In a continuation of the ongoing disagreement between the U.S. and China regarding the latter government’s obligation to maintain Hong Kong’s autonomous status and in response to the introduction in China of the National Security Law for Hong Kong, on July 14, 2020, President Trump signed into law the Hong Kong Autonomy Act (“HKAA”). The HKAA provides for sanctions against foreign persons who have “materially contributed” to China’s recent actions in Hong Kong as well as on foreign financial institutions which “knowingly conduct significant transactions” with such persons. The HKAA gives rise to a number of operational and legal uncertainties and could result in a significant disruption to global transactions.
The FMLC organised a Webinar on Tuesday 26 January on the impact of the Hong Kong Autonomy Act on cross-border banking operations. Distinguished panellists Lisa M. Ledbetter (Jones Day), Lanier Saperstein (Jones Day) and Melvin Sng (Linklaters LLP) participated.
A recording of the panellists’ prepared remarks is available to view for a limited period of time. The Q&A that followed was held under Chatham House rules and not recorded.
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