8 Min Read HONG KONG/NEW YORK(Thomson Reuters Regulatory Intelligence) - The U.S. departments of State, Treasury and Homeland Security recently issued a joint advisory warning U.S. companies in Hong Kong of escalating financial, legal and reputational risks associated with doing business in the territory. The advisory attributes “many” of these risks to implementation of the National Security Law (NSL) and other recent legislative changes that have taken place in Hong Kong. A Stock Exchange of Hong Kong (HKEX) sign is seen at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2020. The NSL grants additional investigative and enforcement powers to law enforcement agencies in Hong Kong and Mainland China, a development that has stoked concerns that businesses, and their staff, could be exposed to heightened regulatory risk. In the advisory(LINK: here), the U.S. government warned businesses in Hong Kong that they are at risk of electronic surveillance without warrants, and being compelled to comply with requests from the government for sensitive corporate data and personal information of customers.