In the News: Hong Kong Sanctions; Shortened Negative Lists; and Securities Licenses

June 29, 2020 | BY

Vincent Chow

U.S. Senate passes bill threatening sanctions against financial institutions, officials over Hong Kong; China shortens negative lists to further open up economy to foreign investment; and CSRC plans to grant securities licenses to domestic commercial banks

                                                   Hong Kong Stock Exchange

US proposes sanctions on financial institutions, officials over Hong Kong

The United States is ramping up its response to Hong Kong's controversial national security law (NSL) as a new bill threatening sanctions on foreign officials and entities moves one step closer to becoming law. On June 25, the Hong Kong Autonomy Act passed the Senate. The bill proposes to sanction individuals and entities that "materially contributed to China's failure to comply with the Joint Declaration or the Basic Law" and financial institutions that "knowingly conducted a significant transaction with such identified individuals and entities." The following day, Secretary of State Mike Pompeo announced visa restrictions against Chinese officials, although the names of the officials were not disclosed. China responded on June 29 with visa restrictions on U.S. officials who "behave egregiously" in relation to Hong Kong.

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