Legal Framework of Business Essay Example | Topics and Well Written Essays - 1500 words

Legal Framework of Business - Essay Examplerities and Futures, Commission (SFC), the Office of the Commissioner of Insurance (OCI) and the requisite Provident Fund as the principal regulatory authorities and the legal bodies in Hong Kong to regulate banking, securities and futures, indemnification and retirement schemes industries respectively and finally the Hong Kongs Prevention of Bribery Ordinance to check corruption in military control transactions. There are, however, blames hurled on the legal systems not to prove adequate to support the image of Hong Kong to be the international center of commerce the major being the laws on labor that cant protect them from being exploited.Hong Kong is Asias main merchandise hub and one of the worlds most open economies.. There are simple legal framework, soft taxation, almost no customs duties and no non-tariff barriers. ... (Hong Kong Business) by Christine Genzberger - 1994 Legal Framework for e-commerce Electronic Transactions Ordin ance in 2000 was published to provide legal framework to e-commerce in Hong Kong.1. This ordinance was aimed to promote the legal framework and trusted milieu for the conduct of electronic transactions in the republic.. (PP89 90AIC Research and Public Policy Series) Internet fraud is decorous a common problem today. Legal problem comes while tackling this issue because of multiplicity of rules present in various jurisdiction and also that these rules are complex contradictory and not clear to be interpret easily. Hong Kong has its own criminal laws pertaining to misuse of computers under fraction 85 of the Crime Ordinance (cap.200).2 Offence of defence of bank computer records carries a penalty of life imprisonment. 10 year sentence may be imposed for the offence committed for false accounting by falsifying computer records under section 19 of the Theft Ordinance (cap 210).3. There are other provisions of these laws to cover damage to computers and wrongful interference with computers ( Urbas 2001) PP89 90AIC Research and Public Policy Series)Voluntary recognition system Hong Kong is the only country in Asia to have voluntary recognition system applicable on all Certification regimen (CAs). Only those who have achieved certain objective standards are recognized. Activities of CAs and their relationship with their clients are, however, governed by common law. The director of learning Technology services has power to revoke or suspend the recognition of a CA if it fails to carry in accordance with the certification practice statement or fail to