Borrison/hk-legicost huggingface dataset:
在2019年11月，粵港澳大灣區建設領導小組曾舉行一次會議，會後，中央政府公布了一連串的措施，其中一項措施是支持內地保險公司在香港發行巨災債券，而巨災債券是保險公司分散風險的途徑。
In November 2019 the Leading Group for the Development of the Guangdong - Hong Kong - Macao Greater Bay Area held a meeting . After the meeting the Central Government announced a series of measures among which one measure is supporting Mainland insurers to issue in Hong Kong catastrophe bonds which provide a way for insurers to diversify risks
我們並非要討論巨災債券孰好孰壞，畢竟每種投資產品都有利有弊。
We have no intention to discuss whether catastrophe bonds are good or bad . After all every investment product has its pros and cons
我想指出的是，去年11月，中央表示支持內地保險公司在香港發行巨災債券，特區政府在3月已將這項《條例草案》提交立法會，這種速度和效率，在特區政府處理其他事宜時，我們絕對看不到。
My point is that when the Central Government expressed support for Mainland insurers to issue catastrophe bonds in Hong Kong last November this Bill was then tabled before the Legislative Council by the SAR Government in March . We have never seen the Government acting at such speed and with such efficiency while handling other matters
是否中央支持的方便內地保險公司在香港發債，將風險分散至香港或香港所接觸到的國際市場的措施，政府便會這樣迅速處理？
Is it the case that the Government will act swiftly when it comes to measures supported by the Central Government to facilitate Mainland insurers to issue bonds in Hong Kong to spread their risks to Hong Kong or the international market to which Hong Kong has access?
第二，主席，是我剛才提到的"國際"。
Secondly President it concerns the term international which I just mentioned
今次修例，明顯是中央政府的決定，然後特區政府便決定修例，對內地保險公司行個方便。
This legislative amendment exercise is obviously prompted by the Central Governments decision which the SAR Government subsequently decided to carry out to do Mainland insurance companies a favour
我想藉此機會一問，局方預計在修例後會有多少外國的保險公司在香港銷售巨災債券或保險相連證券呢？
I wish to take this opportunity to raise these questions How many overseas insurers does the Bureau expect will sell catastrophe bonds or ILS in Hong Kong after the passage of the legislative amendments?
除了內地那批保險公司，局方有多大信心，在修例後外國的保險公司會被吸引到港進行相關的業務，令香港成為亞洲保險相連證券中心？
How confident is the Bureau that apart from those Mainland insurers overseas insurers will also be attracted to do the business concerned in Hong Kong after the passage of the legislative amendments thus turning Hong Kong into an ILS hub in Asia?
我相信局方沒有太大的信心。
I believe the Bureau does not have much confidence
莫說《港區國安法》令國際投資者卻步，單看長江流域今年的巨型水災，以至內地過往的各種天災，我估計在香港發行的內地巨災債券在市場上是否真的會如此具吸引力，這點頗成疑問。
Simply considering the catastrophic floods in the Yangtze River basin this year and various natural disasters which happened in the Mainland before I guess it is rather doubtful whether the Mainland catastrophe bonds to be issued in Hong Kong will really be so attractive in the market let alone the Hong Kong National Security Law which has frightened off international investors
主席，修例的另一部分，是擴闊在香港成立的專屬自保保險公司的可承保範圍。
President another part of the legislative amendments concerns expanding the scope of insurable risks covered by captive insurers set up in Hong Kong
何謂"專屬自保保險公司"呢？
What is captive insurer?
那是由一間大集團成立，承保該集團內其他公司風險的保險公司。
It is an insurance company set up by a large corporate group to underwrite the risks of other companies within the group
香港目前其實只有4間專屬自保保險公司。
Actually there are only four captive insurers in Hong Kong at present
局方指業界普遍認為這類公司的可承保範圍太窄，所以，便修例擴闊他們可承保的範圍。
The Bureau claimed that the industry generally considered the scope of insurable risks covered by this type of companies too restrictive so legislative amendments were proposed to expand the scope of insurable risks covered by them
主席，坦白說，香港僅有的4間專屬自保保險公司，其實全部都是內地集團自行設立的保險公司。
President honestly all the four captive insurers in Hong Kong are insurance companies set up by Mainland corporate groups themselves
政府所謂的業界意見，是否又是內地企業的聲音呢？
I just wonder if what the Government referred to as the industrys view is just the opinion of the Mainland enterprises
我還記得劉前局長在他的網誌中這樣說："隨着內地企業參與'一帶一路'相關大型基建和投資項目，不少企業會考慮在境外設立自保公司，集中處理集團的海外風險，提升風險管理能力。
I can still recall that the former Secretary Mr LAU stated this in his blog I quote [W]ith the participation of Mainland enterprises in large scale infrastructure and investment projects related to the Belt and Road Initiative many companies will consider setting up captive insurers to handle the groups overseas risks and improve their risk management capabilities
即政府在處理這項《條例草案》時，心繫"一帶一路"，不過，它並不是想幫香港公司打入"一帶一路"的市場，它想幫忙和方便的，很明顯是內地企業。
It means that the Belt and Road Initiative is what the Government has in mind while handling this Bill . But its intention is not to help Hong Kong companies to enter the Belt and Road markets but rather apparently to help and give convenience to Mainland enterprises
所以，我希望政府特別是局長千萬不要再跟香港人說，修例可以幫助香港把握大灣區"一帶一路"的機遇。
So I hope that the Government―particularly the Secretary―will stop telling Hong Kong people that the legislative amendments can help Hong Kong to capitalize on the opportunities presented by the Guangdong - Hong Kong - Macao Greater Bay Area and the Belt and Road Initiative
首先，香港人真的並不十分稀罕；第二，明眼人都看得到，這項《條例草案》從頭到尾都是為內地保險業度身訂造。
Firstly Hong Kong people do not really care . Secondly anyone with discerning eyes can see that this Bill is tailor - made for the Mainland insurance industry from the very beginning
有人可能會問，這有甚麼問題呢？
Some people may ask What is the problem with that?
香港一向是內地面向世界的窗口。
Hong Kong has been serving as a window to the world for the Mainland all along
對，毛主席也看出香港獨特的地位，當年懂得用8個字正式概括香港的價值："長期利用，充分打算"。
Yes Chairman MAO could also see Hong Kongs unique position and was able to summarize Hong Kongs value in a phrase back then long - term planning full utilization
但是，到了2020年的今天，踏着香港人的頭、剝奪我們的自由，同時又想借香港賺錢，這件事又能否做到呢？
But today in 2020 we Hong Kong people have our heads stepped on and our freedom deprived while there are plans to make use of our place for making money
香港所以能夠被內地企業當跳板，跟國際做生意，本來就是因為有"一國兩制"，國際認同香港並非一個普通的內地城市，但現在我相信無須我多說明眼人已看得到國際如何看待香港。
Is this something really achievable? . The very reason why Hong Kong can be used as a springboard by Mainland enterprises to do business with the international community is the presence of one country two systems which made the international community recognize Hong Kong as no ordinary Mainland city . But now―I believe it is not necessary for me to explain further―anyone with discerning eyes has already noticed how the international community thinks of Hong Kong
即使今天通過《條例草案》，幫所有內地企業打開方便之門，他們亦未必真的一如政府所願，能夠跳出世界，因為現在全世界對於內地甚至香港，都抱着非常大的懷疑。
Even if the Bill is passed today and provides facilitation for all Mainland enterprises they may not really be able to go global as the Government wishes because the whole world is being highly suspicious of the Mainland and even Hong Kong
主席，到了這一刻，可能是我在本屆立法會的最後一次發言。
President this moment may be the last time I give a speech in the current term of the Legislative Council
過去4年，絕對是立法會史上最不容易的 日子，我非常多謝民主派的同事沒有放棄，也多謝一直以來支持民主派的眾多香港市民。
The past four years are absolutely the most difficult time in the history of the Legislative Council . I am very grateful to colleagues of the pro - democracy camp for their persistence and I thank the many Hong Kong people who have always been supportive of the pro - democracy camp
我亦想特別藉此機會向立法會秘書處內，部分仍然秉持中立態度協助議員工作的每一位秘書處職員，送上謝意，我希望他們每一位都能夠繼續保持中立，堅持下去。
Also I especially wish to take this opportunity to express my thanks to every one of those Legislative Council Secretariat staff who still keep a neutral attitude while assisting Members with their duties . I hope every one of them can continue to maintain their neutrality and hold their own
無論9月之後的下一屆立法會將會由哪個派別成為主流，我相信大部分香港人希望看到的，是保皇黨成為少數派，讓這個立法會能夠作真正監察政府的地方，而不是處處幫政府說話的橡皮圖章。
No matter which camp will become the majority in the next Legislative Council after September I believe what most Hong Kong people wish to see is that the royalists will become the minority thus enabling this Council to really act as a watchdog over the Government rather than a defender of the Government functioning as a rubber stamp
我謹此陳辭，代表公民黨反對二讀。
With these remarks I oppose the Second Reading of the Bill on behalf of the Civic Party
不過，《條例草案》很清晰的指出，是關於基因療法製品、高風險的體細胞療法製品，還有高風險的組織工程製品。
However the Bill has pointed out very clearly that it is about gene therapy products high - risk somatic cell therapy products and high - risk tissue engineered products
市場上相關類別的產品必須註冊，進行臨床實驗亦必須事先獲得批准。
The relevant categories of products on the market must be registered and prior approval is required for clinical trials
所以，《條例草案》的出現正好保障市民大眾，令大家不會誤信不知所云的推廣和廣告， 以為注入那些由自身細胞培養的製品就會長生不老、青春常駐，而其實此舉是有風險的。
Therefore the timely emergence of the Bill protects the public from being misled by incomprehensible sales promotions and advertisements into believing that they can remain youthful and immortal through injection of products cultivated from their own cells despite the fact that this act is risky
《條例草案》修訂及生效之後帶來的好處，是令大家受到保障，這是很重要的一點。
The benefit that comes along with the amendment made by the Bill upon its commencement is the protection for everyone . This is a very important point
無論如何，《條例草案》清楚地確保可以追查紀錄，令到使用的人非常清楚知道製品是安全的。
Anyway the Bill clearly ensures that records can be traced so that users are fully aware that the products are safe
同時，生產商也要符合道德，不要過於吹捧產品，令情況失控。
At the same time manufacturers should also abide by ethics and refrain from overhyping their products to such an extent that the situation gets out of hand
第二，審批財政預算案。
Secondly we have to examine and approve budgets
我被人指責為"贊成議員"，"贊成議員"就是處事不當。
I have been accused of being a yes - Member which denotes a Member not working properly
不過，問題是現屆政府真的不知所謂，令立法會除失衡外，亦無法對政府限權和制衡。
However the problem is that the current Government is really nonsensical in that it has not just tipped the balance in the Legislative Council but also disabled it from limiting the powers of and exercising checks and balances on the Government
主席，所以，話說回來，我所做的立法工作、審批公共財政工作，以及監察政府政策工作，均是以環繞衞生服務界的利益來進行，都是 為了香港市民。
Therefore President back on topic all my efforts in enacting legislation reviewing public finances and monitoring government policies have been made in the interests of the health services sector and for Hong Kong people
所以，在16年後......我今天只多說數十秒便完結，然後我便可以"收工"。
So 16 years afterwards I will speak only a few tens of seconds more and then I can knock off today
《法院程序條例草案》。
Court Proceedings Bill
第1至35條。
Clauses 1 to 35
主席，我差不多每句都針對議題。
President nearly every word that I have said is relevant to the subject
局長聲稱日後的註冊計劃費用不會轉嫁到計劃成員身上，只要採納所推出的電子平台，便可有利於開始進行取消強積金對沖安排的程序。
According to the Secretary the registration fee to be charged in the future will not be passed on to scheme members and the establishment of the proposed electronic platform will facilitate the start of the procedures for the abolition of the offsetting arrangement under the MPF System
強積金計劃的總資產高達9,690億元，整個業界在去年的收入共有141億元，一再創下新高，相信局長對此也有同感。
The total asset value of MPF schemes is as high as 969 billion and the total income of the entire sector for last year amounted to 14.1 billion a record high again which I think should have also left the Secretary speechless
知道，主席。
I understand President
然而，退休生活沒有理由單靠強積金支持，也沒有理由讓"積金易"平台公司設立中央電子平台，便夢想可方便大家掌握自己有多少資產。
Nevertheless retirement life cannot rely solely on MPF and neither can it be justified to expect that with the establishment of a centralized electronic platform by the eMPF Platform Company things will be made easier for all scheme members to better understand how many assets they have
很可憐的是，市民把所有血汗錢寄託在基金公司身上，但一如很多人曾經指出，強積金計劃看似有很多選擇，但其實存在寡頭壟斷的情況，說不定這個平台也會出現類似情況。
What is miserable is that members of the public have entrusted their hard - earned money with fund companies but as pointed out by many people although there are superficially many choices under the MPF System oligopoly does exist and this may also be the case with the proposed electronic platform
那些是"打工仔"辛勞換取的成果，每一分錢均有血有淚，但在撥入戶口後卻被基金公司蝕去而無須負責。
We are now talking about the fruits of hard work of wage earners who are earning every penny with their blood and tears but after the money was deposited into their MPF accounts fund companies would not be held accountable for resultant losses
香港政府銳意加強香港作為國際金融樞紐的地位，並將採取多項措施。
The Hong Kong Government is determined to reinforce Hong Kongs position as an international financial hub and will adopt a number of measures
首先，我要代表保險界歡迎政府今次的立法工作。
First I would like to welcome this legislative exercise of the Government on behalf of the insurance industry
保險相連證券可以提升保險業的承保能力，令保險保障更容易負擔，從而令保險業有能力做更大的業務。
ILS can enhance the capacity of the insurance industry make the insurance coverage more affordable and thereby enables the insurance industry to have the capacity to expand its business
目前，國際的保險樞紐大多數有營運保險相連證券業務，香港的競爭對手新加坡，其營運已相當成熟，而且發行額亦不斷增加。
Currently ILS business operations can be found in most international insurance hubs and in Singapore Hong Kongs competitor ILS business has been operating fairly well with an increasing amount of ILS issued
去年，保險相連證券的全球發行額高達110億美元，當中巨災債券是常見的保險相連證券。
Last year the global issuance of ILS reached US11 billion and a common form of ILS is catastrophe bonds
目前，亞洲市場仍然有很大的發展空間，但香港在這方面比較落後，需要急起直追。
While there is still considerable room for development in the Asian market at present Hong Kong is lagging behind in this regard and needs to rouse itself to catch up
現在，香港要推動國際及大灣區的保險業務，同時，中央早前亦宣布支持內地保險公司到香港發行巨災債券，所以，今次立法工作正合時宜。
Now Hong Kong seeks to promote insurance business globally and in the Greater Bay Area and at the same time the Central Government also announced support for Mainland insurers issuance of catastrophe bonds in Hong Kong earlier . It is thus an opportune time to have this legislative exercise
保險相連證券將保險公司承保的保險風險透過證券化集資而轉嫁至資本市場。
ILS will transfer the insured risks of insurers to the capital markets through securitization financing
傳統上，保險公司會將部分風險通過再保險轉移到另一再保險公司，從而分散或轉移保險風險。
Conventionally an insurer will transfer a portion of its risk to another reinsurer by way of reinsurance thereby diversifying or transferring the insurance risk
雖然保險相連證券將保險風險轉移至資本市場，但政府提出的規管非常嚴格。
Though ILS will transfer the insurance risk to the capital market the regulations proposed by the Government is very stringent
事實上，保險相連證券業務在香港起步初期，政府提出嚴格的規管當然是無可厚非，但當有關業務營運了一段時間後，政府便應參考國際經驗及我們的實際發展作出全面檢討，研究是否可以適當放寬有關規管。
Offenders will be subject to criminal penalties . In fact it is definitely understandable for the Government to introduce stringent regulations on ILS business when it is at an early stage of development in Hong Kong but after it has operated for a period of time the Government should conduct a comprehensive review to study the possibility of suitably relaxing the relevant regulations with reference to international experience and our actual development
有關建議可以為香港帶來更多專屬自保保險業務，保險界對此深表歡迎。
The insurance industry greatly welcomes this proposal which can bring more captive insurance business to Hong Kong
由於此做法不理想，而按照國際貨幣基金會組織的建議，我們應要制訂全面的保險集團監管制度，故政府決定提出今次的改革，把指定保險控權公司納入保監局的監管範圍。
Since this approach is somewhat undesirable and as recommended by the International Monetary Fund Hong Kong should formulate and implement a comprehensive regulatory regime for insurance groups . Therefore the Government has decided to launch the current reform in order to bring the designated insurance holding companies under IAs supervision
保險業界支持政府的建議，目前由保監局擔任集團監管者的3個國際保險集團亦分別發表聲明，表示歡迎政府的建議，認為此舉有利於香港保險業的持續發展。
The insurance sector supports the Governments proposal and the three international insurance groups for which IA currently acts as the group supervisor have also issued separate statements welcoming the Governments proposal . They consider it conducive to the sustainable development of the local insurance industry
現時，英國、澳洲、百慕達及新加坡等國際保險業樞紐均已訂立相關的監管制度，香港今天才起步，已算是較遲了。
At present international insurance hubs such as the United Kingdom Australia Bermuda and Singapore have already put in place relevant supervisory regimes and it is already a bit late for Hong Kong to make a start today
可是，我相信這次修例，將有助提升香港在環球保險市場的競爭力，令香港具備條件成為跨國保險集團在亞太區的理想基地。
Yet I still believe that this legislative amendment exercise will help enhance Hong Kongs competitiveness in the global insurance market in that Hong Kong will be well placed as a preferred base for multi - national insurance groups in Asia Pacific . Thank you Deputy President . namely the Insurance Amendment No
當時的其中一個理由是，未來如果可以成立今天所說的中央電子平台，便能夠降低所有費用，尤其是減少紙張費用。
At that time one of the reasons was that in the future when a centralized electronic platform which is under our discussion today could be set up all kinds of fees in particular the fee on paper would be reduced
這必定對所有強積金戶口持有人有着很大的幫助。
This certainly will be a great help to all MPF account holders
主席，我支持三讀《條例草案》，但同時極希望局長能繼續跟進市民的要求，不要怠慢。
President I support the Third Reading of the Bill but very much hope at the same time that the Secretary will continue to follow up on the requests of the people without delay
大家也知道，保險業涉及多重運作，投保人須經過繁複的程序，最終才得享應有的權利和保障。
Everyone knows that the insurance industry involves many layers of operations and policyholders have to go through a series of very complex procedures before they can enjoy the rights and protections they are entitled to
假設某個保險集團作出不合理行為，即如我剛提及有關新冠肺炎的15宗投訴或一些購買醫療保險後不獲賠償的投訴個案，當中的投保人往往也是投訴無門的。
Assume that a certain insurance group has made some unreasonable decisions just like the 15 complaint cases I have mentioned just now which are relating to COVID - 19 or other complaints relating to certain medical insurance policyholders who were not compensated these are no channels for these policyholders to lodge their complaints
須知道，現時這些在香港營運的保險集團，背後也有一些強大後盾。
One should know that the insurance groups currently operating in Hong Kong have very strong backing
在名義上，保險公司和保險從業員須根據《保險業條例》行事，但實際上，許多投訴個案，最後也是不了了之的。
On the surface insurance companies and insurance agents are required to act according to the Insurance Ordinance Cap . 41 but actually a lot of complaints have been left unsettled
這些中介人可能只是一些大型保險公司差派出來接受責備的前線工作人員因為許多時候，我們也看到一些大公司訓練他們的中介人說一套、做一套的。
These intermediaries are probably frontline staff who are made the scapegoats by some big insurance companies―it is because we often see some big companies instruct their intermediaries to say one thing and do another
因此，如果我們想改變現實，便必須先改革政制，令這些"0票"議員或代表保險業界的議員，真正為受到保險公司高層壓迫的保險中介人及保險從業員發聲，為他們爭取申訴的機會。
For that reason if we want to change the reality we must reform the political system first so as to make these Members with zero vote or the Members representing the insurance sector speak out for insurance intermediaries and insurance workers who are oppressed by senior executives of insurance companies and fight for their chances to vent their grievances
基於上述種種原因，我們不同意《條例草案》將有助保護投保人、基層市民，甚至是作為僱員的保險中介人。
Based on the above reasons we do not agree that the Bill will help to protect policyholders grass - roots people or even insurance intermediaries in their capacities as employees
第二，很可惜，《條例草案》未能應對香港美容業自2012年至今事件頻生的情況。
Secondly it is unfortunate that the Bill fails to address the frequent occurrence of incidents in Hong Kongs beauty industry since 2012
立法局討論規管美容業，已是1980年代的事，距今差不多40年。
It was in the 1980s almost 40 years ago that the former Legislative Council discussed regulation of the beauty industry whereas it was 16 years ago that the Legislative Council or the Government discussed regulation of beauty equipment
政府現在最新提出的《條例草案》涵蓋先進療法，包括最新的基因療法、幹細胞療法或移植組織工程的製品等，其實沒有人提出異議。
The latest Bill proposed by the Government now covers advanced therapies including the latest gene therapy stem cell therapy and tissue engineering products for transplantation . Actually no one has raised objections
事實上，這些根據歐洲聯盟定義的先進療法，在醫療儀器或醫療治療方面只佔極小百分比，沒有人對此舉有任何質疑。
In fact these advanced therapies as defined by the European Union account for only a tiny percentage of medical devices or medical therapies and no one has any doubts about this move
我懷疑的是，政府是否有決心保障消費者？
What I doubt is whether the Government is determined to protect consumers
這是《保險業條例》下的新保險業務類別，容許保險公司發行保險相連證券，特別是巨災債券。
This is a new category of insurance business under the Insurance Ordinance which allows insurance companies to issue ILS in particular the issuance of catastrophe bonds
也許很多人並不明白甚麼是巨災債券，政府提交的文件已說明，其實巨災債券即是較高風險的投資工具，在發生預定觸發事件時可能導致的投資損失。
Perhaps many people do not understand what catastrophe bonds are . According to the Governments papers catastrophe bonds are actually investment tools of higher risks which may bear the potential for loss of investment when a predefined trigger event occurs
其實不同的巨災債券也有不同的合約安排，以及令投資者有所損失的觸發事件，但很可惜我們沒有機會在法案委員會上作進一步詳細查詢。
In fact different catastrophe bonds will set out different contractual arrangements in which different predefined trigger events may cause losses of investments . But unfortunately we have no chance to make further enquiry for the details in a Bills Committee
不過，我們找到一些例子，例如日本有公司在1997年發行巨災債券以分散地震帶來的巨災風險，而該份合約訂明，如果東京核心區在合約期內發生7.1級地震，投資者便會損失七成本金。
Nevertheless we have found some examples . A certain Japanese company issued catastrophe bonds in 1997 for risk diversification in case of catastrophe exposures during an earthquake . It was stated in the contract that in case a 7.1 magnitude earthquake took place in the core districts of Tokyo investors would lose 70 % of their principal
如果在郊區發生7.1級地震，投資者便會損失四成半本金。
In case 7.1 magnitude earthquake took place at the rural areas investors would lose 45 % of their principal
我回看過往的例子，有部分巨災債券的合約訂明了觸發事件可能只會影響利息收入，而不影響本金償還。
I have examined past examples it was stated in some contracts of catastrophe bonds that predefined trigger events would affect the interests payment but would not affect the principal repayment
然而，另一些合約可能訂明了觸發事件會影響本金和利息。
Nevertheless some other contracts stipulated that predefined trigger events would affect the principal and interests
由此可見，其實巨災債券的風險極大程度上是取決於合約的選擇。
Therefore one can see that the risk of catastrophe bonds really depends on the choice of contractual terms . The Government understands very well the complexity of catastrophe bonds
政府十分明白巨災債券的複雜問題，可能大家聆聽了這麼久也不明白我在說甚麼，但明顯地，合約條款與風險確實是直接掛上了關係，而合約條款衍生的風險系數亦會衍生相應的所謂投資回報程度，即回報越高，風險越大，而一切皆由合約條款決定。
Perhaps Members do not understand what I am talking about despite my lengthy explanation . But apparently contractual terms have a direct relationship with the risk while the risk co - efficient derived from the contractual terms would generate the so - called corresponding return on investment . That is to say the higher the return the higher the risk and everything is dictated by the contractual terms
故此，政府似乎希望利用條文本質保障散戶權益，但立法會參考資料摘要中出現了一些不同的說法。
For that reason it seems that the Government hopes to protect the right and interest of ordinary retail investors by setting out the relevant provision . But the Government said something different in the Legislative Council Brief
究竟概念上何謂合資格投資者？
What exactly is the concept of qualified investors?
在該份立法會參考資料摘要中，政府的說法是，政府政策的意向是限制保險相連證券的銷售對象，特別指向只能向專門投資保險相連證券的基金及對沖基金。
The Government said in the Legislative Council brief that the policy intent was to confine the targets for the sale of ILS in particular dedicated ILS funds and hedge funds
然而，對於散戶更有保障的說明或說法，卻並沒有在對應的第129A條中清楚說明。
However more protection or safeguard for ordinary retail investors was not mentioned in the proposed section 129A
倒過來看，政府只利用了"合資格投資者"的概念，而這概念在香港現行的監管架構中訂明了個人資產值達到800萬以上的投資者，均可被界定成合資格投資者。
In retrospect the Government only adopts the concept of qualified investors that investors with the personal assets up to 8 million under the existing regulatory framework are all deemed qualified investors
因此，我希望局長稍後回應時......
For that reason I hope the Secretary will later respond to my query because this is a very important part
《條例草案》另一個更根本的問題是，政府訂立此項法例的效用究竟是甚麼？
Another fundamental problem of the Bill is What is the effect will of this legislation by the Government?
是否代表很多機構、投資者會在香港發行巨災債券？
Does it mean that many institutions and investors will issue catastrophe bonds in Hong Kong?
很多資料顯示，巨災債券的發行費用主要包括違約風險保證金、成立特別目的公司、發行巨災債券的成本，以及投資銀行發行時產生的成本，例如廣告費、律師費等。
A lot of information has shown that the expenses of the issuance of catastrophe bonds mainly include the guarantee for default risk the setting up of dedicated companies the costs of issuing catastrophe bonds as well as the costs of issuance by investment banks such as advertisement legal costs and so on
局長閣下經常信誓旦旦的說香港沒有變，是值得信任的，因為本港有很深厚的法律制度，普通法的商業運作仍然存在。
The Secretary always vows that Hong Kong has not changed and Hong Kong is trustworthy due to its deep - rooted legal system and business operations are conducted under the common law system