Dealing with Unclaimed Financial Assets: Law, Procedure & Strategy for Securities Brokers – 19 October 2022, 1pm to 2pm
Hong Kong Commercial Law Webinar
In Hong Kong, securities firms have been ceasing business one after the other as a result of the COVID-19 pandemic. Often, clients fail to retrieve their financial assets which had been held on trust by the securities firms. In this situation, securities firms would need to seek payment of the unclaimed assets into Court under sections 56 and 62 of the Trustee Ordinance (Cap. 29) and Order 92 of the Rules of the High Court (Cap. 4A).
As the number of securities firms which seek legal advice on these matters continues to grow, it is vital for commercial lawyers to have a solid grasp of the applicable law, procedure and even tactical factors that influence the Court’s determination. In this upcoming webinar, our Jeffrey Tam will explain the governing legal principles and share practical tips from his experience in acting for securities firms saddled with unclaimed client assets.
19 October 2022 (Wednesday)
|1pm to 2pm HKT
|1 CPD point applied for (subject to confirmation by the Law Society of Hong Kong)
Around the world, the COVID-19 pandemic has led to the closure of businesses across many sectors. In Hong Kong, securities brokerage firms are among those which have been hit hardest financially. Unfortunately, the decision to cease operations does not always signify the end of their troubles. Rather, securities firms may find themselves grappling with another tricky issue – unclaimed client assets.
Clients often fail to retrieve their financial assets – which had been held by securities firms on trust – before the latter’s closure. The situation is further complicated when clients cannot be reached despite repeated attempts. In such cases, it would be necessary for securities firms to seek payment of the unclaimed cash and securities into Court under sections 56 and 62 of the Trustee Ordinance (Cap. 29) and Order 92 of the Rules of the High Court (Cap. 4A).
As the number of securities firms which seek legal advice on these matters continues to grow, it is vital for commercial lawyers to have a solid grasp of the applicable law, procedure and even tactical factors that influence the Court’s determination.
In this upcoming webinar, our Jeffrey Tam will share practical tips from his experience in this area, which includes acting for a securities broker in successfully making an ex parte application to pay unclaimed client assets into Court (Re Grand Cartel Securities Company Limited  HKCFI 743; HCMP 783/2021). He will also cover the applicable legal principles which have been affirmed and further developed in recent key cases.
Join Jeffrey on 19 October 2022, 1pm to 2pm, for a practical discussion on this topical subject. We look forward to seeing you.
To attend via Zoom, please click on the button below to secure your place.
|Online Attendance via Zoom:
Click Here to RSVP
We look forward to seeing you at our event. For enquiries, please reach out to Sonia Chan, Practice Development Manager, at [email protected].
“Jeffrey Tam of Denis Chang’s Chambers stands out in the opinion of several interviewees as a barrister who is ‘very sound and reliable in the public law area’ generally and ‘very knowledgeable with regard to judicial review cases’ – where he ‘very often acts for applicants’ – in particular. Noted for his involvement in high-profile cases concerning public order issues and the activities of prominent politicians and business figures, he also operates a broad commercial practice, embracing, among other matters, shareholder and securities-related issues.” — Chambers & Partners Greater China Region 2022, Commercial Dispute Resolution: The Bar (Spotlight Table)
Jeffrey Tam, FHKIArb, attended St. Anne’s College at the University of Oxford for a Bachelor of Civil Law (BCL) on a scholarship after reading law at the City University of Hong Kong. He was one of the recipients of the Middle Temple Society Scholarship 2010 and received two weeks of intensive advocacy training at the Honourable Society of the Middle Temple, London.
He is recognised in Chambers & Partners Greater China Legal Guide 2022 for his work in commercial disputes, and named a “Leading Junior” for Administrative and Public Law in Legal 500 Asia-Pacific 2022.
Alongside his public law work, Jeffrey maintains a solid commercial practice with an emphasis on shareholders’ disputes and securities & finance cases, including Acropolis Limited & another v W&Q Investment Ltd & others (CACV 276 & 277/2017) (led by Mr Denis Chang SC) in which the Court of Appeal elucidated the approach to interim injunctions in shareholders’ disputes, and Siberian Mining Group Co Ltd v Daily Loyal Ltd  HKCFI 138, a complex dispute concerning convertible notes valued at US$400 million. Recently, he acted for a securities broker in successfully applying for the payment of unclaimed client assets into court in Re Grand Cartel Securities Company Limited  HKCFI 743; HCMP 783/2021.
Visit Jeffrey’s profile for more details.
Disclaimer: Seminars, webinars, training presentations or workshops (“Events”) and related materials produced by Members of Denis Chang’s Chambers (“DCC“) provide general information regarding particular subjects and are not intended to constitute legal advice. Registering for an event only constitutes an agreement to attend it, not instructions to Counsel. Except as otherwise noted, the views expressed at Events are the views of the speakers only and do not represent the opinions of all other Members of DCC.