The following is a private funds event co-hosted by Sidley Austin (Sidley) and Ernst & Young Tax Services Limited (EY) held at the Sidley office at Two International Finance Centre.
The Hong Kong government is proposing to introduce a Limited Partnership Funds (LPF) regime in Hong Kong. On 31 July 2019, the Financial Services and the Treasury Bureau issued a Consultation Paper to obtain feedback from various industry participants. The development will have broad application to the private equity, real estate, infrastructure and credit fund segments of the industry and is a key step to strengthen Hong Kong’s position as a premier international asset and wealth management center. Legislative proposals on the LPF Regime are expected to be introduced into the Legislative Council by the end of 2019.
This is an interactive session with Sidley and EY subject matter professionals to understand the key features of the regime from both legal and tax perspectives.
We are also delighted to welcome a representative from the Hong Kong Monetary Authority to join our panel discussion on the expected benefits and opportunities to be created for private funds through the introduction of the LPF regime.
- Welcome and opening remarks
- Introduction of the legal framework and key features
- Limitations of the existing Limited Partnership Ordinance (Cap. 37)
- Key features and legal requirements to adopt the new LPF regime
- Tax implications
- Overlay of Hong Kong Unified Fund Tax Exemption Regime and application to the LPF
- Stamp duty implications
- Panel discussion
- What are the implications of the proposed Hong Kong LPF regime?
- What opportunities will arise from the proposed Hong Kong LPF regime?
- Key outstanding items – re-domiciliation of private funds from key offshore jurisdictions to Hong Kong
- Also hear from the audit and regulatory specialists on the practical considerations of the proposed Hong Kong LPF regime
ABOUT THE SPEAKERS
Hong Kong Monetary Authority (HKMA)
Anson leads the team in the HKMA to spearhead development of Hong Kong’s private equity and venture capital fund market. Before joining the Market Development Division, Anson worked at HKMA’s Direct Investment team and Risk and Compliance Department, where he was responsible for Exchange Fund’s private equity and real estate investments and investment operational and business risk compliance matters respectively. Before joining the HKMA, Anson served at various departments of the HKSAR Government including Financial Services and the Treasury Bureau, where he closed the railway merger deal and advised on various public infrastructure financing projects; and Chief Secretary for Administration’s Private Office, etc., where he acquired extensive experience in policy formulation.
Sidley Austin LLP
Effie is a member of Sidley’s Executive Committee and a co-leader of the global Investment Funds Group. She focuses on investment fund formation transactions, particularly the development of innovative investment fund structures and financial products, including private equity funds, real estate and infrastructure funds and credit fund arrangements. Effie has been recognized as a leading authority in the private fund area in Asia for many years by Chambers Asia-Pacific, IFLR 1000, Legal 500 Asia Pacific, AsiaLaw Profiles, and the International Who’s Who of Business Lawyers. Euromoney Legal Media Group, 100 Women in Finance and IFLR1000 Asia Best Lawyers have each conferred industry leadership awards, in recognition of her leadership and achievement in the fund management industry in Asia over many years. She has also been listed by Legal Media Group’s Expert Guides as one of the world’s leading lawyers for investment funds.
Ernst & Young Tax Services Limited
Jacqueline is a Hong Kong based partner in the International Tax Services team within the Asia-Pacific Financial Services Group, with broad experience in advising real estate, private equity and infrastructure funds and investors on fund formation and tax structuring of investments in Asia, Europe and Australia. She has deep knowledge and understanding of the tax considerations throughout the entire lifecycle for private funds, gained from over 20 years of experience both as an adviser in Melbourne, London and Hong Kong and working in-house for a global fund manager in Hong Kong.
Ernst & Young Tax Services Limited
Vanessa is a Hong Kong based partner in the International Tax Services team within the Asia-Pacific Financial Services Group, focusing on International tax and Hong Kong tax. She has over 18 years of tax experience and has extensive in-house tax experience and expertise in regional tax management. She also has deep knowledge and understanding of fund formation and fund structuring from the Hong Kong tax perspective and extensive experience in advising funds and investors on fund formation and fund structuring of investments.