Sidley Austin LLP advised the Government of Hong Kong.
Sidley supported the Hong Kong Government in helping to develop and draft a new law to create a domestic private fund industry in Hong Kong. This initiative is among the most significant legislative developments in the domestic asset management industry in over 100 years. The existing Limited Partnership Ordinance in Hong Kong was enacted in 1912. The landmark overhaul of existing law is expected to have a transformational impact on all segments of the domestic private fund market, spanning private equity, venture capital, real estate, infrastructure, credit, special situations and the hedge fund market. It is viewed as a key step in strengthening Hong Kong’s position as a premier international asset and wealth management center.
The new law to create a domestic private fund industry in Hong Kong is expected to be enacted in 2020. In anticipation of this development, Sidley and Ernst & Young hosted a seminar on October 29, 2019 in the Hong Kong office. Speakers included Effie Vasilopoulos (Picture), who is leading the Sidley team on this matter, along with EY partner Jacqueline Bennett and Vanessa Chan, and Enoch Fung and Anson Law, who are leading the Hong Kong Monetary Authority team that is playing a key role in implementing the new law. More than 85 key industry participants attended the seminar in the Government’s first public unveiling of the new legislative proposal.
Involved fees earner: Effie Vasilopoulos – Sidley Austin LLP;
Law Firms: Sidley Austin LLP;
Clients: Hong Kong Government;