kakase/hk_gov_press_release huggingface dataset:
SFST visits public market to inspect use of e-payment and appeals for public participation in Legislative Council General Election (with photos)
25.11.2021

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (November 25) visited Smithfield Market in Kennedy Town, Central and Western District, to inspect the use of electronic payment (e-payment) by stall operators and customers there. He also took the opportunity to call on members of the public to vote in the Legislative Council General Election to be held next month. Accompanied by the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan; the Deputy Director of Food and Environmental Hygiene (Environmental Hygiene), Miss Diane Wong; and the District Officer (Central and Western), Mr David Leung, Mr Hui visited several stalls to learn about operators' feedback and their customers' reviews on the use of e-payment in aspects such as efficiency, transaction fee and adaptability. Responding to the feedback received, Mr Hui said, "E-payment is fast and convenient, making it an irreversible trend in retail development. Under the pandemic, contactless payment is also in line with the public health perspective. The Consumption Voucher Scheme announced by the Financial Secretary at the Budget has brought multiple benefits by significantly encouraging the use of e-payment and accelerating the application of fintech in daily life." With the popularisation of e-payment, Mr Hui said he believed that stored value facilities (SVF) operators will progressively reduce their fees as a result of competition in future, which will in turn benefit merchants. Since the announcement on the selection of the four SVF operators to assist in implementing the Consumption Voucher Scheme in April this year, the number of consumer accounts of the four operators and the number of merchants accepting e-payment have increased by more than 3.3 million and 80 000 respectively as at end-September. Meanwhile, Mr Hui today called on stall operators and members of the public at Smithfield Market to exercise their right to vote on the polling day of the 2021 Legislative Council General Election on December 19. "There will be competition in Election Committee, functional and geographical constituencies in the upcoming Legislative Council General Election. Therefore, the active participation of voters is of utmost importance to bring a new style of policy discussion to the Legislative Council. I strongly believe that a diverse and pragmatic legislature which cares about the well-being of the public will be conducive to Hong Kong's future economic and financial development," Mr Hui said. "Please cast your vote to elect new members with capability and aspiration for the Legislative Council to ensure 'patriots administering Hong Kong' under the improved electoral system."
Financial regulators and HKMA issue circulars to strongly encourage employees of institutions and intermediaries under their purview to get vaccinated
1.11.2021

In view of the evolving pandemic developments since the COVID-19 outbreak and the threat posed by mutant strains, the financial regulators and the Hong Kong Monetary Authority (HKMA) have issued circulars to the institutions, intermediaries and trustees under their purview, strongly encouraging all relevant employees to get vaccinated as soon as possible. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (November 1) said that he supports the appeal of the financial regulators and the HKMA. He said, "When the relevant employees provide financial services, they often have face-to-face contact with their clients or perform critical support functions. In the face of the threat posed by mutant strains, vaccination is the best way for self-protection as well as to protect their colleagues and clients. It can also help to ensure the normal operation of Hong Kong's financial system and society." The HKMA, the Securities and Futures Commission, the Insurance Authority, the Mandatory Provident Fund Schemes Authority and the Financial Reporting Council, in their individual circulars, requested the relevant sectors to adopt the vaccination in lieu of regular testing arrangement and proactively encourage all the relevant employees to receive vaccination as early as possible. Staff who have not received the first dose of a COVID-19 vaccine by November 30, 2021, or are unfit to receive vaccination due to medical conditions can opt to undergo effective testing for COVID-19 every two weeks. Mr Hui said, "Hong Kong's vaccination rate has yet to achieve the basic target of 70 per cent and the number of people receiving vaccination per day has been fluctuating downwards. I call on all those working in the financial industry to continue to work together and get vaccinated as soon as possible, so as to provide a more stable foundation for a full economic recovery. The Government will also continue to review various anti-epidemic measures to allow resumption of the normal activities of society."
Government welcomes passage of Mandatory Provident Fund Schemes (Amendment) Bill 2021
22.10.2021

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Mandatory Provident Fund Schemes (Amendment) Bill 2021 by the Legislative Council today (October 22) to provide a solid legal basis for the implementation of the eMPF Platform. The amended Ordinance sets out the operating framework and mandatory use of the eMPF Platform, the mechanism to ensure a straight pass-on of cost savings achieved from the streamlined administrative work flow to scheme members, the roles and responsibilities of different parties, as well as miscellaneous amendments such as lowering the statutory cap on out-of-pocket expenses of Default Investment Strategy constituent funds from 0.2 per cent to 0.1 per cent per annum. Mr Hui said, "The eMPF Platform will provide a one-stop, paperless, more efficient and user-oriented experience in Mandatory Provident Fund (MPF) scheme administration. Being the most important reform initiative since the inception of the MPF System in December 2000, the eMPF Platform will reshape the current decentralised operating landscape and bring about significant cumulative cost savings, in a range of $30 billion to $40 billion in 10 years of the operation, for the benefit of scheme members. "The eMPF Platform will also facilitate the implementation of 'full portability', and open up possibilities of new measures and functionalities," Mr Hui added. The Government, the Mandatory Provident Fund Schemes Authority and the eMPF Platform Company Limited are working at full steam to build the eMPF Platform. Its target is to complete the hardware and software development by the end of 2022 at the earliest. The Government will specify, by way of a notice published in the Gazette, the date of the mandatory use of the eMPF Platform by individual trustees and their MPF schemes in an orderly manner starting from 2023. The eMPF Platform will become fully functional in around 2025 when the migration of all trustees and MPF schemes is completed.
Government welcomes passage of Financial Reporting Council (Amendment) Bill 2021 
22.10.2021

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Financial Reporting Council (Amendment) Bill 2021 by the Legislative Council today (October 22) which would enhance the regulatory regime of the accounting profession in Hong Kong. The amended Ordinance enables the Financial Reporting Council (FRC) to become a full-fledged independent regulatory body for the accounting profession. In the new name of Accounting and Financial Reporting Council under the new regime, the FRC will perform expanded statutory functions, including the issuance of practising certificates to certified public accountants; registration of accounting practice units and Public Interest Entities auditors; and inspection, investigation and discipline work of the accounting profession. The FRC will also oversee the Hong Kong Institute of Certified Public Accountants' performance in its various statutory professional functions. Mr Hui said, "The amended Ordinance brings Hong Kong's regulatory regime of the accounting profession more in line with international developments and with increased coherence and efficiency, hence reinforcing our status as an international financial centre and business hub, and facilitating the long-term development of the profession. "According to the legal framework of the amended Ordinance, the Government will prepare the subsidiary legislation to provide for the transitional arrangements of the new regulatory regime. The FRC will also develop guidelines and other administrative documents in relation to its expanded powers. The accounting profession and other stakeholders will be engaged in the process." The amended Ordinance will commence operation on a day to be appointed by the Secretary for Financial Services and the Treasury by notice published in the Gazette after the necessary preparatory work has been completed.
Government welcomes passage of Securities and Futures (Amendment) Bill 2021 and Limited Partnership Fund and Business Registration Legislation (Amendment) Bill 2021
30.9.2021

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Securities and Futures (Amendment) Bill 2021 and Limited Partnership Fund and Business Registration Legislation (Amendment) Bill 2021 by the Legislative Council today (September 30), which would spur the rapid development of the asset and wealth management business of Hong Kong. The amended Ordinances establish new fund re-domiciliation mechanisms for existing funds set up in corporate or limited partnership form outside Hong Kong to re-locate their registration and operation to Hong Kong and to be registered as open-ended fund companies (OFCs) or limited partnership funds (LPFs) respectively. The re-domiciliation mechanisms will come into operation on November 1, 2021. Mr Hui said, "To give full play to Hong Kong's advantages as an international asset and wealth management centre, introducing the fund re-domiciliation mechanisms enhances the investment fund regimes of Hong Kong with a view to attracting investment funds from all over the world to set foot in Hong Kong. This would further develop Hong Kong into a preferred fund domicile and drive demand for local related professional services, and in turn strengthen Hong Kong's position as an international financial centre." Under the re-domiciliation mechanisms, existing investment funds set up in corporate or limited partnership form outside Hong Kong may apply to the Securities and Futures Commission or the Companies Registry for registration of the fund as an OFC or LPF in Hong Kong respectively. Upon re-domiciliation, the continuity of the fund, including contracts made and property acquired, will be preserved. The mechanisms do not operate to create a new legal entity (which will necessitate dissolution procedures of the original fund). The fund would have the same rights and obligations as any other newly established OFCs or LPFs in Hong Kong. The fund will be required to deregister in its original place of establishment upon re-domiciliation.
LCQ7: Nationality information of shareholders and directors of companies
15.9.2021

Following is a question by the Hon Leung Che-cheung and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (September 15): Question: As the item of nationality is not included in the details of shareholders and directors of a company limited by shares currently required to be provided on the incorporation forms (company limited by shares) and the annual returns completed and returned to the Companies Registry under the Companies Ordinance (Cap. 622), members of the public cannot get to know such information of a particular company when they inspect the Companies Register. In this connection, will the Government inform this Council whether it will amend Cap. 622 to include the nationalities of shareholders and directors in the details to be provided, as well as to allow public inspection of this item of information, so as to facilitate members of the public to understand more of the background and sources of funds of the company concerned; if so, of the details; if not, the reasons for that? Reply: President, The Companies Ordinance (Cap. 622) (CO) stipulates that particulars required to be contained in the relevant forms (including the incorporation form and annual return) delivered by the company include name and address of each member; and for each natural person director, such particulars include name, usual residential address, correspondence address (the provisions requiring report of correspondence address will commence operation on October 24, 2022), number of the Hong Kong identity card (HKID card) or, if the person is not a holder of HKID card, number and issuing country of any passport held by that person. Although the CO does not require a company to report nationality of its directors or members to the Companies Registry (CR), searchers could identify whether the directors are holders of HKID card or issuing place of their passports based on the type of their personal identification documents. The requirement on companies to report nationality of their directors to the CR under the predecessor CO was abolished in 1999 having regard to the recommendation of the Standing Committee on Company Law Reform, on the ground that disclosure of nationality of directors might not be an additional benefit to searchers against the trend of globalisation of business. The requirement to disclose nationality was also a potentially sensitive matter as it could indicate a director's racial or ethnic origin, and would incur unnecessary administrative burden on companies. Since the enactment of the current CO in 2012, information available on the Companies Register is sufficient for searchers to identify a director and peruse major information of registered companies, as well as for relevant parties including law enforcement officers to carry out their functions in relation to statutory procedures, law enforcement, and customer due diligence for financial and business transactions. Hence, we have no plan to require companies to report nationality of their members and directors at this stage.
Financial regulators and advisory bodies to implement vaccination in lieu of regular testing arrangement
25.8.2021

To have a strong defence against the COVID-19 virus and its mutant strains, the Government announced earlier that all government employees are subject to the vaccination in lieu of regular testing (VRT) arrangement. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (August 25) said he was pleased to learn that financial regulators and advisory bodies have also taken the initiative to respond to the appeal by the Government to implement the VRT arrangement, for establishing a healthy working environment in order to allow the Hong Kong economy to resume normal operation gradually. The Hong Kong Monetary Authority implemented the VRT arrangement in early August. The Securities and Futures Commission, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, the Financial Reporting Council and the Financial Services Development Council are also planning, according to their respective circumstances, to implement the VRT arrangements similar to that of the Government. Regardless of their duties, work nature and workplace, all employees who have not received their first dose of a vaccine are required to undergo nucleic acid tests for COVID-19 using combined nasal and throat swabs at community testing centres every two weeks. Mr Hui said, "The financial regulators and advisory bodies can lead by example by encouraging their employees to receive vaccination by implementing the VRT arrangement. It can help enormously to build a strong defence against the COVID-19 virus and its mutant strains, and thus enable Hong Kong's economy to continue to recover." The Hong Kong economy remained on track for recovery in the second quarter of 2021. Real Gross Domestic Product continued to grow notably by 7.6 per cent in the second quarter over the figure a year earlier. Mr Hui added, "In fact, since the outbreak of the pandemic, Hong Kong has been by and large operating smoothly as an international financial centre and maintaining sustainable development." Mr Hui said he expects that in addition to the employees of the financial regulators and advisory bodies, more and more people of the financial services industry will actively respond to the Early Vaccination for All campaign by receiving vaccines, so as to allow gradual resumption of normal activities in society as well as provide a more solid foundation for economic recovery. The COVID-19 Vaccination Programme was launched in late February, and the total number of doses of vaccines administered has surpassed 7 million as of last weekend.
Further reform of accounting profession regulatory regime 
16.7.2021

The Government published in the Gazette today (July 16) the Financial Reporting Council (Amendment) Bill 2021 to further develop the Financial Reporting Council (FRC) into a full-fledged independent regulatory body for the accounting profession. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The Bill seeks to further enhance the independence of our regulatory regime of the accounting profession in line with international developments with increased coherence and efficiency, hence reinforcing our status as an international financial centre and business hub." Under the proposed regime, regulatory powers currently vested with the Hong Kong Institute of Certified Public Accountants (HKICPA) will be transferred to the FRC, including issue of practising certificates; registration of practice units and local Public Interest Entities (PIE) auditors; inspection, investigation and discipline over practice units; and investigation and discipline over certified public accountants (CPAs). In transferring these regulatory powers to the FRC, the scope of the powers and the types and levels of relevant sanctions will follow those in the regime currently implemented by the HKICPA. The HKICPA will continue to discharge various functions including ascertaining qualification for registration as CPAs by conducting examinations; registering CPAs; setting standards on professional ethics, accounting, auditing and assurance; and setting requirements for continuing professional development, etc. These functions will be put under the FRC's oversight. Mr Hui said, "The principle of proportionality will be adopted in the FRC's future exercises of its proposed regulatory functions over the accounting profession that is different when compared to the existing regulation over PIE auditors. For all the regulatees to be newly handled by the FRC (including small and medium practices which do not work on PIE engagements) under the proposed new regime, the regulatory scope and requirements applicable to them will remain comparable to those currently provided in the Professional Accountants Ordinance (Cap. 50)." The Government has engaged stakeholders including the FRC, the HKICPA, major accounting bodies, accounting professionals and practices, and trade groups who are users of professional accounting services. The Legislative Council (LegCo) Panel on Financial Affairs was also briefed on July 5. Stakeholders are generally supportive of the direction of the proposed reform. The Bill will be introduced into the LegCo for first reading on July 21.
Gazettal of Mandatory Provident Fund Schemes (Amendment) Bill 2021
9.7.2021

The Government published in the Gazette today (July 9) the Mandatory Provident Fund Schemes (Amendment) Bill 2021 (the Bill). The Bill seeks to enable the implementation of the common electronic platform for the administration of Mandatory Provident Fund (MPF) schemes (i.e. the eMPF Platform) and make other related amendments. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The eMPF Platform will bring multi-faceted benefits to MPF scheme members, employers, self-employed persons and trustees. Through standardising, streamlining, and automating scheme administration processes, and enabled by economies of scale and digitalisation, the eMPF Platform will enhance the operational efficiency and cost effectiveness of the MPF System, thereby creating room for fee reductions and a better experience for users." Mr Hui said, "It is estimated that as soon as the MPF trustees and their schemes migrate to the eMPF Platform in sequence, scheme members can enjoy an average of about a 30 per cent cut in the scheme administration fee payable, with a corresponding reduction to the overall fee level. The total cumulative quantifiable cost savings to scheme members would reach $30 billion to $40 billion in 10 years of the operation of the eMPF Platform. The industry will also benefit from the enhanced operational efficiency and reduced administrative and regulatory burden." Apart from setting out the operating framework and mandatory use of the eMPF Platform, the Bill will also delineate the public functions of the eMPF Platform Company Limited that will administer and operate the Platform, the overseeing role of the Mandatory Provident Fund Schemes Authority (MPFA), the requirements on cost savings and setting of the administration fee, as well as the streamlined work flow. The Bill will also make certain miscellaneous amendments to the existing legislations. The Government and the MPFA are working full steam to implement the eMPF Platform project. It is expected that the development of the eMPF Platform will be completed by the end of 2022 and that the Platform would come into full operation in around 2025 at the earliest following the phased migration of trustees. The Bill will be introduced into the Legislative Council for first reading on July 14.