Displaying a collaborative approach across both contentious and non-contentious aspects of the practice (with many practitioners adept at handling both aspects), as well as between Hong Kong and mainland China, Allen & Overy provides a cohesive and holistic approach to a myriad of financial services clients on the regulatory aspects impacting on their businesses throughout Greater China. Team head Charlotte Robins has deep knowledge of the regulatory framework impacting funds, banks, and fintech entities as a result not only of her fee-earning work but also her deep connections with major industry bodies including Private Wealth Management Association and the Alternative Investment Management Association Hong Kong. Matt Bower spearheads the firm’s efforts on the litigation front, and as well as regularly being engaged in structured finance and banking disputes, is also adept at advising clients on the conduct of regulatory and internal investigations in the Asia-Pacific region.

Drawing upon experts on the ground in Hong Kong with domestic, UK, and US law expertise, Davis Polk & Wardwell LLP is able to provide ‘knowledgeable and practical advice’ to a wide range of financial entities, including banks, funds, exchanges and trading platforms. Although the team is best known for its enforcement/litigation prowess, it also has a solid advisory/compliance offering. A ‘giant in the field’, Martin Rogers has excellent credibility before all the relevant regulators and enforcement agencies. James Wadham co-heads the team alongside Rogers and is able to tap into a deep reservoir of expertise handling enforcement actions and investigations on behalf of clients on the buy and sell side.

Ashurst‘s well-rounded cross‑disciplinary team provides a strong service to regional and international banks, asset management firms and insurers across the gamut of their regulatory needs, from advice on licensing requirements and regulatory issues associated with new products, through to enforcement actions and internal investigations. Ben Hammond leans into strong ties with regulators including the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) on domestic compliance work, including assisting a high proportion of Hong Kong’s exchange market makers navigate the domestic regulatory and exchange obligations. Hammond is also well-versed in handling fintech-related regulatory matters, including his recent work heading up a cross-border team (with significant involvement from London) for Goldman Sachs on the establishment of a digital platform for a first-of-its-kind tokenised government bond. James Comber leads on the contentious front and regularly handles enforcement and internal investigations for banks and brokerages. Cliff Chow handles most of the China-facing contentious matters for regional and international financial services entities, as well as regularly handling HKSE investigations involving mainland companies.

With dedicated resources from Hong Kong and also able to draw from experts through APAC and globally, Baker McKenzie is a popular choice among regional and international financial institutions across a range of domestic and cross-border advisory and contentious mandates associated with banking, securities, funds, fintech, insurance, and payments. Recognised as ‘one of the best regulatory lawyers in the Hong Kong market’, Karen Man provides ‘high-quality’ advice to clients seeking to navigate the patchwork of regulatory strictures associated with launching new products, setting up new businesses, and in the context of transactional work in the space. Man is also very adept at advising on regulatory matters associated with work at the intersection of technology and financial services, including as it relates to advice in the context of the establishment of virtual banks and robo-advisory platforms. Benefiting from in-house regulatory experience at the SFC, Grace Fung is recommended for fintech and payment-related matters. Cynthia Tang heads up the contentious offering and regularly handles enforcement actions and investigations undertaken by Hong Kong regulators, as well as excelling in multi-jurisdictional matters.

Since moving from Herbert Smith Freehills in April 2021, William Hallatt has very effectively developed Gibson Dunn‘s Hong Kong regulatory offering, providing private equity, asset management and banking clients with Asia-based expertise that mirrors the firm’s existing strong capabilities in the US and Europe. A first-mover in the crypto space, Hallatt has deep knowledge in the regulatory landscape impacting the digital asset class and is consequently often instructed by crypto players on advisory regulatory matters, as well as defending firms in major enforcement matters across the region. Emily Rumble also handles work in the cryptocurrency space.

The ‘strong regional’ team at Herbert Smith Freehills is able to draw upon the expertise of core regulatory lawyers, litigators and anti-corruption experts, ensuring that financial services clients are well catered for across their advisory, compliance, and contentious needs. Team head Hannah Cassidy provides ‘technically strong and commercially aware’ advice to retail and investment banks, wealth managers, investment funds, and insurers, as well as work for industry associations in relation to the shaping of regulatory developments. Cassidy is also regularly engaged in contentious matters, both on her own, as well as alongside core litigators at the firm, and corporate crime and investigations expert. ‘Well respected by the regulators’, Kyle Wombolt is a ‘safe choice in high stakes situations’, including investigations and enforcement actions throughout Asia and globally.

Drawing upon ‘deep commercial insight and experience’, as well as being ‘abreast of all regulatory guidelines’, King & Wood Mallesons provides ‘responsive and solutions-oriented advice’ to a range of international and Chinese financial services clients. As well as having solid industry knowledge in the traditional banking space, including on product development and licensing matters, the team has been at the vanguard of the development of the fintech sector in Hong Kong, and was one of the first firms in the country to establish a virtual asset practice. Although primarily based in Sydney, the ‘outstanding’ Urszula McCormack remains focused on Hong Kong fintech work, including advising on new products, crypto infrastructure matters and policy issues. Minny Siu provides ‘practical solutions’ to stakeholders across traditional and fintech matters, including work on compliance projects for financial products in novel asset classes such as NFTs. Demonstrating a ‘commercial approach that is built on in-depth legal knowledge’, team head Richard Mazzochi excels at both conventional regulatory matters, as well as on developing issues relating to ESG regulatory compliance and virtual banking.

The ‘hardworking’ team at Linklaters provides ‘precise and on-point advice’ to a myriad of international and regional financial institutions on their day-to-day regulatory issues, as well as on large-scale compliance projects. Under the leadership of the ‘experienced and knowledgeable’ Carl Fernandes, the team benefits from strong connections with regulatory bodies, including the HKMA and SFC. Kishore Bhindi, who was promoted to partner in May 2023, has expertise in conventional regulatory matters and digital assets.

The ‘very user-friendly’ team at Minter Ellison advises a broad range of banks, insurers, accountants and trade bodies engaged in contentious regulatory matters. Senior partner and team head David Morrison is a ‘safe pair of hands’ and is able to call upon a vast reservoir of knowledge in the sector as a result of his longstanding expertise in the field. Desmond Yu is ‘capable and impressive’, advising clients facing high-stakes regulatory investigations/enforcement actions, including market misconduct and insider dealing. Other recommended practitioners include the ‘outstanding’ Nathan Dentice and Jun Kwong, who has ‘strong technical knowledge and experience in the regulatory compliance and litigation space’. 

While it does handle some regulatory/compliance work, Kennedys is primarily focused on assisting financial services entities, including banks, accounting firms and insurers, as well as individuals dealing with regulatory investigations/proceedings, and represents clients in civil litigation. Team head Rudy Chung is recommended.