kakase/hk_gov_press_release huggingface dataset:
SFST continues to attend UK-Hong Kong Financial Dialogue 2019 in London (with photos)
9.5.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, continued to attend the UK-Hong Kong Financial Dialogue 2019 in London, the United Kingdom (UK) yesterday (May 8, London time). In the morning, Mr Lau co-chaired the "UK-Hong Kong Financial Services Government Dialogue", a session of the UK-Hong Kong Financial Dialogue 2019, with the UK Economic Secretary to the Treasury, Mr John Glen. Mr Lau said the bilateral government dialogue is an important step to enhancing financial co-operation at the government and regulatory level between Hong Kong and the UK. He hoped that both sides could build on their strong foundation for deeper partnership to pave the way for future discussions on specific technical and regulatory co-operation covering different areas in financial services. At the end of the Government Dialogue, the two sides issued an outcome statement, committing to significantly enhancing bilateral co-operation and agreeing to continue to discuss specific steps and measures to increase the breadth and depth of the partnership. The statement also recognised ongoing reforms and initiatives in relation to areas including offshore Renminbi business, capital markets and banking, asset and wealth management, insurance, green finance, financial technology (fintech) and the Guangdong-Hong Kong-Macao Greater Bay Area, and welcomed continued growth and enhancements for further developments of the financial services industry on both sides. The full outcome statement is at Annex. In the afternoon, Mr Lau met with the Chancellor of the Exchequer, Mr Philip Hammond, to exchange views on further financial collaboration between Hong Kong and the UK. Noting that London is a pioneer in green finance and environmental, social and governance and has a more mature green investment community, Mr Lau said he in particular looked forward to future collaboration with the UK to jointly promote green finance. Mr Lau extended an invitation for the UK to send a delegation to the Climate Business Forum to be held in Hong Kong in early 2020, co-hosted by Hong Kong with the International Finance Corporation of the World Bank Group. Mr Lau also visited a Fintech consultancy agency, 11:FS, during which he welcomed the agency to expand its business to Hong Kong to tap into vast markets in Hong Kong, Mainland China and Asia. Mr Lau concluded his visit in the evening and will be back in Hong Kong on May 9.
SFST attends UK-HK Financial Dialogue in London 2019 (with photos)
8.5.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, started his visit to London, the United Kingdom (UK) yesterday (May 7, London time), leading a delegation to attend the UK-Hong Kong Financial Dialogue 2019 (Dialogue) to foster closer financial collaboration between the two places. The visiting delegation comprises representatives from the Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority as well as industry leaders from the banking, financial technology (fintech) and asset management sectors. Speaking at the opening of "London-Hong Kong Financial Services Forum" of the Dialogue, Mr Lau was pleased to see enhanced engagement on both sides and welcomed exchange of thoughts on a wide range of areas of possible collaboration. He said Hong Kong, being the most international city in the Guangdong-Hong Kong-Macao Greater Bay Area, is well positioned to build on its role as an international financial centre to become a gateway city to the Greater Bay Area for British and international financial services firms. He added that the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area further recognised and supported Hong Kong's status as an international financial centre, a global offshore Renminbi business hub, an international asset management centre and a risk management centre. With enhanced interconnectivity, demand for cross-boundary financial services would increase and hence opportunities for the industry. He welcomed British firms to continue to make use of Hong Kong's financial strengths to tap into the huge Greater Bay Area market. Earlier in the day before the Dialogue started, Mr Lau met with the UK Economic Secretary to the Treasury, Mr John Glen, where he highlighted the vast opportunities brought about by strengthened co-operation between the two sides in newer developments, including green finance, fintech, the Belt and Road Initiative and the Greater Bay Area. Mr Lau also addressed the Hong Kong Association at a luncheon, during which he updated the participants on the latest financial developments in Hong Kong. In the afternoon, Mr Lau visited a London-based fintech company, Ebury, to see how the company offers finance solutions to help enterprises expand their businesses. Being one of the most influential technology companies in the field of trade finance and foreign exchange risk management, Ebury established an office in Hong Kong last year. Mr Lau then paid a courtesy call on the Acting Chinese Ambassador to the UK, Ms Chen Wen. He took the opportunity to brief her on Hong Kong's latest developments and thank her for supporting and offering assistance to the Hong Kong people. In the evening, Mr Lau attended a reception for the UK-Hong Kong Financial Dialogue 2019 hosted by the Hong Kong Economic and Trade Office, London. Mr Lau will take part in the "UK-Hong Kong Financial Services Government Dialogue" today (May 8, London time). He will also meet with the UK Chancellor of the Exchequer, Mr Philip Hammond, and visit a fintech company.
SFST welcomes annual report of Process Review Panel for Financial Reporting Council
6.5.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, today (May 6) welcomed the publication of the 10th annual report of the Process Review Panel (PRP) for the Financial Reporting Council (FRC). Mr Lau 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 2018, 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. "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."
SFST to lead a delegation to attend UK-HK Financial Dialogue 2019 in London
5.5.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, will depart for London, the United Kingdom (UK) tomorrow (May 6) afternoon to lead a delegation to attend the UK-Hong Kong Financial Dialogue 2019 (Dialogue) to foster closer financial collaboration between financial officials, regulators and business leaders of the two places. The delegation comprises representatives from the Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority; as well as industry leaders from the banking, financial technology (fintech) and asset management sectors. Mr Lau will take part in various sessions of the Dialogue, including delivering opening remarks at the "London-Hong Kong Financial Services Forum" and "the UK-Hong Kong Financial Services Government Dialogue" to be held on May 7 and 8 (London time) respectively. During his stay in London, Mr Lau will have meetings with the UK Chancellor of the Exchequer, Mr Philip Hammond, and the UK Economic Secretary to the Treasury, Mr John Glen. He will also call on the Acting Chinese Ambassador to the UK, Ms Chen Wen, address the Hong Kong Association at a luncheon and visit two fintech companies. Mr Lau will return to Hong Kong on May 9. During his absence, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will act as Secretary for Financial Services and the Treasury.
SFST continues to attend Asian Development Bank Annual Meeting in Fiji (with photos)
4.5.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, continued to attend the 52nd Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Nadi, Fiji today (May 4). At the Business Session which closed this year's Annual Meeting, Mr Lau shared that the uncertainties over international trade and economic prospects over the past year had rendered trusts and reliable partnerships all the more important at this juncture. He appealed to ADB members to work together as a whole to get the right infrastructure in the right place at the right time, saying that it would be the key to the sustainable growth of Asia. Mr Lau added that as an international financial centre with deep and liquid financial markets in the region, Hong Kong would continue to play an active role in supporting and promoting infrastructure investment in Asia. On the sidelines of the Annual Meeting, Mr Lau met with the Director General of the Department of International Financial and Economic Cooperation of the Ministry of Finance, Mr Zhang Wencai; and the Executive Director for China to the ADB, Mr Cheng Zhijun. They exchanged views on Hong Kong's contribution to the long-term development of the ADB. Mr Lau will return to Hong Kong tomorrow (May 5).
SFST meets Asian Development Bank President in Fiji (with photos)
3.5.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, attended the 52nd Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Nadi, Fiji, today (May 3) and met with the President of the ADB, Mr Takehiko Nakao. In their meeting, Mr Lau thanked the ADB for supporting Hong Kong's capital markets through the issuance of US$472 million of bonds, including green bonds. He also thanked Mr Nakao for his participation in speaking at one of the sessions of the Asian Financial Forum 2018. Mr Nakao said he saw the Forum as a useful platform and he would welcome the opportunity to go again. Mr Lau added that as a leading international financial centre, Hong Kong strived to play an active role in supporting infrastructure development in Asia. He spoke about Hong Kong's efforts in promoting green bond development and urged ADB members to make use of Hong Kong's deep financial markets to raise green funding. Mr Lau also offered to share Hong Kong's experiences in promoting a digital economy and the use of insurance-linked securities to manage catastrophe risks. Earlier in the day, Mr Lau attended the opening session of the Annual Meeting as well as the Governors' Roundtable, various meetings and lunch, where he exchanged views with fellow members on fostering further financial co-operation. Mr Lau will continue to attend seminars and business sessions at the Annual Meeting of the ADB in Nadi, Fiji, tomorrow (May 4).
SFST meets with Asian Development Bank senior personnel in Fiji (with photos)
2.5.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, today (May 2) attended the 52nd Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Nadi, Fiji, and met with ADB senior personnel and business leaders attending the meeting there. Mr Lau held separate meetings in the morning with the Executive Director of the ADB, Mr Tony McDonald, and the Alternate Executive Director of the ADB, Mr Scott Dawson, who represent Hong Kong's constituency on the ADB Board of Directors; the Treasurer of the ADB, Mr Pierre Van Peteghem; the Director General of ADB East Asia Department, Ms Amy Leung, and Deputy Director General, Ms Teresa Kho. Noting that Hong Kong's financial market has a high level of liquidity and is governed by effective and transparent regulations that are benchmarked against international standards, Mr Lau encouraged the ADB to continue to make good use of the Hong Kong market in areas such as infrastructure investment and financing. In addition, describing green finance as a major driver for global growth, Mr Lau highlighted the efforts of the Hong Kong Special Administrative Region Government in promoting green bond development, and sought further collaboration with the ADB on its bond issuance. He also introduced major initiatives of the Outline Development Plan of the Guangdong-Hong Kong-Macao Greater Bay Area, adding that he expects to see deeper and broader connections in the capital markets in the area, which will bring more opportunities for financial co-operation. In the afternoon, Mr Lau attended the ADB Constituency Meeting where he briefed attending financial officials on Hong Kong's strengths in green finance and the adoption of Fintech. He said that Hong Kong will be happy to share its experience with the Faster Payment System in making retail fund transfers and payments much quicker and easier. Mr Lau added that virtual banking would also be an area of interest to the many island economies in the constituency, given their geographical spread and the opportunity to move forward in developing their financial services. On the need for disaster financing as highlighted in the constituency report, Mr Lau emphasised Hong Kong's plan to legislate changes to facilitate the development of an insurance-linked securities market, which would help in the management of catastrophe risks. Tomorrow (May 3), Mr Lau will attend the opening session of the ADB Annual Meeting and meet with its President, Mr Takehiko Nakao.
SFST to attend 52nd Asian Development Bank Annual Meeting in Fiji
29.4.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, will depart for Nadi, Fiji, tomorrow night (April 30) for the 52nd Annual Meeting of the Board of Governors of the Asian Development Bank (ADB). On the sidelines of the meeting, he will meet with the President of the ADB, Mr Takehiko Nakao, ADB senior personnel, other financial officials and business leaders attending the meeting. Mr Lau will return to Hong Kong on May 5. During his absence, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will act as Secretary for Financial Services and the Treasury.
LCQ12: Offering index funds as investment choices for Mandatory Provident Fund scheme members
17.4.2019

Following is a question by the Hon Ho Kai-ming and a written reply by the Secretary for Financial Services and the Treasury, Mr James Lau, in the Legislative Council today (April 17): Question: There are views that as equity funds which track the performance of the reference indices (index funds) are passively managed funds, they generally charge lower management fees. As such, Mandatory Provident Fund (MPF) trustees should offer more index funds as investment choices for MPF scheme members. In this connection, will the Government inform this Council: (1) whether it knows the number of index funds available under each registered MPF scheme in each of the past three years, and the most recent fund expense ratio as well as the annualised rates of return (i.e. one year, three years, five years and 10 years) of each index fund; and (2) whether it will take measures to push MPF trustees to offer more index funds as investment choices for MPF scheme members, in the hope that fund management fees may be reduced through market competition; if so, of the details? Reply: President, (1) Based on the information provided by the Mandatory Provident Fund Schemes Authority (MPFA), the number of passively managed funds offered by MPF schemes over the past three years is shown in Table 1 of the Annex. As at the end of February 2019, the fund expense ratio (FER) and the annualised return of these passively managed funds are shown in Table 2 of the Annex. (2) The MPFA has been encouraging the market to offer more passively managed funds and requiring trustees to consider including index funds when applying for approval to set up new constituent funds. MPF trustees have governance responsibilities to review the suitability of existing MPF products for MPF scheme members regularly. The MPFA will continue to explore with trustees the offering of more passively managed funds as investment options to scheme members. Although the fees of index funds are generally lower, equity index funds mainly invest in stock markets, which are generally subject to a higher degree of risk. Therefore, scheme members should not regard equity index funds as the only tool for investment. The MPFA often encourages scheme members to review their MPF investment portfolios on a regular basis, taking into account the risks of different Constituent Funds and select value-for-money MPF products in order to achieve better savings outcomes. The MPFA has been requiring MPF trustees to regularly review the fee levels of their MPF products. Since the introduction of the FER in July 2007 and up to March 2019, the average FER of MPF funds has dropped from 2.06 per cent to 1.52 per cent. During this period, the Default Investment Strategy legislation was enacted in May 2016 and 138 MPF funds had reduced their fees.
Government welcomes EU's removal of Hong Kong from watchlist on tax co-operation
13.3.2019

The Hong Kong Special Administrative Region Government today (March 13) welcomed the decision of the European Union (EU) to remove Hong Kong from its watchlist on tax co-operation in recognition of the efforts made by Hong Kong on the international tax co-operation front. The Secretary for Financial Services and the Treasury, Mr James Lau, said, "As an international financial centre, Hong Kong has all along proactively supported and facilitated the efforts of the international community in enhancing tax transparency and combating cross-border tax evasion. Since 2018, Hong Kong has implemented various initiatives relating to international tax co-operation and fulfilled the commitments made to the EU. "The latest decision of the EU shows that Hong Kong's compliance with the standards of international tax co-operation is recognised by the international community," he said. The initiatives implemented by Hong Kong include the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which entered into force on September 1, 2018 to allow Hong Kong to effectively implement the automatic exchange of financial account information in tax matters (AEOI) and the Base Erosion and Profit Shifting package promulgated by the Organisation for Economic Co-operation and Development. The first exchanges under the AEOI with the relevant jurisdictions were smoothly conducted in September and October 2018. Furthermore, the Inland Revenue (Amendment) (No. 6) Bill 2017 and the Inland Revenue (Profits Tax Exemption for Funds) (Amendment) Bill 2018, which were passed in July 2018 and February 2019 respectively, amend the tax regimes in respect of corporate treasury centres, professional reinsurance, captive insurance, offshore funds and offshore private equity funds by extending the coverage of the relevant tax concessions from non-domestic transactions to domestic transactions so as to comply with international requirements. In 2017 and 2018, the EU had put 68 tax jurisdictions including Hong Kong on the watchlist, and monitored the progress of the relevant jurisdictions in implementing the requirements of international tax co-operation.
SFST visits Kwai Tsing District (with photos)
6.3.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, visited Kwai Tsing District this afternoon (March 6). Mr Lau first visited a youth centre of the Federation of New Territories Youth Foundation in Tsing Yi, where he was briefed on the centre's facilities and services, including its annual Mainland summer internship programme. He had a chat with past participants and said he was glad to learn that they had made use of the job placement in Fujian to understand more about the latest developments and work culture in the Mainland, and had been actively equipping themselves for career planning. He then proceeded to the Women Service Association in Kwai Chung Estate to learn more about the Neighbourhood Support Child Care Project provided there. Launched by the Social Welfare Department, the Project aims at providing flexible day care services for children to meet the needs of parents in the neighbourhood. Mr Lau had an exchange with the persons-in-charge and child carers, saying that in this year's Budget, the Government will allocate additional resources to increase professional and supporting manpower for the Project to strengthen training for home-based child carers so as to enhance the quality of services. In addition, incentive payments to these carers will be raised. Before concluding the visit, Mr Lau exchanged views with the Chairman of the Kwai Tsing District Council, Mr Law King-shing, and other members on various issues of concern, including management fees of the Mandatory Provident Fund schemes, cross-border mobile payment and opening of bank accounts.
SFST to visit Macao
21.2.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, will leave for Macao tomorrow morning (February 22) for board meetings of MTR Corporation Limited and a briefing on its business in Macao. Mr Lau will return to Hong Kong in the afternoon of February 23. During his absence, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will be the Acting Secretary for Financial Services and the Treasury.
Government welcomes passage of five amendments to Inland Revenue Ordinance
20.2.2019

The Secretary for Financial Services and the Treasury, Mr James Lau, welcomed the passage of the Inland Revenue (Amendment) (No. 7) Bill 2018 by the Legislative Council today (February 20). The new Ordinance gives effect to five amendments to the Inland Revenue Ordinance (IRO). These include aligning the tax treatment of financial instruments with their accounting treatment; allowing taxpayers the deduction of interest expenses payable to overseas export credit agencies; refining the provisions that implement the arrangement for automatic exchange of financial account information in tax matters (AEOI); avoiding double non-taxation of income of visiting teachers and researchers; and revising the meaning of the sibling relationship. Mr Lau said, "Allowing taxpayers to elect to have their profits derived from financial instruments taxed on the same basis as that of their accounting treatment will facilitate their preparation of tax returns. Interest expenses payable to overseas export credit agencies are also made deductible to help foster trading activities between Hong Kong and other places. "The Government has agreed in principle with the Mainland for the introduction of a teachers and researchers article in the comprehensive avoidance of double taxation arrangement with the Mainland as soon as possible so as to relieve the tax burden for Hong Kong teachers and researchers working there. The amendment to the Ordinance will help avoid double non-taxation of income of visiting teachers and researchers," Mr Lau added. The Ordinance also includes refinements to the current AEOI regime to clarify the meanings of certain concepts while removing five categories of institutions from the list of non-reporting financial institutions. In addition, it revises the meaning of "brother and sister" under the IRO to cover relevant cases related to adopted persons in the eligibility criteria for dependent brother or dependent sister allowance. The Inland Revenue Department will update the Departmental Interpretation and Practice Notes as appropriate to provide information about the relevant amendments.