kakase/hk_gov_press_release huggingface dataset:
SFST attends Constituency Meeting at ADB Annual Meeting in Philippines (with photos)
28.9.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (September 28) attended the 55th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Manila, the Philippines. Mr Hui attended the Constituency Meeting at the ADB Annual Meeting this afternoon. The meeting, among others, discussed the ADB's response to the challenges of COVID-19, particularly the resources allocated to help developing member countries procure and deliver vaccines. The promotion of universal access to clean and affordable energy was also discussed. Noting that Hong Kong is an international financial centre with a deep pool of professional services providers, Mr Hui said that the city could collaborate with the international community and provide effective solutions in three areas to help overcome challenges faced by the world. On fintech development, Mr Hui said that a vibrant scene is emerging through provision of an enabling regulatory environment and subsidies for innovative projects to encourage innovation in financial services. He added that Hong Kong is well-equipped to develop into a leading regional hub for green and sustainable finance and encouraged the ADB to make use of the broad availability of financiers in the city for fund raising. Mr Hui also told participants that Hong Kong, a global offshore Renminbi business hub, possesses a unique edge in connecting capital between the Mainland and the rest of the world. Earlier today, Mr Hui paid a courtesy call to the Charge d'Affaires of the Chinese Embassy in the Philippines, Mr Zhou Zhiyong. He briefed Mr Zhou on the good development of Hong Kong's financial industry. He hoped that Hong Kong could contribute to the relationship between the country and the Philippines, in line with the strategies of the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area development. Mr Hui will also attend a dinner hosted by the Philippine Government tonight. He will attend the Governors' Seminar and Governors' Business Session at the Annual Meeting of the ADB in Manila tomorrow (September 29) before returning to Hong Kong.
SFST meets Asian Development Bank President in Philippines (with photos)
26.9.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, started his visit to Manila, the Philippines, today (September 26). Mr Hui met with the President of the Asian Development Bank (ADB), Mr Masatsugu Asakawa. During their meeting, Mr Hui told Mr Asakawa that amid the uncertainties faced by the global economy, ADB and its staunch supporter, Hong Kong, would work together particularly in infrastructure investment to raise productivity in the region. He added that Hong Kong, leveraging on the opportunities from the National 14th Five-Year Plan, the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt and Road Initiative, would strive to play an active role in supporting infrastructure financing in the region. Earlier today, Mr Hui had a bilateral meeting with the Executive Director of the ADB, Mr Tony McDonald, who represents Hong Kong's constituency on the ADB Board of Directors. Mr Hui said he was pleased to note that ADB raised over US$928 million through bond issuances in Hong Kong in 2021. Adding that the volume of green and sustainable bonds arranged in Hong Kong amounted to US$31.3 billion in 2021, accounting for one-third of the Asian green and sustainable bond market, Mr Hui encouraged ADB to make use of the broad availability of financiers in the city for fund-raising. He also introduced to Mr McDonald the rapid development of offshore Renminbi business in Hong Kong, as well as elaborating on how the current interaction between the global, Mainland and Hong Kong interest rate markets had created a favourable market environment for the issuance of "dim-sum" bonds. Tomorrow (September 27), Mr Hui will meet the Governor of the Bangko Sentral ng Pilipinas, Dr Felipe Medalla; the Secretary of Foreign Affairs of the Philippines, Mr Enrique Manalo, and the Undersecretary of Finance of the Philippines, Mr Mark Joven. He will also speak at the breakfast and dialogue on Hong Kong as an international financial centre organised by Asia Society Philippines, as well as attend a luncheon by Hongkong Chamber of Commerce of the Philippines Inc.
SFST to attend 55th Asian Development Bank Annual Meeting in Philippines
24.9.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, will depart for Manila, the Philippines, next Monday (September 26) for the 55th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB). On the sidelines of the meeting, Mr Hui will meet with the President of the ADB, Mr Masatsugu Asakawa, ADB senior personnel and other financial officials attending the annual meeting. He will also meet with senior officials of the Philippine government, as well as have a dialogue with businesspeople invited by Asia Society Philippines. Mr Hui will return to Hong Kong on September 29. During his absence, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will act as the Secretary for Financial Services and the Treasury.
SFST expresses sorrow over passing of Dr Vincent Cheng
29.8.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (August 29) expressed his deep sorrow over the passing of Dr Vincent Cheng. Mr Hui said, "Dr Cheng worked his way up to become an outstanding banker, who made valuable contributions to the overall financial market in Hong Kong. He spared no effort in contributing to the trade and the community, serving as the Chairman of the Mandatory Provident Fund Advisory Board and the Process Review Panel for the Securities and Futures Commission. He was also a keen supporter of education in Hong Kong and had served on the councils of a number of higher education institutions. "I would like to extend my deepest condolences to the family of Dr Cheng, who was a role model for the future generations of our industry."
FSTB secretary tests positive for COVID-19
10.8.2022

The Financial Services and the Treasury Bureau (FSTB) today (August 10) said that a secretary has tested positive for COVID-19 through a rapid antigen test. The secretary is responsible for providing secretarial support to the Secretary for Financial Services and the Treasury, Mr Christopher Hui. She does not need to have contact with the public in performing her duties and she wore masks and followed relevant disease prevention measures at work. She has no recent travel history. She last went to work on August 9. Mr Hui has been taking COVID-19 rapid tests every day and the results are all negative. The FSTB will conduct thorough cleaning and disinfection at the relevant offices and arrange for relevant staff members to undergo COVID-19 tests in accordance with the advice from the Centre for Health Protection of the Department of Health.
Political Assistant to SFST tests preliminarily positive for COVID-19
4.8.2022

The Financial Services and the Treasury Bureau (FSTB) today (August 4) said that the Political Assistant to the Secretary for Financial Services and the Treasury, Mr Julian Ip, has tested preliminarily positive for COVID-19. Mr Ip last went to work on August 2. He wore masks and followed relevant disease prevention measures at work. He has no recent travel history. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, have been taking COVID-19 rapid tests every day and the results are all negative. The FSTB has conducted thorough cleaning and disinfection at the relevant offices and arranged for relevant staff members to undergo COVID-19 tests in accordance with the advice from the Centre for Health Protection of the Department of Health.
Government welcomes passage of Professional Accountants (Amendment) Bill 2022
13.7.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Professional Accountants (Amendment) Bill 2022 by the Legislative Council today (July 13), which would enhance the election arrangement of the Council of the Hong Kong Institute of Certified Public Accountants (HKICPA) and the HKICPA's administrative procedures. The amended Professional Accountants Ordinance raises the nomination requirements for election to the HKICPA Council by increasing the number of nominations required from certified public accountants from the current two (one as a proposer and the other as a seconder) to 10 (one as a proposer and the other nine as seconders), and imposing a new requirement for obtaining nominations from two members of the Advisory Committee of the Accounting and Financial Reporting Council (AFRC) as seconders. The amended Ordinance also aligns the election cycle of all 14 elected Council members to a biennial cycle and enhances the administrative procedures for conducting Council elections and general meetings of the HKICPA. Mr Hui said, "The amended Ordinance ensures the robustness of the HKICPA's corporate governance and establishes a close linkage between the AFRC and the HKICPA, thereby enabling the effective discharge of the various functions under the new regulatory regime of the accounting profession and in turn benefitting the long-term development of the profession." The amended Ordinance will take effect on November 1, 2022. According to the transitional arrangement, the term of office of the 14 incumbent elected members of the HKICPA Council will draw to a close in end-2023. The enhanced election arrangement will commence operation at the Council election to be held then.
Government welcomes passage of tax deduction for domestic rent
22.6.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Inland Revenue (Amendment) (Tax Deductions for Domestic Rents) Bill 2022 by the Legislative Council today (June 22). It gives effect to the measure proposed in the 2022-23 Budget for allowing a tax deduction for domestic rent. "The measure aims at easing the burden on taxpayers liable to salaries tax and tax under personal assessment who do not own any domestic property. Eligible taxpayers can provide information about their expected domestic rent paid in relation to the year of assessment (YA) 2022/23 in the tax returns for YA 2021/22. The Inland Revenue Department will take into account the deduction when assessing the provisional salaries tax for YA 2022/23. The measure is expected to benefit about 430 000 taxpayers. The government revenue forgone will amount to about $3.3 billion per year," Mr Hui said. The maximum amount of allowable deduction is $100,000 for each YA. A taxpayer may claim a deduction for the rent paid by him/her or his/her spouse (who is not living apart from him/her) in relation to a relevant YA for renting domestic premises. The relevant premises must be the taxpayer's principal place of residence, and the relevant tenancy must be stamped. There is no limit for the entitlement period. Details of the tax deduction for domestic rent can be found on the webpage at www.ird.gov.hk/eng/tax/drd.htm .
SFST pays home visits under Celebrations for All project to extend warm greetings to grass-roots families (with photos)
16.6.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (June 16) visited seven grass-roots families in Sha Tin and Sai Kung Districts under the Celebrations for All project, and distributed gift packs in celebration of the 25th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR) to share with them the joy of the 25th anniversary celebrations. Accompanied by the District Officer (Sha Tin), Miss Carol Or, Mr Hui first visited an elderly person living alone, an elderly doubleton household and a low-income family residing in Sha Kok Estate and Pok Hong Estate. Then, in the company of the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, and the District Officer (Sai Kung), Mr David Chiu, he visited four households, including a singleton elderly person and ethnic minority families, in Sheung Tak Estate in Tseung Kwan O. Mr Hui chatted with the families to understand their daily needs and presented them with gift packs to share the happiness of the 25th anniversary celebrations. Mr Hui noted that he was glad to take part in the project to extend his warm greetings to grass-roots families. He said, "As the 25th anniversary of Hong Kong's return to our motherland approaches, members of the public and I look forward to celebrating this meaningful day together. We hope that all sectors of the community will continue to work together to stride ahead so that Hong Kong can scale new heights." He also thanked the community organisations and volunteers participating in the project for showing care for the underprivileged and creating a more harmonious society. The Celebrations for All project is one of the major events to celebrate the 25th anniversary of the establishment of the HKSAR. With funding from the Hong Kong Jockey Club Charities Trust, the project has been implemented by the 18 District Offices under the Home Affairs Department together with non-governmental organisations and community organisations in the districts.
Interest on Tax Reserve Certificates
2.6.2022

The Government Gazette published today (June 2) 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 6, 2022, the new annual rate of interest will be 0.1333 per cent against the current rate of 0.05 per cent, i.e. the new rate will be $0.0111 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 6, 2022. Certificates purchased before June 6, 2022, 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 0.2333 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, and before December 7, 2020: For certificates purchased on or after 0.1500 per cent per annum December 7, 2020, and before April 7, 2021: For certificates purchased on or after 0.1167 per cent per annum April 7, 2021, and before May 3, 2021: For certificates purchased on or after 0.0833 per cent per annum May 3, 2021, and before June 7, 2021: For certificates purchased on or after 0.0500 per cent per annum June 7, 2021, and before June 6, 2022: For certificates purchased on or after 0.1333 per cent per annum June 6, 2022, until further notice: This is always subject to the general rule that interest ceases to accrue after 36 complete months.
Government welcomes approval of Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2022
1.6.2022

The Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2022 (Amendment Regulation) was approved by the Legislative Council today (June 1) to facilitate Mandatory Provident Fund (MPF) investment in debt securities issued or unconditionally guaranteed by the Central People's Government (CPG), its central bank and the three Mainland policy banks. Pursuant to the amended Mandatory Provident Fund Schemes (General) Regulation (Cap. 485A), the CPG, the People's Bank of China, the Agricultural Development Bank of China, the China Development Bank and The Export-Import Bank of China would become an "exempt authority" under the Regulation. An MPF constituent fund could invest up to 30 per cent of its total funds in debt securities of the same issue issued or unconditionally guaranteed by an exempt authority. Separately, all of the funds of the MPF constituent fund could also be invested in debt securities comprising at least six different issues issued or unconditionally guaranteed by the same exempt authority. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the approval of the Amendment Regulation. He said, "The Amendment Regulation was made in response to demands from both MPF scheme members and the industry. Mainland government debt securities present great investment potential and have the benefit of risk diversification. The legislative proposal would provide MPF scheme members with more diversified options of investment and enable them to leverage the opportunities brought by the development of the Mainland bond market." Mr Hui added, "The Mainland bond market is now the largest in Asia and the second-largest in the world. The facilitation measure also helps promote mutual access between the Mainland and Hong Kong financial markets, further strengthens Hong Kong's status as a global offshore Renminbi business hub, and supports Hong Kong's integration into the overall development of the country." The Amendment Regulation will take effect upon gazettal on June 10.
Coordination Group on Implementation of Fintech Initiatives convenes second meeting
23.5.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (May 23) chaired the second meeting of the Coordination Group on Implementation of Fintech Initiatives (CGFin) and listened to the views of representatives from the financial services and fintech sectors, academia and research institutions on the development of Hong Kong's fintech sector. Mr Hui said, "The Government attaches great importance to maintaining regular liaison with the fintech sector, academia and research institutions to ensure our fintech policy and initiatives are proactive enough and also implemented in a way which matches the needs for market development. Convening the CGFin meeting is a crucial part of our work to establish a closer link with the trade. We are indebted to the views expressed by the industry representatives." Representatives from the Government and financial regulators briefed members on the measures to further promote the development of the fintech sector announced in the 2022-23 Budget and their progress, including the launch of a new round of the Fintech Proof-of-Concept Subsidy Scheme this year to encourage fintech companies and financial institutions to conduct proof-of-concept on more innovative and practical financial services and products. On nurturing fintech talents, the industry has responded positively to the second round of the Financial Practitioners Fintech Training Programme launched in February this year, with over 7 100 practitioners registered. Moreover, the Government will push forward this year the establishment of professional qualifications for fintech practitioners recognised by the Qualifications Framework, and roll out a subsidy scheme to encourage practitioners to attain such qualifications, thereby promoting the professional development of fintech talents. The Secretary for Financial Services and the Treasury is the Chairman of the CGFin. Its members include representatives from the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, Invest Hong Kong, Cyberport and the Hong Kong Science and Technology Parks Corporation.
Revisions to election arrangements of Council of Hong Kong Institute of Certified Public Accountants
13.5.2022

The Government published in the Gazette today (May 13) the Professional Accountants (Amendment) Bill 2022 to revise the election arrangements of the Council of the Hong Kong Institute of Certified Public Accountants (HKICPA) and make other technical changes to enhance the corporate governance and administrative effectiveness of the HKICPA. The proposed revisions include: (i) raising the nomination threshold for election to the HKICPA Council to increase the number of nominations to be obtained from certified public accountants by the candidates from two (one as a proposer and one as a seconder) to 10 (one as a proposer and nine as seconders), and require the candidate to also obtain nominations from two members of the Advisory Committee of the Accounting and Financial Reporting Council as seconders; (ii) aligning the election cycle for the 14 elected Council members to a biennial cycle instead of holding an election for half of the seats each year; and (iii) enhancing the administrative procedures for the conducting of Council elections and general meetings of the HKICPA. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "We have engaged representatives of major accounting professional bodies in the past few months to listen to their concerns about the HKICPA Council's election method and governance effectiveness. We formulated the current legislative proposals after taking into careful consideration the views collected. The proposals will enhance the representativeness of the HKICPA Council, allow the HKICPA to better focus its resources and attention on professional matters, and enable it to better perform its professional functions under the new regulatory regime of the accounting profession." The Government has engaged the HKICPA and major accounting bodies. Stakeholders are generally supportive of the direction of the proposals. The Government consulted the Legislative Council (LegCo) Panel on Financial Affairs on April 4 on the proposals and obtained the Panel's support. The Bill will be introduced into the LegCo for first reading on May 18.