Share this article
Original Source: Jones Day
IN SHORT:
The
Situation: On July
14, 2020, President Trump signed into law the Hong Kong Autonomy Act (the
"HKAA"), the U.S. government's response to China's new National Security
Law for Hong Kong.
The
Result: The HKAA could
result in a significant disruption to global transactions, including impacting
global supply chains, commercial relationships, correspondent banking
relationships, and credit agreements.
Looking
Ahead: The ultimate
effect of the HKAA largely will depend on how the U.S. government implements
it, including the scope of the individuals and entities named to the relevant
reports. Therefore, banks and companies active in Hong Kong, or in broader
aspects of U.S.-China trade and finance, should monitor implementation of the
HKAA carefully and be mindful of the new risks and prohibitions it creates.
CLICK HERE to read the full commentary regarding The Hong Kong
Autonomy Act