It may not be considered or relied upon as legal advice. Its currency, the Hong Kong dollar, is fully convertible with no exchange controls at a range-pegged rate to the US dollar. Global geopolitical developments, such as the outcome of the US election and Brexit, created additional uncertainty. In another development, wider systemic risks posed by borrowers to the Chinese banking sector culminated in a number of the largest Chinese companies, such as Dalian Wanda and Anbang Insurance, being investigated recently in relation to the debt they have accumulated.
The first draft was published in Aprilfollowed by a five-month public consultation exercise. The second draft was published in Februaryand the subsequent consultation period ended in October The executive authorities and legislature of the Hong Kong Special Administrative Region shall be composed of permanent residents of Hong Kong in accordance with the relevant provisions of the Basic Law.
National laws shall not be applied in Hong Kong unless listed in Annex III and applied locally by promulgation or legislation. Permanent residents of the HKSAR shall have the right to vote and the right to stand for election in accordance with law. No Hong Kong resident shall be subjected to arbitrary or unlawful arrest, detention or imprisonment.
Arbitrary or unlawful search of the body of any resident or deprivation or restriction of the freedom of the person shall be prohibited.
Torture of any resident or arbitrary or unlawful deprivation of the life of any resident shall be prohibited. It may attend in such other capacity as may be permitted by the PRC government and the international organisation or conference concerned, and may express their views, using the name "Hong Kong, China".
The Hong Kong Special Administrative Region may on its own maintain and Hong kong property law relations and conclude and implement agreements with foreign states and regions and relevant international organizations in the appropriate fields, including the economic, trade, financial and monetary, shipping, communications, tourism, cultural and sports fields.
Articles 13—14, —  Interpretation of the Basic Law[ edit ] Article describes the basic principles on interpreting the Basic Law. During adjudication, Hong Kong courts can also interpret Basic Law provisions concerning matters outside Hong Kong's autonomy. The first stage concerns the satisfaction of the "classification condition".
The condition is satisfied if the provision to be interpreted concerns either affairs within the responsibility of the Central People's Government or the relationship between the Central Authorities and Hong Kong. The second test concerns whether the "necessity condition" is satisfied.
The condition is satisfied when the court is required to interpret the excluded provision during adjudication, and that the interpretation will affect the judgment on the case. Out of the five, only one interpretation was sought by the Court of Final Appeal.
The Government of Hong Kong had sought two NPCSC interpretations on Basic Law provisions regarding the right of abode and the term of office of a new Chief Executive after his predecessor has resigned before the end of his term, in and respectively.
The first interpretation occurred in and concerned the amendment of the election method for the Chief Executive and the Legislative Council in and The second of such interpretation was issued in November on the substantive requirements of a lawful oath as stipulated in Article of the Basic Law.
Amendment of the Basic Law[ edit ] Although the Basic Law has not been amended so far since its promulgation, the procedures for amendments to the Basic Law are laid out in Article No amendments can "contravene the established basic policies of the People's Republic of China regarding Hong Kong".
If initiated within the NPC, the suggested amendment must first be placed on the agenda by the Presidium before being debated and voted upon. Either way, the amendment must also be approved by the other side e.
Controversy[ edit ] After the Basic Law went into force, it faced the following controversies: The Right of Abode issue induring which the Government sought an interpretation of Articles 22 and 24 from the Standing Committee of the National People's Congress to avoid a potential influx of over a million Mainland residents according to Government estimates into Hong Kong.
This has triggered a debate on judicial independence in Hong Kong. Article 23 of the Basic Law requires Hong Kong to enact laws on its own to prohibit acts including treason, secession, sedition, subversion against the Central People's Government, and theft of state secrets.
This became a subject of considerable controversy when the Government of the HKSAR attempted to introduce legislation to implement the Article in to The proposed legislation gave much power to the police, such as not requiring a search warrant to search a home of a "suspected terrorist".
This has led to public outcry, and resulted in massive demonstrations 1 July marcheswhere it is estimated that over five hundred thousand people took to the streets, on 1 July After the demonstrations, the government indefinitely shelved its drafted law.
The possibility of universal suffrage in and The controversy was finally settled through interpretation of Basic Law by the Standing Committee of the National People's Congresswhich ruled out the possibility of universal suffrage in and on 26 April The question of whether pay-cuts for civil servants and having a deficit budget are allowed under the Basic Law.
According to the Article of the Basic Law, the civil servants may remain in employment with pay, allowances, benefits and conditions of service no less favourable than before the handover. Article stated the SAR Government should follow the principle of keeping the expenditure within the limits of revenues in drawing up its budget.
The government imposed a pay-cut on the Civil Service during the economic downturn, and then sharply increased salaries during the recovery. The term of the new Chief Executive after the original Chief Executive resigned.
The legal community and the pro-democracy camp claim that the term of the new Chief Executive should follow Article 46that is, a 5-year term.II. Law Society Training or Law Society / Academy Supporting Events; Date Time Title Point Language Fees (HK$) Level; 22 Nov (Thu) Seminar on.
DOING BUSINESS IN HONG KONG Contributed by Nixon Peabody CWL. The following is a summary discussion of the law concerning, and certain aspects relating to, the establishment and maintenance of Hong Kong private companies limited by shares.
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