Part IV Financial Market Conduct and Misconduct, 10 Corporate Governance

2016 ◽  
Author(s):  
Arner Douglas W ◽  
Hsu Berry FC ◽  
Goo Say H ◽  
Johnstone Syren ◽  
Lejot Paul ◽  
...  
Keyword(s):  
Corporate Governance ◽  
Hong Kong ◽  
Financial Market ◽  
Common Law ◽  
Mainland China ◽  
The United States ◽  
Board Structure ◽  
Market Conduct ◽  
The United Kingdom ◽  
Personal Interests

This chapter addresses corporate governance in Hong Kong. The chapter reviews the ways in which a company’s management is regulated in Hong Kong at common law and equity, by statutory legislation, by the company’s constitutional document (the articles), and by regulatory rules. Such a framework addresses issues such as board structure and operation, the personal interests of directors, dealings between the company and directors, limiting the power of directors, disclosure of information, and the question of when shareholders should be involved in decisions of the board. The chapter shows that due to the domination of companies in Hong Kong by either families or state-owned companies from mainland China, Hong Kong companies have the typical agency problem we see in the United States and the United Kingdom, namely weak performance by the managers, and also suffer from the misappropriation of corporate assets through connected or related party transactions.

Part IV Financial Market Conduct and Misconduct, 11 Market Integrity

2016 ◽  
Author(s):  
Arner Douglas W ◽  
Hsu Berry FC ◽  
Goo Say H ◽  
Johnstone Syren ◽  
Lejot Paul ◽  
...  
Keyword(s):  
United States ◽  
Hong Kong ◽  
The United States ◽  
Financial Fraud ◽  
Market Manipulation ◽  
The European Union ◽  
Regulatory Structure ◽  
Market Conduct ◽  
The United Kingdom ◽  
Insider Dealing

The chapter evaluates Hong Kong’s regulation of market misconduct. The chapter argues that much of Hong Kong’s regulatory structure addressing market misconduct is derived from overseas jurisdictions (Australia and the United States, and reflecting the European Union and the United Kingdom). In relation to insider dealing, market misconduct, and disclosure Hong Kong’s approach largely follows the legislative, regulatory, and common law development in the United States. The chapter concludes that following the enactment of the Securities and Futures Ordinance (SFO), Hong Kong has implemented a comprehensive system addressing market misconduct, through both disclosure regulation and market conduct regulation. This is especially the case in relation to insider dealing, market manipulation, and financial fraud and deception. Regulation addressing such issues in Hong Kong is generally of an international standard.

On the Property Management Services Ordinance of Hong Kong: concerns and implications

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Philip Wong ◽  
Joseph Lai
Keyword(s):  
Hong Kong ◽  
Common Law ◽  
Self Regulation ◽  
Policy Formulation ◽  
Property Management ◽  
Content Type ◽  
Freedom Of Contract ◽  
The United Kingdom ◽  
Potential Problems ◽  
Management Services

PurposeThis paper aims to examine the concerns and implications of the recently enacted Property Management Services Ordinance (Cap. 626) (PMSO) of Hong Kong.Design/methodology/approachA review was undertaken to identify the characteristics of the property management-related legislation of common law jurisdictions similar to Hong Kong, which include Australia, Canada and the United Kingdom. Then, the development of the property management-related ordinances in Hong Kong and the key features of the PMSO were examined. Finally, a case study was conducted to demonstrate the potential problems of the PMSO.FindingsThere are various kinds of legislative controls on property management services in the above common law jurisdictions. The PMSO, which is the first to regulate property management services providers through a licencing system and introduce control on training and professional development, imposes limits on freedom of contract and self-regulation of professionals. Potential problems with the implementation of the PMSO are also revealed.Research limitations/implicationsThis research analyses four common law jurisdictions. Property management services contracts in these jurisdictions are subject to governance by their case laws and market operations.Practical implicationsBy virtue of the new licencing system of the PMSO, property management services contracts in Hong Kong become a new kind of specific contracts.Originality/valueThis paper illustrates the relationship between freedom of contract and public benefit. It contributes knowledge to the area of government policy formulation in property management.

Dynamic Co-Evolutions of Peace Frames in the United States, Mainland China, and Hong Kong

2018 ◽  
pp. 145-168
Author(s):  
Ke Jiang ◽  
George A. Barnett ◽  
Laramie D. Taylor ◽  
Bo Feng
Keyword(s):  
United States ◽  
Hong Kong ◽  
Semantic Network ◽  
News Coverage ◽  
Mainland China ◽  
Semantic Networks ◽  
The United States ◽  
Semantic Network Analysis ◽  
Xinhua News Agency ◽  
South China Morning

This chapter employs semantic network analysis to investigate the online database LexisNexis to study the dynamic co-evolutions of peace frames embedded in the news coverage from the Associated Press (AP--United States), Xinhua News Agency (XH--Mainland China), and South China Morning Post (SCMP—Hong Kong). From 1995 to 2014, while the war and harmony frames were relatively stable in AP and XH respectively, there was a trend toward convergence of the use of war frames between AP and XH. The convergence of semantic networks of coverage of peace in AP and XH may have left more room for SCPM to develop a unique peace frame, and the divergence of semantic networks of coverage of peace in AP and XH may lead SCPM to develop strategies of balancing the frames employed by AP and XH, thus creating a hybrid peace frame.

Conclusion The American and Westminster Models

2021 ◽  
pp. 391-396
Author(s):  
Steven Gow Calabresi
Keyword(s):  
United States ◽  
Human Rights ◽  
United Kingdom ◽  
Judicial Review ◽  
Separation Of Powers ◽  
Common Law ◽  
The United States ◽  
State Of Emergency ◽  
The United Kingdom ◽  
European Court

This concluding chapter identifies the four major causes of the growth and origin of judicial review in the G-20 common law countries and in Israel. First, the need for a federalism umpire, and occasionally a separation of powers umpire, played a major role in the development of judicial review of the constitutionality of legislation in the United States, in Canada, in Australia, in India, and most recently in the United Kingdom. Second, there is a rights from wrongs phenomenon at work in the growth of judicial review in the United States, after the Civil War; in Canada, with the 1982 adoption of the Canadian Charter of Rights and Freedoms; in India, after the Indira Gandhi State of Emergency led to a massive trampling on human rights; in Israel, after the Holocaust; in South Africa, after racist apartheid misrule; and in the United Kingdom, after that country accumulated an embarrassing record before the European Court of Human Rights prior to 1998. This proves that judicial review of the constitutionality of legislation often occurs in response to a deprivation of human rights. Third, the seven common law countries all borrowed a lot from one another, and from civil law countries, in writing their constitutions. Fourth, and finally, the common law countries all create multiple democratic institutions or political parties, which renders any political attempt to strike back at the Supreme Court impossible to maintain.

The Diffuse and Second Look Models of Judicial Review

2021 ◽  
pp. 23-34
Author(s):  
Steven Gow Calabresi
Keyword(s):  
United States ◽  
Latin America ◽  
Judicial Review ◽  
Common Law ◽  
The United States ◽  
Constitutional Court ◽  
Bill Of Rights ◽  
The United Kingdom ◽  
Second Look ◽  
The Common

This chapter examines the two models of judicial review that exist in the common law countries: the Diffuse Model and the Second Look Model. The Diffuse Model of judicial review originated in the United States and has spread to India, Canada, Australia, the United Kingdom, most of the countries of Latin America, the Scandinavian countries (except for the Netherlands), and Japan. It is premised on the idea that a country’s written constitution is its supreme law and that courts, when deciding cases or controversies that are properly before them, are thus duty-bound to follow the constitution, which is supreme law, and not a contrary statute whenever those two items conflict. Meanwhile, the essence of the Second Look Model of judicial review is that a Supreme or Constitutional Court ought to have the power of judicial review, subject to some kind of legislative power of override. This, it is said, best harmonizes the advantages of a written constitution and a bill of rights enforced by courts with the imperatives of democratic self-government. The underlying goal is to obtain the advantages of both constitutional government and also of democratic government.

Introduction The Birth and Growth of Judicial Review in the Civil Law World

2021 ◽  
pp. 1-8
Author(s):  
Steven Gow Calabresi
Keyword(s):  
United States ◽  
South Africa ◽  
United Kingdom ◽  
Judicial Review ◽  
Separation Of Powers ◽  
Common Law ◽  
Civil Law ◽  
The United States ◽  
The Political ◽  
The United Kingdom

This book is about the stunning birth and growth of judicial review in the civil law world, since 1945. In Volume I of this two-volume series, I showed that judicial review was born and grew in common law G-20 constitutional democracies and in Israel primarily: (1) when there is a need for a federalism or a separation of powers umpire, (2) when there is a rights from wrongs dynamic, (3) when there is borrowing, and (4) when the political structure of a country’s institutions leaves space within which the judiciary can operate. The countries discussed in Volume I were the following: (1) the United States, (2) Canada, (3) Australia, (4) India, (5) Israel, (6) South Africa, and (7) the United Kingdom....

“Visible” and “Invisible” Victims in the Criminal Justice System

2021 ◽  
pp. 1-23
Author(s):  
Armando Saponaro
Keyword(s):  
Criminal Justice ◽  
Criminal Justice System ◽  
Justice System ◽  
Common Law ◽  
The United States ◽  
Public Prosecutor ◽  
Law System ◽  
The Public ◽  
The United Kingdom ◽  
Victim Impact Statement

This chapter outlines the “conflict” and “peace-keeping” victim-oriented justice paradigms. The latter empowers the victims of crime, putting them at the center of an encounter and using interindividual mediation or collective circles to address conflict resolution. Two models are critically discussed in the conflict victim-oriented justice paradigm. The European continental “visible victim” model structures the role of the victim as a full-fledged processual party together with the public prosecutor and offender. In this model, the victim has the same rights and powers of the defendant. The “invisible victim” common law model views the victim as a trial witness, participating, for example, through a victim impact statement (in the United States) or victim personal statement (in the United Kingdom) at the sentencing stage. The visible victim conflict paradigm model enhances a victim's role and involvement in the criminal justice system, offering a solution to existing controversial and critical common law system issues.

Conceptualizations of sociopolitical culture in Hong Kong and Mainland China

2017 ◽  
Vol 4 (2) ◽  
pp. 215-233
Author(s):  
Ray C. H. Leung
Keyword(s):  
Hong Kong ◽  
Mainland China ◽  
Analytical Techniques ◽  
The United States ◽  
Chinese Government ◽  
Media Discourse ◽  
Mainland Chinese ◽  
English Speaking ◽  
Occupy Central ◽  
Cultural Linguistics

Abstract This study of media discourse focuses on how the sociopolitical culture in Hong Kong and Mainland China is conceptualized by the English-speaking press. To this end, the present research studies newspaper articles on the Hong Kong Occupy Central Movement published in Britain, the United States, and Australia. Cultural Linguistics, combined with corpus analytical techniques, is used to examine the construals of hong kong and mainland china. A 303,455-word corpus which contains 402 articles was compiled for data analysis. It is found that the disagreement between the Hong Kong civilians and the Mainland Chinese government is often reported with metonymical conceptualizations (place for inhabitants versus place for the institution). In general, the sociopolitical culture in Hong Kong and Mainland China is imbued with negative emotions, disharmony, and power differences, as is evident from the body, illness, disease, container, and possession conceptualizations. At the end of this paper, issues about researching conceptualizations in newspaper texts, such as the journalistic input, are discussed.

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