kakase/hk_gov_press_release huggingface dataset:
SFST visits Companies Registry (with photos)
8.5.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, visited the Companies Registry (CR) today (May 8) to view its operation after full resumption of public services. Accompanied by the Registrar of Companies, Ms Ada Chung, Mr Hui visited various sections including the New Companies Section, the Public Search Section and the Document Management Section in the CR. He also chatted with the staff there to better understand their work conditions and the services that they provide. Mr Hui said, "The COVID-19 pandemic has dealt a heavy blow to Hong Kong's overall economy. To help enterprises cope with their operating pressure amid the economic downturn, the Financial Secretary announced in the 2020-21 Budget the waiver of registration fees for annual returns, except for late delivery, charged by the CR for two years. "And with a view to encouraging the wider use of the CR's electronic services, we also propose to reduce the fees payable in relation to the incorporation of companies, including registration of non-Hong Kong companies, through electronic means by 10 per cent." The Companies (Fees) (Amendment) Regulation 2020 was gazetted today, and will be tabled at the Legislative Council for negative vetting next Wednesday (May 13) for the waiver and reduction to take effect from October 1, 2020. The waiver of registration fees for annual returns will benefit about 1.4 million companies. The revenue forgone will be about $212 million between 2020-21 and 2022-23. As for the reduction of fees payable in relation to the incorporation of companies through electronic means, the reduction in the related revenue is about $12 million per annum. Mr Hui said he was pleased to note that the CR has been providing electronic services for filing of documents and company searches, which can significantly enhance the efficiency in company incorporation and information search. He appealed to the department to adopt wider use of technology, saying that a business-friendly environment is needed more than ever in the process of economic recovery. Mr Hui also expressed his gratitude to CR staff for their dedication in providing public services amid the pandemic.
Government welcomes establishment of Green and Sustainable Finance Cross-Agency Steering Group
5.5.2020

The Green and Sustainable Finance Cross-Agency Steering Group held its inaugural meeting today (May 5). The Steering Group, as initiated by the Hong Kong Monetary Authority and the Securities and Futures Commission with the Financial Services and the Treasury Bureau being a member, aims to accelerate the growth of green and sustainable finance in Hong Kong. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "We welcome the establishment of the Steering Group which elevates our on-going cross-agency efforts to the next higher level, in line with the Government's strong commitment and determination to promote green and sustainable finance. "By leveraging our strengths as an international financial centre and a global offshore Renminbi business hub, we will work in close collaboration with the Steering Group members to formulate policy and regulatory strategies, promote market development and enhance Hong Kong's visibility towards the common goal of consolidating Hong Kong's position as a premier green and sustainable finance hub regionally and globally."
Transcript of remarks by SFST at media session
2.5.2020

Following is the transcript of remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at a media session after attending a radio programme today (May 2): Reporter: Mr Hui, can you talk about whether you see a map for Hong Kong's economic recovery now that we are seeing an easing of the outbreak in the number of cases? And also, any concerns about negative equity because right now we are seeing a rise in number and given the economic situation, do you have any concerns that the situation is to get worse? Secretary for Financial Services and the Treasury: As you rightly said, I think right now the immediate priority is definitely to revive the economy because after all, we have been subject to many restrictions on all you can imagine in the past few months due to COVID-19. So the immediate priority is really for us to act together to revive the economy through different measures. And the measures that are subject to the LegCo (Legislative Council) approval as you have seen over the past few days, I think it is definitely something that we want to do in order to provide a sort of foundation for our economic recovery. Reporter: &hellip; (inaudible) concerns for negative equity? Secretary for Financial Services and the Treasury: I think after all, the economy as a whole has to be our priority. Other measures or other points you have just mentioned are something that we need to bear in mind. (Please also refer to the Chinese portion of the transcript.)
Interest on Tax Reserve Certificates
29.4.2020

The Government Gazette published today (April 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 May 4, 2020, the new annual rate of interest will be 0.2333 per cent against the current rate of 0.3167 per cent, i.e. the new rate will be $0.0194 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 May 4, 2020. Certificates purchased before May 4, 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 0.0667 per cent per annum December 7, 2009, and before January 4, 2010: 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, until further notice: This is always subject to the general rule that interest ceases to accrue after 36 complete months.
SFST welcomes annual report of Process Review Panel for Financial Reporting Council
24.4.2020

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (April 24) welcomed the publication of the 11th annual report of the Process Review Panel (PRP) for the Financial Reporting Council (FRC). â Mr Hui said, "Process review is an important institutional function designed to help enhance the transparency and accountability of the FRC in performing its statutory functions under the Financial Reporting Council Ordinance. In 2019, the PRP conducted a comprehensive review on selected cases handled by the FRC in the preceding year and considered that the actions taken by the FRC were consistent with its internal procedures and guidelines. In the annual report, the PRP has made useful observations and suggestions which are conducive to the further improvement of the work of the FRC. â "I would like to express my gratitude to the PRP Chairman, Dr Anthony Chow, and the members for their dedication in working with the FRC to enhance our financial reporting and corporate governance regime. I also look forward to the review and advice by the PRP in relation to the FRC's expanded functions under the new auditor regulatory regime."
Transcript of remarks by SFST at media session
23.4.2020

Following is the transcript of remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at a media session before attending the Legislative Council meeting today (April 23): Reporter: Secretary, critics have highlighted your background in the DAB (Democratic Alliance for the Betterment and Progress of Hong Kong). Would that have any impact on your new post? Secondly, one of your major tasks is to handle the $10,000 cash handout. Is it possible that the process could speed up so people can get money as soon as possible? Secretary for Financial Services and the Treasury: Thanks for the questions. In response, first of all, regarding my previous role in the DAB, basically I was a member of the standing committee, but to me, that role basically enabled me to better understand, through the lens of a political party, the pulse of Hong Kong. As all of you know, the role of political parties is really to aggregate interest of different people and to present them holistically as the view or as the platform of the party concerned. So my involvement in a political party previously enabled me to have a better understanding of the overall situation in Hong Kong which I am sure will enable me to better perform my role now. Reporter: The second question regarding the cash handout? Secretary for Financial Services and the Treasury: Regarding the cash handout, definitely I share the community's view that the speedier the better. That's why I think I have been working also with my colleagues to see if there is any room for further expedition of the process. That is something that I have in mind. Reporter: There are reports saying that through transactions, you and your wife have avoided paying tax in buying property. What does that say about your personality or integrity? Second, will you advocate a fair tax system, perhaps to eliminate this sort of behaviour and maintain a better tax income for the Government? Secretary for Financial Services and the Treasury: In terms of those transactions you mentioned, basically they are all conducted within the legal parameters. That's number one. Number two is that I will definitely observe the disclosure of interests requirements stipulated in the relevant regulations under this current regime. So basically I see no issue with that. (Please also refer to the Chinese portion of the transcript.)
Departure statement by Secretary for Financial Services and the Treasury
22.4.2020

The Secretary for Financial Services and the Treasury, Mr James Lau, today (April 22) made the following statement on his departure from the Hong Kong Special Administrative Region Government: I joined the Hong Kong Government in 1979 and later served in various divisions of the Hong Kong Monetary Authority and the Hong Kong Mortgage Corporation until the end of 2012. I was appointed as Under Secretary for Financial Services and the Treasury in January 2014 and then Secretary for Financial Services and the Treasury on July 1, 2017. It has been my greatest honour to have the opportunities to serve the people of Hong Kong in the past 40 years. There is a time for everything, and my departure at the age of 70 is a memorable milestone. During my tenure, I would not have been able to promote the development of policy portfolios under the Financial Services and the Treasury Bureau (FSTB) without the support and assistance rendered by the Chief Executive, the Financial Secretary, my colleagues in the political team, the financial regulators, fellow civil servants, in particular my teammates in the FSTB, and the many interlocutors in the Legislative Council and the markets. The Chief Executive has chosen my successor and I wish Chris (Hui Ching-yu) the best as he brings fresh impetus to the FSTB. I have every confidence that my bureau colleagues will support him as always.
Transcript of remarks by SFST at media session
25.3.2020

Following is the transcript of remarks by the Secretary for Financial Services and the Treasury, Mr James Lau, at a media session before attending the Legislative Council (LegCo) meeting today (March 25): Reporter: Why are you saying that if this sum is not passed by today, the Government's fight against the coronavirus will be affected? Second, many lawmakers have pointed out that during these critical two weeks, LegCo shouldn't have any meetings at all, so does it make sense to have the meeting today? Secretary for Financial Services and the Treasury: Let me take the second question first. The question was, during this particular critical period with the coronavirus, why do we have this special meeting. The whole point is that, actually, last week when we had the two days of LegCo sitting, the President already emphasised the importance of dealing with this Vote on Account Resolution in order that it would enable the Government to make payments for discharging obligations from the first of April onwards, so that was the critical point. If we do not get it passed this week, then we will have a serious problem of the Government being unable to meet its obligations in terms of payments for services and goods. For that reason, if we have orders for what we call personal protective equipment, like masks, isolation gowns, face shields or protective coveralls, a lot of these would require cash payments or payments immediately upon delivery of the goods, that's why we believe that if the Vote on Account Resolution is not passed this week, there will be a very serious adverse impact on the anti-epidemic work that we undertake. Thank you very much. (Please also refer to the Chinese portion of the transcript.)
SFST distributes masks to elderly and new-arrival families (with photos)
28.2.2020

The Secretary for Financial Services and the Treasury, Mr James Lau, today (February 28) paid visits to elderly and new-arrival families in Central and Western District and Sham Shui Po District, during which he delivered anti-epidemic packs and surgical masks as well as explaining the Government's efforts in fighting the virus. Accompanied by the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, Mr Lau first joined Fong Chung Social Service Centre Limited to visit the elderly in Central and Western District. He took the opportunity to give them anti-epidemic items including surgical masks and learned more about the impact of the epidemic on their daily lives. Mr Lau then went to Sham Shui Po to visit new-arrival families in the district. Together with representatives of the New Home Association, Mr Lau distributed anti-epidemic packs and surgical masks, appealing to them to join the Government in fighting the virus including staying home as much as possible and reducing social activities. Mr Lau said he understood that with the scarce global supply of surgical masks in the wake of the epidemic, members of the public have been facing difficulties in sourcing masks. The Government has decided to give the masks donated by various benefactors to non-governmental organisations for them to distribute to the needy. With the setting up of the $30 billion Anti-epidemic Fund, the Government will continue to increase the overall supply of surgical masks in the territory by global sourcing and supporting local production, he emphasised. Mr Lau added that Hong Kong's economy has been hard hit by the epidemic. In order to help Hong Kong people weather the storm, the Financial Secretary has just announced in his Budget Speech various assistance measures such as a cash payout, extra allowances, tax concessions, etc., to alleviate people's burden. The Government will spare no effort to enhance social welfare services to benefit the elderly, low-income families, the unemployed or underemployed, and underprivileged people.
Multi-pronged approach to procure masks worldwide
7.2.2020

To combat novel coronavirus infection, since January the Government Logistics Department (GLD) has resorted to all possible means and channels to make direct procurement of masks and other protective items, bypassing tendering procedures on account of the urgency. The objective is to secure such supplies as quickly as possible to meet the Government's operational requirements. As long as the items meet the technical specifications, the GLD will make immediate direct purchase. There is no question of "the lowest bid wins". The Secretary for Financial Services and the Treasury, Mr James Lau, said, "With the proactive assistance of the Economic and Trade Offices of the HKSAR Government and referrals by individuals, the GLD has got into contact with more than 400 suppliers from nearly 20 countries. To date, the department has already placed orders for over 48 million of masks, of which three million have been delivered. We hope that the remaining shipments will arrive in batches as scheduled." Mr Lau added, "As supply of masks is very tight throughout the globe, and some jurisdictions have imposed export controls, full and timely delivery of the ordered items remains a challenge. Against this background, we have to go extra miles to source masks globally." The GLD has a limited stock of 12 million masks at the moment (including the three million masks purchased directly and delivered) for meeting the needs of government departments and priority will be accorded to the medical and port health staff of the Department of Health, front-line staff providing direct services to the public, as well as people and working staff in quarantine centres. The open tender issued by the GLD in late January for procurement of masks is meant to supplement the above efforts. By global open tendering, the Government seeks to expand the pool of potential suppliers for these protective gears. Mr Lau said, "We should not give up any opportunity even though the open tender might not be very fruitful. In any case, open tender will not interfere with our efforts in direct purchases."
Interest on Tax Reserve Certificates
31.1.2020

The Government Gazette published on January 31, 2020, contains a Legal Notice to the effect that the Acting Secretary for Financial Services and the Treasury has authorised a change in the rate of interest payable on Tax Reserve Certificates. From February 3, 2020, the new annual rate of interest will be 0.3167 per cent against the current rate of 0.3667 per cent, i.e. the new rate will be $0.0264 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 February 3, 2020. Certificates purchased before February 3, 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 0.0833 per cent per annum August 3, 2009, and before December 7, 2009: For certificates purchased on or after 0.0667 per cent per annum December 7, 2009, and before January 4, 2010: 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, until further notice: This is always subject to the general rule that interest ceases to accrue after 36 complete months.
Interest on Tax Reserve Certificates
16.1.2020

The Government Gazette published on November 1, 2019, 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 January 17, 2020, the new annual rate of interest will be 0.3667 per cent against the current rate of 0.25 per cent, i.e. the new rate will be $0.0306 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 twelve-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 January 17, 2020. Certificates purchased before January 17, 2020, will continue to earn interest at the rates prevailing on their respective purchase dates. More interest rate information can be found on the Inland Revenue Department website ( www.ird.gov.hk ). The public can also obtain a copy of the Tax Reserve Certificate Interest Rate Table from the 24-hour information hotline at 1878033. Below is a summary of the interest rates for the past periods: For certificates purchased on or after 0.1167 per cent per annum June 1, 2009, and before August 3, 2009; For certificates purchased on or after 0.0833 per cent per annum August 3, 2009, and before December 7, 2009; For certificates purchased on or after 0.0667 per cent per annum December 7, 2009, and before January 4, 2010; 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; and For certificates purchased on or after 0.3667 per cent per annum January 17, 2020, until further notice. This is always subject to the general rule that interest ceases to accrue after 36 complete months.
SFST responds to statement by US Securities and Exchange Commission
3.12.2021

The US Securities and Exchange Commission (SEC) issued a statement on December 2, 2021 which stated, inter alia, that Hong Kong historically has not worked with the US Public Company Accounting Oversight Board (PCAOB) to allow its required inspections. In response to the statement, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, stressed today (December 3): "We regret to see the US SEC in its statement on December 2, 2021 describes Hong Kong as a jurisdiction not having worked with the US PCAOB, which is unfair and ungrounded. Under Hong Kong's legal and regulatory system on auditors, there are no restrictions preventing overseas regulators including PCAOB from inspecting auditors' working papers located in Hong Kong, as evidenced by past examples of inspections performed by PCAOB on Hong Kong auditors. We urge the US SEC to correct its misleading statement."