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 Mandatory Provident livestock as the principal regulatory authorities and the good bodies in Hong Kong to regulate banking, securities and futures, insurance and retirement schemes industries respectively and finally the Hong Kongs Prevention of Bribery Ordinance to better corruption in business transactions. There are, however, blames hurled on the effectual systems not to prove adequate to support the image of Hong Kong to be the international center of traffic the major being the laws on labor that cant protect them from being exploited.Hong Kong is Asias main trading 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 Ordinance in 20 00 was promulgated to provide legal framework to e-commerce in Hong Kong.1. This ordinance was aimed to promote the legal framework and trusted environment for the conduct of electronic transactions in the country.. (PP89 90AIC Research and Public policy Series) Internet fraud is becoming a common problem today. Legal problem comes while tackling this issue because of multiplicity of rules present in various legal power and also that these rules are complex contradictory and not clear to be interpreted easily. Hong Kong has its own criminal laws pertaining to misuse of computers under section 85 of the offense Ordinance (cap.200).2 Offence of falsification 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 comestible of these laws to cover damage to computers and unlawful interference with computers ( Urbas 2001) PP89 90AIC Research and Public Policy Series)Voluntary recognition system Hong Kong is the only country in Asia to read voluntary recognition system applicable on all Certification Authorities (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 Information Technology services has power to revoke or suspend the recognition of a CA if it fails to operate in agreement with the certification practice statement or fail to