kakase/hk_gov_press_release huggingface dataset:
Government welcomes passage of Insurance (Amendment) (No. 2) Bill 2020
17.7.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Insurance (Amendment) (No. 2) Bill 2020 by the Legislative Council today (July 17). The Ordinance seeks to amend the Insurance Ordinance (Cap. 41) to enhance the regulatory framework for the regulation and supervision of insurance groups where a holding company for the group is incorporated in Hong Kong. Mr Hui said that the Ordinance would help align Hong Kong's insurance regulatory regime with international standards and practices, reinforce Hong Kong's status as an international financial centre and establish Hong Kong as a preferred base for large insurance groups in Asia Pacific. Going forward, the Government and the Insurance Authority will proceed with the next stage of preparatory work, including formulation of implementation details and drafting of subsidiary legislation. The target is to commence the group-wide supervisory regime by end 2020 or early 2021.
Government welcomes passage of Insurance (Amendment) Bill 2020
17.7.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Insurance (Amendment) Bill 2020 by the Legislative Council today (July 17). The new Ordinance seeks to amend the Insurance Ordinance (Cap. 41) to provide for a new regulatory regime for the insurance-linked securities business and expand the scope of insurable risks of captive insurers set up in Hong Kong. Mr Hui said that the new Ordinance would create new business opportunities for the insurance sector and generate demand for related professional services. This would help consolidate Hong Kong's position as an international risk management centre. Going forward, the Government and the Insurance Authority will proceed with the next stage of preparatory work, including formulation of implementation details and drafting of subsidiary legislation. The target is to commence the new Ordinance by end 2020 or early 2021.
Government welcomes passage of Inland Revenue (Amendment) (Profits Tax Concessions for Insurance-related Businesses) Bill 2019
15.7.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Inland Revenue (Amendment) (Profits Tax Concessions for Insurance-related Businesses) Bill 2019 by the Legislative Council today (July 15). The Ordinance seeks to amend the Inland Revenue Ordinance (Cap. 112) to reduce the profits tax rate by 50 per cent (i.e. 8.25 per cent) for all general reinsurance business of direct insurers, selected general insurance business of direct insurers and selected insurance brokerage business. Mr Hui said that the new Ordinance would promote the development of the marine and specialty risk insurance businesses of Hong Kong and enhance the development of high value-added maritime services. The new Ordinance would also assist the insurance industry to seize new opportunities, including those arising from the Belt and Road Initiative. Going forward, the Government and the Insurance Authority will proceed with the next stage of preparatory work, including formulation of implementation details and drafting of subsidiary legislation. The target is to give effect to the aforementioned tax concessions by the end of 2020 or early 2021.
Government welcomes passage of Limited Partnership Fund Bill
9.7.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Limited Partnership Fund Bill by the Legislative Council today (July 9). The new Ordinance establishes a limited partnership fund regime which enables funds to be registered in the form of limited partnerships in Hong Kong. The new Ordinance will come into operation on August 31, 2020. Mr Hui said that as Hong Kong strives to develop into an international asset and wealth management centre, the new Ordinance made impressive strides on this front in attracting investment funds (including private equity and venture capital funds) to set up and operate in Hong Kong. This would further promote Hong Kong's private equity market and drive demand for local related professional services, and in turn strengthen Hong Kong's position as an international financial centre. The limited partnership fund regime is an opt-in registration scheme administered by the Companies Registry. Limited partnership is a common constitution form for private funds such as private equity funds. In a limited partnership, the general partner (i.e. operating person) with unlimited liability in respect of the debts and liabilities of the fund and the limited partner(s), who are essentially investors, with limited liability will have freedom of contract in respect of the operation of the partnership.
Government launches FinTech Anti-epidemic Scheme for Talent Development
1.7.2020

The Financial Services and the Treasury Bureau (FSTB) today (July 1) announced that the FinTech Anti-epidemic Scheme for Talent Development (FAST Scheme) under the second round of the Anti-epidemic Fund will be launched and open for application on July 2 to support the development of financial technology (fintech) in Hong Kong. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The Government has earmarked $6 billion under the Anti-epidemic Fund to create around 30 000 time-limited jobs in both public and private sectors in the coming two years for people of different skill sets and academic qualifications. To support fintech development, the FSTB will launch the FAST Scheme for fintech companies and start-ups, and other enterprises with fintech-related businesses to create 1 000 new jobs to employ local people and enrich Hong Kong's fintech talent pool." The Scheme will offer a quota of 1 000 openings for application on a first-come-first-served basis. Each fintech company can apply for one subsidy for a new full-time position. Successful applicants will receive $10,000 per month as a salary subsidy for a maximum of 12 months. The total funding involved may amount to $120 million. The applicant (company) must be a Hong Kong registered company or a not-for-profit organisation. The company must have commenced business before January 1, 2020, and still be in operation at the time of application. It must also be conducting substantive fintech activities at a fixed physical office in Hong Kong. The candidate must be a Hong Kong resident over 18 years old with a Hong Kong identity card and be a holder of accredited certificates, diplomas and degrees obtained in programmes of post-secondary and tertiary institutes in disciplines including information technology, digital media, accounting or business management; or be a person with relevant work experience. The FSTB has appointed Cyberport to administer the Scheme, which will be open for online application via the Scheme's dedicated website ( fast.cyberport.hk ) from July 2, 2020, to July 2, 2021. Details of the eligibility criteria, application procedures and supporting documents required are available at the website for preview.
LCQ13: Currency swap agreements with People's Bank of China
24.6.2020

Following is a question by the Hon Kenneth Leung and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (June 24): Question: On June 1, 2020, the Financial Secretary revealed that the Hong Kong Monetary Authority (HKMA) and the People's Bank of China (PBoC) had signed a currency swap agreement on Hong Kong dollars and the United States (US) dollars last year, and that such agreement would help defend the Linked Exchange Rate System, under which the Hong Kong dollar is pegged to the US dollar. In this connection, will the Government inform this Council: (1) of the date on which the agreement was signed, as well as the purpose and other details of the agreement; (2) whether HKMA signed the agreement with PBoC because of the consideration that relying solely on Hong Kong's foreign exchange reserve was insufficient for defending the Linked Exchange Rate System; and (3) whether, apart from the agreement and the Renminbi-Hong Kong dollar currency swap agreement which has been in force for more than a decade, HKMA and PBoC have signed any other currency swap agreements; if so, of the details? Reply: President, Our reply to the various parts of the question is as follows. (1) and (3) To facilitate the development of the offshore Renminbi (RMB) market in Hong Kong, the Hong Kong Monetary Authority (HKMA) signed an RMB/Hong Kong dollar (HKD) currency swap agreement with the People's Bank of China (PBoC) in January 2009. The HKD/United States dollar (USD) currency swap arrangement mentioned by the Financial Secretary is an enhancement made on the basis of this agreement. It is a one-way arrangement allowing the HKMA to swap in USD from the PBoC using HKD if any such need arises. (2) Hong Kong has strong fundamentals and solid financial strengths. Our banking system is also sound and robust. Underpinned by sizeable foreign reserves of over US$440 billion as well as strong market confidence, the Linked Exchange Rate System has been operating smoothly and served us well for 36 years since its implementation. The above-said enhancement arrangement aims at providing Hong Kong with more flexibility atop its already abundant reserves, thereby facilitating the regulatory authority to maintain market stability.
Government welcomes passage of tax concessions bill
10.6.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Inland Revenue (Amendment) (Tax Concessions) Bill 2020 by the Legislative Council today (June 10). The new Ordinance gives effect to the tax concessions proposed by the Government in the 2020-21 Budget, i.e. reducing salaries tax, tax under personal assessment and profits tax for the year of assessment 2019/20 by 100 per cent, subject to a ceiling of $20,000 per case. "The concessionary measure helps relieve the tax burden of taxpayers. The Inland Revenue Department will reflect the tax reductions in the tax demand notes to be issued; application is not required," Mr Hui said. The concessionary measure will benefit 1.95 million taxpayers of salaries tax and tax under personal assessment, and 141 000 tax-paying corporations and unincorporated businesses. The government revenue in 2020-21 will be reduced by $20.8 billion accordingly.
Interest on Tax Reserve Certificates
29.5.2020

The Government Gazette published today (May 29) contains a Legal Notice to the effect that the Secretary for Financial Services and the Treasury has authorised a change in the rate of interest payable on Tax Reserve Certificates. From June 1, 2020, the new annual rate of interest will be 0.2 per cent against the current rate of 0.2333 per cent, i.e. the new rate will be $0.0167 per month per $100. Tax Reserve Certificates bear simple interest, and interest is calculated monthly (including part of a month) from the date of purchase to the date of payment of tax. Interest is only credited when certificates are used to pay tax and no interest is due where the principal value of a certificate is repaid to its holder. The rate of interest payable on Tax Reserve Certificates is periodically revised in line with the market trend. Currently, it is reviewed every month based on the average prevailing interest rate for the 12-month time deposit for $100,000 to $499,999 offered by the three note-issuing banks. The new rate will apply to all certificates purchased on or after June 1, 2020. Certificates purchased before June 1, 2020, will continue to earn interest at the rates prevailing on their respective purchase dates. Below is a summary of the interest rates for the past periods: For certificates purchased on or after 0.0433 per cent per annum January 4, 2010, and before August 6, 2018: For certificates purchased on or after 0.0767 per cent per annum August 6, 2018, and before November 5, 2018: For certificates purchased on or after 0.2500 per cent per annum November 5, 2018, and before January 17, 2020: For certificates purchased on or after 0.3667 per cent per annum January 17, 2020, and before February 3, 2020: For certificates purchased on or after 0.3167 per cent per annum February 3, 2020, and before May 4, 2020: For certificates purchased on or after 0.2333 per cent per annum May 4, 2020, and before June 1, 2020: For certificates purchased on or after 0.2000 per cent per annum June 1, 2020, until further notice: This is always subject to the general rule that interest ceases to accrue after 36 complete months.
SFST visits Rating and Valuation Department (with photos)
28.5.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, visited the Rating and Valuation Department (RVD) today (May 28) to understand the operation of the department and public services it provides. Accompanied by the Commissioner of Rating and Valuation, Mr Choi Lap-yiu, Mr Hui toured the Enquiry Counter, Computer Division and Rating Division to chat with frontline staff to know more about their work. He was also briefed on the Property Information Online system and other computer systems. Mr Hui said, &ldquo;In the face of the economic downturn and rising unemployment rate, the Government has put in place a wide range of measures to support enterprises, safeguard jobs and relieve people's burden. Among them, the rates concessions have taken effect, which can certainly help ease the burden of domestic households and provide financial relief to businesses.&rdquo; The Financial Secretary announced one-off rates concessions that benefit about 3.35 million properties in the 2020-21 Budget . Each domestic tenement is entitled up to $1,500 concession per quarter for four quarters while the ceiling for non-domestic tenements is $5,000 per tenement per quarter for the first and second quarters, and $1,500 per tenement per quarter for the third and fourth quarters. During the COVID-19 pandemic, over 60% of the bills for rates and government rent were settled by electronic means. Mr Hui was pleased to note that the department's services were well received by the public and he appealed to the colleagues to keep up their good work for implementation of more services for public convenience.
SFST visits Official Receiver's Office (with photos)
22.5.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (May 22) visited the Official Receiver's Office (ORO) to learn about its bankruptcy and winding-up services provided to the public. Accompanied by the Official Receiver, Ms Phyllis McKenna, Mr Hui visited the Fast Track Cases Unit under the Case Management Division. He was briefed on the procedures for handling debtor-petition bankruptcy cases and the preparation for the Electronic Submission System (ESS). Mr Hui pointed out that the number of insolvency cases is likely to increase in light of the economic downturn and the rising unemployment rate. The ORO will keep in view the number of new cases received and consider possible measures as appropriate to streamline work procedures while using information technology to enhance efficiency to cope with the increasing caseload. The ESS is a one-stop portal to receive and time-stamp electronic submissions of documents and forms from various stakeholders, which can improve the ORO's efficiency in handling bankruptcy and winding-up cases. The Government will submit a funding application to the Finance Committee of the Legislative Council in due course, Mr Hui said. Mr Hui later inspected the public enquiry counters to better understand the services for filing bankruptcy and compulsory winding-up petitions, and conducting bankruptcy, individual voluntary arrangement and compulsory winding-up searches. Before concluding his visit, Mr Hui met with staff of the ORO to learn about their work. He also expressed appreciation for their efforts in providing public services amid the pandemic.
SFST visits Government Property Agency (with photos)
19.5.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, visited the Government Property Agency (GPA) today (May 19) to learn about its enhanced property management measures and support for frontline workers amid the COVID-19 pandemic, as well as other major areas of work of the department. Accompanied by the Government Property Administrator, Miss Leonia Tai, Mr Hui visited various divisions of the GPA and was briefed on their work, including the infection control measures implemented in joint-user government office buildings to combat COVID-19 and operations after public services had returned to normal. Mr Hui said, to recognise the contributions of cleaning and security staff engaged by government service contractors in the fight against the pandemic, the Government had made use of the Anti-epidemic Fund to provide a $1,000 monthly allowance to eligible workers for not more than four months. He noted that the GPA, as one of the major departments engaging contractors for cleaning and security services, had made arrangements with contractors to disperse the March and April allowance amounting to approximately $6 million, benefiting some 3 000 workers each month. Separately, the Government announced earlier a series of measures to support enterprises and safeguard jobs to counter the increasingly challenging economic environment, among which was rent concession for about 290 tenancies managed by the GPA, benefiting about 140 tenants. Another key area of work of the GPA is to take forward projects with cross-department facilities in implementing the "single site, multiple use" model in multi-storey development on government land, so as to optimise the use of land resources. Mr Hui thanked GPA staff for their dedicated services, saying that the department provides strong support to all other government departments, providing timely solutions to ensure the effective implementation of infection prevention measures that safeguard the well-being of officers working in government buildings and members of the public who visit the premises for public services.
Government announces details of Subsidy Scheme for Securities Industry under Anti-epidemic Fund
18.5.2020

The Financial Services and the Treasury Bureau (FSTB) today (May 18) announced that the Subsidy Scheme for the Securities Industry under the second round of the Anti-epidemic Fund will be launched and open for application on May 25 to support small and medium-sized intermediaries and licensed individuals in the securities industry. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "Under the COVID-19 pandemic, small and medium-sized securities intermediaries and brokers mainly serving retail customers have been adversely affected to a certain extent. The Government will provide special subsidies under the second round of the Anti-epidemic Fund to alleviate their operating burden and pressure." Details of the Scheme are as follows: Exchange Participants Category B and Category C participants of the Stock Exchange of Hong Kong (SEHK) and/or participants of the Hong Kong Futures Exchange (HKFE) as at March 31, 2020, and still in operation at the time of application are eligible to receive a one-off subsidy of $50,000 per company. Category A SEHK participants (i.e. securities firms ranked in the top 14 by market turnover) are not eligible for any subsidy even if they are HKFE participants. Securities and Futures Commission (SFC) licensees Individuals licensed with the SFC (i.e. Responsible Officer or Licensed Representative) as at March 31, 2020, are eligible to receive a one-off cash subsidy of $2,000 per person. The FSTB has appointed the Hong Kong Securities and Investment Institute (HKSI Institute) to disburse the subsidies. The Scheme will be open for online or paper applications from May 25 to September 30, 2020. Applicants are only required to submit basic identification information, the SFC Central Entity number and bank account information. Details of the application procedures are available at the HKSI Institute's website ( www.hksi.org ) for preview.
Stamp Duty Ordinance amended to lower transaction cost for primary market ETF activities
15.5.2020

The Government published the Stamp Duty Ordinance (Amendment of Schedule 8) Regulation 2020 (Regulation) in the Gazette today (May 15). The Regulation seeks to amend Schedule 8 to the Stamp Duty Ordinance (Cap. 117) to waive the stamp duty on stock transfers involving the activities of exchange traded fund (ETF) market makers in the course of allotting and redeeming ETF units listed in Hong Kong. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The rapid growth of ETF market has brought new opportunities to the development of our securities market. By reducing the transaction cost of ETFs listed in Hong Kong, the new initiative will spur the development of our ETF market and drive the depth and liquidity of our securities market, thereby reinforcing Hong Kong's position as an international financial centre." "I am pleased to see the Hong Kong Exchanges and Clearing Limited's similar efforts in introducing further measures to lower the transaction cost of ETFs traded in Hong Kong. I am confident that with our concerted efforts, we will be able to attract more ETFs to list on our market and develop Hong Kong as an ETF hub of choice in the region." In his 2020-21 Budget, the Financial Secretary announced the new initiative of waiving the stamp duty on stock transfers for primary market ETF activities. The stamp duty for trading ETF in the secondary market in Hong Kong has been waived since 2015. Following the gazettal today, the Regulation will be tabled before the Legislative Council for negative vetting on May 20 and will come into effect on August 1, 2020.
Government welcomes HKQAA's Green Finance Certification Scheme - ESG Fund
14.5.2020

The Hong Kong Quality Assurance Agency (HKQAA) today (May 14) announced the launch of its Green Finance Certification Scheme - ESG Fund to provide third-party conformity assessments on the environmental, social and governance (ESG) fund and further promote ESG initiatives with a view to directing capital flows towards green and sustainable uses. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "We welcome the HKQAA's launch of its Green Finance Certification Scheme - ESG Fund. Building on the success of the certification scheme for green debt instruments and the green fund introduced in 2018 and 2019 respectively, the extension to the ESG fund will promote more disclosure and strengthen market confidence in green financial products as we continue to develop and consolidate Hong Kong as the leading hub for green finance in the region. "We are pleased to note the increasing market awareness of ESG efforts in Hong Kong. The Government will continue to support the certification scheme and encourage more local, Mainland and overseas entities to make use of the scheme and Hong Kong's capital markets for ESG investments and financing."