The Legal 500

Clifford Chance’s ‘very strong’ team receives top praise for its expertise, and has a reputation for ‘key strength on the contentious regulatory side’. As one of the leading practices in the arena, it acts for several investment funds and investment banks. Litigator Martin Rogers has a ‘great name in the market’ as ‘the number one regulatory lawyer in Hong Kong’, and is known for his longstanding experience. Past clients have included Deutsche Bank, Bank of China and Clearwater Capital.

Herbert Smith’s ‘fantastic’ practice is particularly noted for its contentious expertise, which is rated as being ‘at the top’. Featured among the ‘very good line-up’ are the ‘very good’ Mark Johnson, and the highly recommended Gavin Lewis and Tim Mak. The team advises global financial institutions on regulatory and compliance inquiries, and also assists former directors in SFC investigations. On the non-contentious side, Ashley Alder is advising clients on issues related to listings by introduction on the Hong Kong Stock Exchange.

Linklaters has an ‘preeminent practice’ of ‘highly intelligent lawyers’ and handles contentious and non-contentious work. It is known for its ‘tailored advice’, and has the ‘distinct advantage of having two full-time regulatory partners: invaluable in Asia’. Its client base features investment and commercial banks, including Goldman Sachs and Credit Suisse, hedge funds, such as Soros, rating agencies, including Moody’s and private equity firm KKR. The team recently advised on licensing issues and Hong Kong regulatory reforms. It is advising the Hong Kong Stock Exchange on the setting-up of a clearing house for the OTC derivatives market. The ‘very knowledgeable’ Umesh Kumar, who leads the non-contentious practice, is ‘exceptional’ and ‘a pleasure to deal with’. Marc Harvey provides contentious regulatory advice, and Jian Fang assists in PRC regulatory matters. In 2011, Carl Fernandes relocated to the London office, and Stephen Fletcher returned to the Hong Kong office in July 2011 after five years with the firm in London.

Allen & Overy fields an impressive team, advising on contentious and non-contentious regulatory work. It has multi-jurisdictional expertise, and advises on compliance, regulatory investigations, dispute and risk management. Alan Ewins leads in non-contentious matters, and advised an international bank on the new Hong Kong suitability regime, and also assisted several PRC asset management companies on licensing and establishment arrangements. On the contentious side, Simon Clarke, Angus Ross and Fai Hung Cheung are particularly noted for investigation work.

At Baker & McKenzie, the team provides regulatory advice to a range of institutions across sectors including banking, pensions, wealth management, and investment funds. Milton Cheng advised DB Trustees regarding the Hui Xian REIT, the first RMB-denominated REIT in Hong Kong. Insurance specialist Martin Tam acts for the Hong Kong Federation of Insurers, and also advised BOCI-Prudential Asset Management on the establishment and listing of two ETFs. Cynthia Tang acts in contentious cases and continues to assist a Singaporean bank on inquiries related to previous transactions with an insurance company. Andrew Lockhart is recommended.

Deacons’ regulatory practice provides excellent non-contentious advice, advising on takeover codes, listing rules and fund authorisation. Well-known for its depth of local experience, it is well placed to advise on Hong Kong regulatory issues. Also active in contentious matters, the team recently advised on a sensitive FCPA case, led by litigator Joseph Kwan. Kwan is also advising the former managing director of an investment bank in an appeal against an insider dealing case. Non-contentious partner Jane McBride heads up a separate team, which advises on SFC compliance and licensing matters.

Freshfields Bruckhaus Deringer continues to build its regulatory capabilities, with Royce Miller at the helm of the practice. Clients include private equity firms, fund managers, banks and insurance companies. Although a standalone practice, the team benefits substantially from the firm’s strength in other areas, often providing regulatory advice as part of major corporate transactions. Highlights for Miller included providing regulatory assistance to AIA on its $20.5bn IPO on the Hong Kong Stock Exchange, and advising a sovereign wealth fund on insider dealing issues.

The ‘very professional and responsive’ team at Hogan Lovells is known for its contentious expertise, where litigator Mark Lin is ‘very knowledgeable of the securities brokerage industry’ and displays an ‘ability and willingness to provide practical advice’. Lin continues to advise an insurance company on a regulatory investigation, and is also acting for a director of a European bank currently being investigated by Korean regulators for unfair trading. Tim Fletcher handles compliance, SFC licence application, product structuring and regulatory elements of corporate transactions.

Reed Smith Richards Butler has a very good reputation, particularly on the contentious side. It has notable insider trading knowledge and experience. David Morrison leads in contentious regulatory cases, and William Barber is known for advising companies in the telecoms and commodities sectors on regulatory issues.

A ‘top-quality law firm’ with ‘client-orientated service mentality’, Sidley Austin has regulatory expertise in the securities and banking sectors. A former director of enforcement at the SFC, Alan Linning wields ‘gravitas and credibility’ in the arena, and ‘combines technical strength, regulatory contacts and commercial reality for excellent results’. Linning is advising Tiger Asia in proceedings relating to alleged breaches of criminal provisions of the SFO, and also acting for a non-executive director in proceedings relating to breaches of the Hong Kong Stock Exchange listing rules.

The ‘smart and capable’ Paul Li at Simmons & Simmons is a ‘safe pair of hands’ and heads up the firm’s China practice from Hong Kong. Li has experience in advising on investigations, including those related to insider dealing, and counts asset managers and Hong Kong-listed companies among his clients.

Allens Arthur Robinson fields a solid regulatory capability but was hit by the departure of Matthew Barnard, who retired at the end of 2010. The firm handles regulatory work related to its banking and finance and corporate practices, dealing with issues arising from transactional work. Simon McConnell acts on the contentious side.

Pádraig Walsh at Barlow Lyde & Gilbert recently provided advice on the regulatory obligations of investment-linked products within the life assurance sector. He also advised Noho Capital Management on licensing and regulatory issues regarding the establishment of a fund. Richard Keady provides support on the contentious side.

DLA Piper advises investment banks and Hong Kong-listed companies on corporate governance and compliance issues. Yuet Ming Tham offers ‘excellent guidance and support’, and has experience advising clients on FCPA investigations, FCPA compliance programmes, data privacy, trade controls, and anti-bribery matters. Esther Leung advises on the non-contentious side, and provided regulatory advice to Xinjiang Goldwind Science & Technology in its HK$7.1bn IPO in 2010. Christopher Clarke has ‘excellent investigative skills’ and is assisting the liquidators in the winding-up of CSA Absolute Return Fund. Competition partner David Cox is also recommended, along with Martin Dajani, who is rated for his ‘depth of knowledge and corporate understanding’.

With a strong US focus, Dechert LLP has solid regulatory knowledge, and is highly regarded for its experience of US and international legislation. The team advises on investigations, licensing matters and enforcement. Recent highlights for Angelyn Lim include advising Vanguard Investments on regulatory issues surrounding its establishment in Hong Kong, and also advising Havenport Asset Management on Hong Kong and US regulatory compliance issues. Keith Robinson relocated to the firm’s Washington DC office in 2011. Associate Karl Egbert transferred to the Hong Kong office in July 2011.

Providing ‘timely responses’ and ‘commercial advice’, Mallesons Stephen Jaques fields strength in both contentious and non-contentious regulatory issues and has a cross-departmental team of ‘good quality lawyers at all levels’. Special counsel Jill Wong joined in January 2011 from Credit Suisse. Edmund Wan is currently advising a company in an investigation by the Financial Reporting Council. David Bateson and Denis Brock are also active in contentious cases. Richard Mazzochi handles advisory work, and counts The Hong Kong Association of Banks as a client. Minny Siu and Hayden Flinn are recommended.

Mayer Brown JSM advises financial institutions on banking and securities regulation and licensing issues. The team has experience advising on the regulation of retail investment products, insurance-linked and structured products. Sara Or assists in data protection and privacy work, and is advising The Hong Kong Association of Banks on a personal data ordinance review. Litigator Nicholas Hunsworth acts in contentious regulatory cases.

The ‘superb’ and ‘extremely responsive’ group at Stephenson Harwood provides ‘thoroughly reasoned yet commercial practical advice’ on regulatory matters. Mark Reed is rated for ‘bringing a broad range of relevant expertise to bear’. Reed led in advising Wells Fargo Bank and Wachovia Bank on Hong Kong and English law aspects of its merger. Malcolm Kemp advises on SFC investigations.

Timothy Loh, Solicitors has an excellent reputation. ‘Very good operator’ Timothy Loh is particularly recommended for non-contentious regulatory expertise, and advises financial institutions on SFC, insurance and Hong Kong Monetary Authority issues. Loh counts clients in the telecoms, insurance and investment funds sectors.

Also recommended are: Simon Berry at Latham & Watkins LLP, who advises financial institutions on banking and broker regulations and listings; the growing regulatory capability at Norton Rose Hong Kong, which was boosted by the arrival of Charlotte Robins from Clifford Chance in 2011; and James Wood at O’Melveny & Myers LLP, who has regulatory experience in the funds sector.