By King & Wood Mallesons

By an almost four percentage point margin, the British people have voted to leave the European Union, and the Prime Minister has announced that he will stand down in October. Market uncertainty will now make the UK a very challenging environment for investors for some time – although no doubt there will be opportunities, especially for non-sterling denominated funds. The many and varied impacts of the UK’s decision will be felt domestically and internationally, and the financial effects it will have on existing portfolio companies, pending deals, and the investing environment more generally will be a major near-term focus.

But, while there will also be a huge amount to discuss and agree as regards how this affects the legal and regulatory environment, it is important to remember that nothing has yet changed: EU law continues to apply in the UK, as do UK laws derived from the EU. (For KWM’s summary of the impact of yesterday’s vote on various sectors, click here.)

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By Neil Carabine and James Wilkinson King & Wood Mallesons.

INeiln the first six months since the Competition Ordinance (Cap. 619) came into full effect, businesses and trade associations have been active in reviewing their contracts and conduct to ensure compliance with the new law. The Competition Commission and Communications Authority, meanwhile, have received numerous complaints and queries in relation to potential breaches of the law.

In this article, we highlight some of the key developments since Hong Kong’s cross-sector competition law took effect in December 2015.

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作者：Neil Carabine 及James Wilkinson 金杜律师事务所香港办公室

在Neil《竞争条例》(第619章)全面生效之后首六个月，各行各业及行业协会都积极检视合约及行为，以确保一切符合新法规定。同时，竞争事务委员会(竞委会) 及通讯事务管理局(通讯局)接获很多与潜在的违法事宜有关的投诉和查询。

本文重点讲述自从香港跨行业竞争法在2015年12月生效以后的一些重要发展。

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By Kate Jackson-Maynes, Nathan Hodge, Patrick Gunning and Adriana Wild Taylor. King & Wood Mallesons

1. Robo-advice is…

automated, algorithm-based financial advice given through an online tool, with or without the use of human financial planners. Robo-advice tools are either accessed directly by clients or used by human advisers to assist them in the provision of financial advice.

2. Robo-advisers are more sophisticated, stand alone digital advice tools.

Robo-advisers are more than simple financial planning tools and online calculators, which collect limited information to generate advice. Robo-advisers now consider more complex data inputs, for example, they may assess investors’ risk profiles and recommend investment portfolios.

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By Rahul Saha and Cameron Firth. King & Wood Mallesons

Cfirth_cOMESA: An overview

What is COMESA?

The Common Market of Eastern and Southern Africa (COMESA) is a supra-national organisation with 19 Member States – Burundi, Comoros, Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia and Zimbabwe.

What is the COMESA Competition Commission?

The COMESA Competition Commission (CCC) commenced operation on 14 January 2013, enforcing a merger control and antitrust regime under the COMESA Competition Rules (Rules) and COMESA Competition Regulations (Regulations).

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作者：Rahul Saha和Cameron Firth 金杜律师事务所

东firth_c南非共同市场：概览

什么是东南非共同市场？

东部和南部非洲共同市场（COMESA）是一个超国家组织，总共有19个成员国：布隆迪、科摩罗、刚果民主共和国、吉布提、埃及、厄立特里亚、埃塞俄比亚、肯尼亚、马达加斯加、马拉维、毛里求斯、纳米比亚、卢旺达、塞舌尔、苏丹、斯威士兰、乌干达、赞比亚和津巴布韦。

什么是东南非共同市场竞争委员会？

东南非共同市场竞争委员会（CCC）于2013年1月14日开始运作，依据东南非共同市场竞争规则（以下称为“规则”） 和东南非共同市场竞争条例（以下称为“条例”）执行并购控制和反垄断机制。

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By King & Wood Mallesons

King & Wood Mallesons has advised China Digital Video Holdings Limited (Stock Code 8280) on its successful listing and initial public offering on the GEM Board of the Hong Kong Stock Exchange valued at approximately HK$278.5 million. KWM acted as PRC, Hong Kong and US counsel on the deal.

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作者：金杜律师事务所

金杜律师事务所助力中国数字视频控股有限公司（简称“中国数字视频”，股票代码：8280）成功完成在香港联交所创业板上市，共募集资金约2.785亿港元。金杜在该项目中担任中国数字视频的中国、香港及美国法律顾问。

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By Patrick Gunning, Ian Hargreaves, Rob Bolgar-Smith and Urszula McCormack.

gunning_pDhargreaves_iamccormack__uta security breaches have been on the rise for many years now, with governments and regulators responding in many ways. One element of the response is to require organisations who experience a data security breach to notify relevant regulators and, most importantly, the people whose data has been compromised.

In a previous edition of Red Tape, we canvassed a broad range of legal issues associated with cyber security incidents. SEC Chair Mary-Jo White has recently described cybersecurity as the biggest risk facing the financial system. China has also recognised the importance of cybersecurity to national security, and is in the process of reforming its cybersecurity laws, as reported last year. In late May 2016, Hong Kong’s banking regulator launched a “Cybersecurity Fortification Initiative”, following a blight of recent regional and local scandals involving banks.

In this article, we look at recent developments in the EU and Australia in relation to one of those legal issues, namely data breach notification laws.

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作者：Patrick Gunning，Ian Hargreaves，Rob Bolgar-Smith以及Urszula McCormack

gunning_p多hargreaves_i年mccormack__u以来，数据安全泄密问题一直呈上升趋势，政府和监管部门也采取了多种应对方式。其中一种应对方式为要求遭受数据安全泄密的组织机构向相关监管部门通报，最重要的是，通知数据遭到破坏的人士。

在此前的一期Red Tape中，我们详细讨论了与网络安全事件有关的一系列法律问题。美国证券交易委员会（SEC）主席玛丽-乔怀特近来把网络安全称作金融系统面临的最大隐患。中国也承认了网络安全对于国家安全的重要性，据去年的报道，中国正在改革自己的网络安全法。2016年5月末，鉴于近期发生多起涉及银行的地区和本地丑闻，香港银行监管机构推出了“网络防卫计划”（链接：http://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2016/20160524e1.pdf）。

本文考查了欧盟以及澳大利亚在其中一项法律问题上的新进展，即数据泄密通知法。

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