law, Common Law and Lessons for Hong Kong Julien Chaisse and Ruby Ng 79

Reasonableness Review in Investor-State Dispute Settlement: Fostering Normative Coherence through Interpretative Flexibility Collins C Ajibo 105

Managing the Risks of Corporate Fraud: The Evidence from Hong Kong and Singapore Wai Yee Wan, Christopher Chen, Chongwu Xia and Say H Goo 125

The Duty of Hong Kong Courts to Follow the NPCSC’s Interpretation of the Basic Law: Are There Any Limits? Lin Feng 167

Less is More? Different Regulatory Responses to Crowdfunding and Why the Hong Kong Model Stacks Up Well Alexa Lam 191

CHINA LAW 
Politicised Legal Discourse and Judicial Accommodation of Petitioners in Chinese Courts Yuqing Feng and Qing Xu  233

Re-conceptualising Private Law: The Struggle for Civil Codification in China Jianfu Chen 257

Rights Protection for Persons with Mental Disability in China: An International Human Rights Law Perspective Zhiyuan Guo 283

Regulation of Sponsors in China: Political Will, Regulators’ Desire and Market Demands Tianshu Zhou and Wenjing Li 323

Book Review
In Search of the Way: Legal Philosophy of the Classic Chinese Thinkers Scott Veitch 359

Alexa Lam on Regulatory Responses to Crowdfunding and the Hong Kong Model (HKLJ) 

"Less is More? Different Regulatory Responses to Crowdfunding and Why the Hong Kong Model Stacks Up Well"
Alexa Lam
Hong Kong Law Journal
2018, Vol. 48, Part 1, pp. 191-232
Abstract: This article debunks the myth that securities regulation in Hong Kong is less accommodating to crowdfunding (CF) activities when compared to regulation in other international financial centres. While the Securities and Futures Commission has been less proactive in responding to calls for lighter regulation on CF, this article shows that Hong Kong’s existing securities regulation does not lag behind in providing gateways for CF activities. Among the gateways available, while the small-size offering exemption threshold is lower than those provided in other jurisdictions such as the United Kingdom or Singapore, when it comes to raising capital from accredited investors — the type of investors most coveted by entrepreneurs and start-ups — the Hong Kong regime is more friendly. In fact, it is arguably broadly on the same page as the accredited investor exemption regime in the United States. This article examines how the key exemptions to securities regulation in Hong Kong can be fully utilised in the context of CF, especially after the recent Court of Final Appeal decision in Securities and Futures Commission v Pacific Sun Advisors Ltd. As it appears that the market has not fully grasped the purport of Pacific Sun, this article attempts to untangle the regulatory thicket. Hopefully, small and emerging companies will see the potentials of Hong Kong as a platform for capital raising via the Internet.

Sunday, May 6, 2018

Alexa Lam on Enforcement of Hong Kong’s Securities Law: The Underpinning Philosophy (new book chapter)

Alexa Lam
in Robin Hui Huang & Nicholas Calcina Howson (eds), Enforcement of Corporate and Securities Law: China and the World (CUP, 2017), pp. 359-368
Introduction: Enforcement of the securities law is an important function in serving the communities we live in. Demand for enforcement is not always matched by an increase in resources. In Hong Kong, the securities regulator – the Securities and Futures Commission (SFC), increased its resourcing in terms of headcount by 40 per cent since 2007. But the regulator’s workload also increased. Their investigation workload increased by 240 per cent, and litigation work increased by over 500 per cent. And just for the year 2014, their investigation caseload increased by over 50 per cent. This is certainly an exponential increase in demand for enforcement services. In addition, there are also limitations to what the law by itself can achieve. Existing laws and regulation do not always provide the perfect solutions and tools that policy makers and regulators desire. The regulator simply cannot afford to wait for the perfect powers to be available, if they ever will be, before it does the job it is expected to do. Legal reform and new legislation take time and resources, not to mention the challenges of overcoming the political hurdles and getting the requisite support to pass a bill at the Hong Kong legislative body. Despite the challenges, this must be right, because there is no guarantee that even an all-powerful regulator with far-reaching powers can achieve its mandate or be able to avoid unintended consequences. In this chapter, I will explore my belief that it is less of a question of how much power you have, and more about how you use what you have to achieve a fair and balanced result of protecting investors and market integrity. The regulator should have a very clear idea of what exactly it wishes to achieve based on a good understanding of the industry it regulates. The technical challenge for enforcement is how it can continue to be effective without getting bogged down when the workload outstrips its resourcing capacity and how to avoid delays that cause its work to simply be out of time and thus irrelevant. The trite saying that justice delayed is justice denied continues to ring true. In my view, much can be achieved within the legal confines of the regulatory framework with the judicious use of strategic thinking, creativity and determination. Hong Kong has quite effectively put this into practice. This is my main takeaway.

Wednesday, March 21, 2018

Alexa Lam on Crowdfunding in Hong Kong (HK Lawyer)

"Crowdfunding in Hong Kong - there are Sufficient Gateways"
Alexa Lam
Hong Kong Law Journal
March 2018, pp. 36-38
As start-ups and small businesses continue to crowdfund through the Internet, governments and regulators have had to respond.  The United States created a tailored regime for crowdfunding.  The United Kingdom and Singapore publicly consulted and clarified their regulatory approaches.  The Hong Kong regulator has been less proactive, thus inviting criticisms that Hong Kong has fallen behind in enabling financial innovation and entrepreneurship.
     Are these criticisms fair and accurate?  Not necessarily so.  In my latest research paper, I ventured to show that gateways for crowdfunding already exist in Hong Kong.  If these exemptions were fully utilised, Hong Kong would be broadly on a par with, or even ahead of, other international financial centres in allowing entrepreneurs to tap capital from professional (accredited) investors - the investor pool most coveted by entrepreneurs.
     With a strong political will to create jobs and promote growth after the global financial crisis, the United States was the most ardent in enacting legislation to enable crowdfunding.  The Jumpstart Our Business Startups Act ('Jobs Act') was passed in 2012 against this background...
   The HKCFA's clarification of the application of s.103(3)(k) has potentially far-reaching implications.  There are 200,000 high net worth individuals in Hong Kong holding US$1.1 trillion in wealth.  Start-ups will likely prefer a smaller number of keen professional investors to a large number of random retail investors.  It has been reported that angel investors tend to stay away from companies that have crowdfunded from retail - a company with too many investors is difficult to manage.   The HKCFA decision will make it easier for issuers to locate and connect with these business angels.  There is speculation that the authorities may consider legislating to reverse the HKCFA decision.  That would be regrettable.  As Fok PJ succinctly explained in his judgment in the Pacific Sun case, "if the investment products are not in fact sold or intended to be sold to the general public and instead are sold or intended to be sold only to professional investors, there is no necessity for protection to be afforded to the general public since they are not exposed to any material risk."  ...
     The HK$5 million small-scale offer exemption is slightly lower than the US$1.07 million small-scale offering exemption in the United States.  The Hong Kong regime however comes with a lighter touch.  There is effectively no particular disclosure requirement (subject however to provisions in the SFO governing false or misleading statements).  One should not underestimate the potential of this exemption for small or initial capital-raising, such as seed funding.  Note however that the exemption is available to companies only.  This exemption is not available to projects that are structured in the form of a non corporate CIS or a structured project.
     As demonstrated, Hong Kong is not falling behind in the gateways there are available for securities crowdfunding.    Yet, because the prohibitions and exemptions in the securities offering regime are fraught with difficulties, and the penalties for contravention severe, market players have been hesitant in making full use of the exemptions.
       We have heard endless debates on why and how the Hong Kong regulatory rules should kick-start their projects by making purposeful use of existing exemptions.  As the market starts to mature, regulators will have a fuller sense of how best to facilitate and regulate the crowdfunding space.  In the meanwhile, there is sufficient room for going forward. Click here to read the full text. 

Tuesday, November 15, 2016

Alexa Lam Made Honorary Fellow of HK Securities and Investment Institute (Acceptance Speech)

Professor Alexa Lam, JP speaking on the occasion of her induction as an Honorary Fellow (20 October 2016)
John (Mr John Maguire, Chairman of HKSI), KC (Professor KC Chan, Secretary for Financial Services and the Treasury), Distinguished Guests, Ladies and Gentlemen: 
     I am honoured to be here tonight at your annual dinner in the cultural palace of the Asia Society, to be among old friends and familiar faces. 
     When I retired from the Securities and Futures Commission in February last year, my status suddenly changed. As soon as people heard that I had retired, they treated me differently, with the warm deference that our community accords to old people. They got up and gave me their seats on the MTR, they would insist on carrying my bags for me, and cautioned that I should hold onto handrails when I walked down the stairs! 
     When the Hong Kong Securities and Investments Institute called and asked if I would accept their award of honorary fellowship, my first thought was: “Oh no, even the HKSI has decided to put me into their Hall of Age!” 
     Thanks to the Internet, I quickly realized that among the Institute’s Honorary Fellows are those who have made real and significant contributions to Hong Kong’s financial sector. I am very much humbled by the privilege of joining them. 
     The Institute’s mission is to set and promote professional standards of excellence in Hong Kong’s financial services industry through exams and professional qualifications, training and development programs. In my view, the Institute has done just that, and more. 
     Throughout my career at the SFC, the Institute was a crucial partner. They gave me a neutral platform to build industry support for securities market law reform after the Asian Financial Crisis. The Securities and Futures Ordinance ushered in a new licensing regime. The Institute spared no effort in creating a quality licensing exam. We introduced continuous professional training requirements to improve standards. The Institute was the first one to come through with comprehensive training courses to help the industry meet global standards. Through the years, as we created new types of regulated activities – type 10 for credit rating services, and 11 and 12 for OTC derivatives trading and clearing, the Institute produced new licensing exams for these new types of licenses. And it was the Institute that I turned to when we wanted a platform to launch new market initiatives. It was in the Institute’s conference room where I shared with the market exciting breakthroughs such as the RQFII and mutual recognition of funds. 
     There were of course difficult moments – I recall the occasion when I remarked that exam questions could not have been so difficult to set. After having been with the Law Faculty of The University of Hong Kong in the last year, I can now see that setting good exam questions, and marking them, is not easy!... Click here to download the full speech.

Wednesday, August 17, 2016

Alexa Lam to Speak at the Strook Sovereign Wealth Forum (24 Aug 2016)

Alexa Lam will be speaking on a panel of "international experts and sovereign wealth fund managers from around the world" at the Stroock Public Forum on Sovereign Wealth on 24 August 2016, to be held at the Jackson Hole Center for the Arts in Jackson, Wyoming.  The forum will precede the Federal Reserve Bank of Kansas City's annual Jackson Hole Economic Policy Symposium.
      The University of Wyoming's website reports the following on the event: 
Sovereign wealth funds are government-owned funds invested in assets such as stocks, bonds, real estate and precious metals, or in alternative investments such as private equity funds or hedge funds. The Permanent Wyoming Mineral Trust Fund is an example of such a fund. 
Wyoming State Treasurer Mark Gordon says nations’ and states’ sovereign wealth funds are derived from a variety of sources and created for a variety of purposes. Those funded by revenues from fossil fuel production, such as Wyoming’s, have come under pressure in the past year as a result of declining prices and regulation. 
“We are excited to have a conversation among peers about how people are contending with these new circumstances, and the strategies they’re using to preserve purchasing power for future generations,” Gordon says. 
Other topics to be addressed include how large a sovereign wealth fund should be relative to the size of the population; the fundamentals of the economy and the role of the fund; and how the evolving global economy affects the rationale and expectations for sovereign wealth funds. 
     Professor Lam will speak on the experiences of Hong Kong and China.  In particular, she will present the following three main points from this experience:
1. While a good number of SWFs have clear mandates stating that they are to provide revenue during economic downturns and preserve and grow wealth for future generations, China's SWF (the China Investment Corporation) has a wider objective, ie, to complement the country's "Go Global" economic and geopolitical strategy.

2. China Investment Corporation holds Chinese banks and SOEs, and takes a nationally-integrated approach in outbound investments. Contrary to the regulatory philosophy of the Santiago Principles, political and economic considerations behind China's sovereign investments are intertwined. A new regulatory framework is probably needed to cope with this China model as it gains currency.

3. Hong Kong drew on its exchange fund when its US dollar-peg came under attack during the Asian Financial Crisis in 1998. Her experience shows that clear Fund objectives are crucial to the public's confidence in the government, especially at times when tough and unpopular decisions have to be made.
     Professor Lam will also be speaking on "Technology, Regulation and the Democratzation of Financial Services" at HKU on 7 September 2016, 12:30pm.

Tuesday, April 19, 2016

New Law Projects Funded by HKU Seed Funding for Basic Research

Congratulations to our nine colleagues who recently obtained grants from the HKU Seed Funding for Basic Research.  A total of more than $0.5 million was awarded in funding.  The project topics range from crowd-funding, China's anti-monopoly law to the law and policy of creative industries and innovation in Hong Kong.  The details of the awarded projects are as follows (in no particular order):
1.  The Case for Crowd-Funding in Hong Kong, Alexa Lam
2. Dispute Resolution in China: Litigation, Arbitration, Mediation, and their Cross-Interactions, Weixia Gu  
3. Analysis of Intellectual Property Licence Refusals under the Chinese Anti-Monopoly Law, Kelvin Kwok 
4. Should Directors Be Accountable to Shareholders?: A Critical Reassessment, Ernest Lim
5. How Can Copyright Law Best Promote the Public Interest? Perspectives from the Google Digital Library Litigations in China and the United States, Haochen Sun
6. Asian Courts in Dynamic Democracies, Po Jen Yap 
7. A Comparative Study of Civil Sanctions Against Money Laundering, Simon Young
8. Professionalism, gender and culture - empirical and comparative study of professional attributes using standardized clients in professional legal education, Wilson Chow
9. A Study of the Law and Policy for Creative Industries and Innovation in Hong Kong, Richard Wu

Thursday, March 17, 2016

HKU's New LLM in Compliance & Regulation (Q&A with Prof Arner)

Prof D Arner, Prof Alexa Lam, Prof KC Chan, Dean Hor
The official ceremony launching HKU's new LLM in Compliance and Regulation was held on Monday, 14 March 2016, in the company of distinguished guests including the Secretary for Financial Services and the Treasury, Professor KC Chan. In the following interview, the Director of the LLM(CR), Professor Douglas Arner, explains the genesis, aims, scope and structure of the new programme, which begins in September 2016. 
     1. What inspired this new LLM? Does it exist anywhere else?  Over the past 20 years, in Hong Kong and around the world, financial regulation and compliance has been one of the faster growing areas. This programme is very much intended to meet a high and increasing demand among firms and market participants for a high quality degree in the area. The programme builds on existing Faculty strengths, in particular our world class Asian Institute of International Financial Law and LLM in Corporate and Financial Law, and related staff, research and teaching. In particular, the LLM in Corporate and Financial Law has seen a very large increase in applicants seeking a compliance related degree over the past 10 years. In the wake of the 2008 global financial crisis, we felt that now was the right time to create a new and focused programme.
     This is the first such programme in Hong Kong and the region. Other major universities elsewhere have also recently been launching or considering launching similar programmes for the same reasons as HKU. Given our existing strengths in the area, it is a very appropriate next stage for HKU's efforts.
Prof Arner
     2. How will this new LLM be different from the LLM in corporate and financial law and the other LLM offerings? The LLM in Compliance and Regulation is designed to focus on the needs of those working or intending to work in regulation and compliance areas. It is designed to provide them with an overall understanding of the major trends in the area as well as their expression in Hong Kong, Mainland China and the Asia Pacific region. It is thus a more focused programme than the LLM in Corporate and Financial Law, which is designed for those looking for greater understanding of key trends and issues in the transactional area. The LLM in Compliance and Regulation will focus not only on the content of international standards and local rules and regulations in the financial sector but also on developing professionalism and culture to support competitiveness not only in firms but also in the financial sector generally.
Dean Hor
     3. There are already many compliance training programmes offered in the marketplace. How will this one be distinctive and what is the target group?  This is the first university masters programme in the region. It is thus an academic programme rather than one focused on compliance training. Graduates will expect to have a broad understanding of the issues and trends as well as of the rule makers and the rules themselves. As a university, this is our advantage compared to a private sector training programme and one that fits with our mission of supporting both human capital and societal development. The programme will accept students with or without law degrees and will strongly consider related experience. We anticipate a balanced cohort of mid-career, senior and junior applicants from a wide variety of different academic and professional backgrounds.
    4. Based in a Faculty of Law setting, will this programme be highly academic and not sufficiently practical? What are the expected learning outcomes of the programme?  As a university, our advantage is building an integrated programme that builds wider understanding of key issues and trends, providing those completing the programme with the tools to address compliance and regulatory issues as they develop in future. The programme is built on a foundation course which will provide the necessary tools to understand the complex international and local regulatory systems. In addition, there are a wide range of specialised courses providing in-depth analysis of specific areas, such as anti-money laundering, securities regulation, listed companies compliance, privacy etc. The programme is topped with a series of capstone courses seeking to integrate understanding across specialised areas. Thus, those completing the programme should find themselves well placed for career advancement in the sector.
     At the same time, the teachers in the programme will be a mix of experienced academics as well as highly experienced professionals working in the area and seeking to share their knowledge and expertise.
     5. How is the programme related to the research programme of the HKU Faculty of Law?  Corporate and financial law and regulation forms one of the Faculty's core strategic research areas and areas of strength. We have been building in this area of almost 20 years, reflected in the fact that our Asian Institute of International Financial Law is now widely regarded as the leading corporate and financial law research centre in the Asia Pacific region. Likewise, our LLM in Corporate and Financial Law is highly competitive, with graduates working at all levels across the region and the world. Thus, the LLM in Compliance and Regulation very much builds on existing Faculty research strengths.
      For more information on applying to the programme, click here.

Friday, November 6, 2015

Alexa Lam on the Internalisation of the RMB (J of Reg & Risk, N Asia)

"Looking ahead as the Renminbi internationalises"
Alexa Lam
Journal of Regulation & Risk, North Asia
Vol. VI, Issue 4, Winter 2015, pp 79-85
The internationalisation of a currency refers to the process where its use has expanded beyond the borders of the jurisdiction where it is issued, and markets around the world have come to accept the currency as a unit of account, a medium of exchange and a store of value.
     This paper will examine important prerequisites for the Renminbi (RMB) to succeed as an international currency, a likely roadmap from here on and the role of offshore RMB centres. The last section of this paper offers some suggestions on how Hong Kong could compete in the new paradigm of multiple offshore RMB centres around the globe.
     After more than 30 years of rapid growth, China is now the world’s second largest economy. A persistent and enormous trade surplus and foreign capital inflows have led to a sharp increase in China’s foreign reserves, causing uncomfortable pressure due to a substantial international payment imbalance.
     The risk of “hot money”has become a difficult subject, one invariably linked to the need for a market mechanism to set RMB exchange and interest rates, and expand two-way flows of capital. In 2009, China started to promote the cross-border use of RMB in a calculated manner, starting with foreign trade. 
     This is very much a broad-fronted initiative designed to improve the terms of trade and the balance of international payments, to lower exchange rate risk in international trades and official reserves, and to maintain control over macroeconomic measures and monetary policy... Click here to read the full article.