kakase/hk_gov_press_release huggingface dataset:
Gazettal of three pieces of subsidiary legislation for commencement of new regulatory regime of accounting profession
6.5.2022

The Government published in the Gazette today (May 6) three pieces of subsidiary legislation, namely the Financial Reporting Council (Amendment) Ordinance 2021 (Commencement) Notice (Commencement Notice), the Accounting and Financial Reporting Council (Transitional and Saving Provisions and Consequential Amendments) Regulation and the Accounting and Financial Reporting Council Ordinance (Amendment of Schedule 3B) Notice 2022 (Schedule 3B Amendment Notice), for the commencement of the new regulatory regime of the accounting profession. The Financial Reporting Council (Amendment) Ordinance 2021 (Amendment Ordinance), which was enacted by the Legislative Council on October 22, 2021, enables the Financial Reporting Council to become a full-fledged independent regulatory body for the accounting profession under the new name of Accounting and Financial Reporting Council (AFRC) with expanded statutory functions. These functions include the issuance of practising certificates to certified public accountants; registration of accounting practice units and local Public Interest Entities auditors; and inspection, investigation and discipline of the accounting profession. The AFRC will also oversee the Hong Kong Institute of Certified Public Accountants (HKICPA)'s performance in its various statutory professional functions. The Commencement Notice seeks to appoint October 1, 2022, as the commencement date for the Amendment Ordinance, except for the provisions relating to the establishment of the statutory Advisory Committee under the AFRC and the Secretary for Financial Services and the Treasury's power to make transitional and saving provisions consequent on the Amendment Ordinance by regulation which will commence in advance on July 4, 2022. The Regulation seeks to provide for the transitional arrangements for the handling of pending or ongoing cases upon commencement of the new regime to ensure that the cases will be dealt with by the AFRC and the HKICPA respectively in a clear and orderly manner, and the consequential amendments to relevant ordinances and subsidiary legislation. Meanwhile, the Schedule 3B Amendment Notice will set the fees levels for the issuance of practising certificates, registration of practice units and the relevant renewal as identical to the HKICPA's existing levels for collection by the AFRC from October 1, 2023. The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "Going forward, the AFRC and the HKICPA will strive for the effective regulation and long-term development of the accounting profession in Hong Kong. We will maintain close liaison with the profession to assist its transition to the new regime and address its development needs." The three pieces of subsidiary legislation will be tabled before the Legislative Council at its sitting on May 11, 2022, for negative vetting.
SFST expresses sorrow over passing of Dr Robin Chan Yau-hing
20.4.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (April 20) expressed deep sorrow over the passing of Dr Robin Chan Yau-hing. Mr Hui said, "Dr Chan played a pivotal role in business sector over the years, with great achievements in the insurance industry. He was committed to the nurturing of young talents for the insurance industry, making profound contributions to the development of the insurance industry in Hong Kong. He was also a philanthropist who was dedicated to serving society and leading his conglomerate to participate in various charitable affairs, and spared no effort in making meritorious contributions to the community. I would like to extend my heartfelt condolences to his family."
Government welcomes passage of tax concessions
6.4.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, welcomed the passage of the Revenue (Tax Concessions) Bill 2022 by the Legislative Council today (April 6). It gives effect to the tax concessions proposed by the Government in the 2022-23 Budget, reducing salaries tax, tax under personal assessment and profits tax for the year of assessment 2021/22 by 100 per cent, subject to a ceiling of $10,000 per case. "The tax concessions will benefit about 2.01 million taxpayers of salaries tax and tax under personal assessment, and 151 000 tax-paying businesses, with the total government revenue forgone amounting to about $14.3 billion," Mr Hui said. The Inland Revenue Department will reflect the tax reductions in the tax demand notes to be issued.
FSTB team distributes anti-epidemic service bags to grass-roots families (with photos)
2.4.2022

âFollowing the recent participation in packaging of anti-epidemic service bags, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, this afternoon (April 2) led the Financial Services and the Treasury Bureau (FSTB) team in visiting "three-nil" buildings and the transitional housing under Lok Sin Tong Modular Social Housing Scheme in Kowloon City District to distribute anti-epidemic service bags to grass-roots families. Joining the distribution included the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan, the Permanent Secretary for Financial Services and the Treasury (Treasury), Miss Cathy Chu, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, and six Deputies Secretaries of FSTB. Mr Hui and his team first arrived at the transitional housing units, distributing the anti-epidemic service bags to about 50 households. The team then visited two "three-nil" buildings in the district and distributed anti-epidemic service bags to grass-roots families living there, encouraging them to make good use of the items to fight the virus. Mr Hui said, "Starting today, the Government will deliver a total of about 3.5 million anti-epidemic service bags to the households of the 18 districts in Hong Kong through different channels. Our team of civil servants and more than 17 000 volunteers have showed us the immense power of unity in completing the packaging task within only three days. Such huge power of unity will no doubt help Hong Kong win the battle against the epidemic." "Fighting the virus is the Government's top priority. With the full support from the Central Government and concerted efforts of our community, a sufficient stock of anti-epidemic supplies is secured for members of the public, showing that Hong Kong citizens are united to fight the epidemic with one heart."
C&SD mobilises staff members to conduct "restriction-testing declaration" and compulsory testing notice operation (with photos)
1.3.2022

The Census and Statistics Department (C&SD), an affiliated department of the Financial Services and the Treasury Bureau (FSTB), mobilised a total of 190 staff members, including colleagues of the Statistician, Census and Survey Officer and Clerical Officer grades, to co-ordinate and conduct a "restriction-testing declaration" (RTD) and compulsory testing notice operation in respect of a specified "restricted area" in Sau Yin House, Sau Mau Ping Estate, Kwun Tong, last night (February 28). They stood fast at their posts and devoted themselves wholeheartedly during the critical moment of fighting against the epidemic. The operation, involving over 600 residential units, started at 6pm yesterday and the compulsory testing exercise finished at around 11.15am today (March 1). In the overnight operation, the C&SD was responsible for duties including arranging registration and testing for persons subject to compulsory testing, delivering food packs to them to facilitate their meal arrangements, and delivering other supplies such as anti-epidemic proprietary Chinese medicines donated by the nation. "As part of the civil service, the C&SD has promptly mobilised a sizeable amount of manpower to co-ordinate the RTD and testing operation in the 'restricted area' in Sau Mau Ping Estate as an important anti-epidemic measure, upholding the commitments of serving the public and responding proactively," the Secretary for Financial Services and the Treasury, Mr Christopher Hui, said. "Officers of the C&SD co-ordinated the RTD and testing operation in the 'restricted area' in short spans of time, so as to reduce the impact on the public. I very much appreciate their efforts. In future, other departments under the FSTB, regardless of their current responsibilities, will also mobilise officers to co-ordinate similar anti-epidemic measures." Mr Hui stressed that the Government has the determination and confidence to stabilise the epidemic situation within a certain period of time with the staunch support of the Central Authorities and the full commitment of all sectors in Hong Kong. "With powerful backing from the Central Authorities and under 'one country, two systems', we have great strength, resources and confidence to take all necessary measures and unite all sectors of the community to fight against the fifth wave of the epidemic."
LCQ21: Residential mortgage rates
23.2.2022

Following is a question by the Hon Edmund Wong and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (February 23): Question: There are comments that with the United States Federal Reserve expecting the interest rates of the United States to enter an up cycle this year, the interest rates of Hong Kong will inevitably be affected. Once residential mortgage rates rise, it will, to a certain extent, affect or even deal a blow to millions of homeowners in Hong Kong. In this connection, will the Government inform this Council: (1) whether it knows the highest, lowest and average monthly interest rates for new residential mortgage loans approved by banks and authorized financial institutions from 2007 to 2021; and (2) whether it has projected the changes in interest rates for new residential mortgage loans to be approved by banks and authorized financial institutions in the coming three years; if so, of the details; if not, the reasons for that? Reply: President, Having consulted the Hong Kong Monetary Authority (HKMA), my reply to the question is as follows: (1) and (2) The HKMA estimates the average interest rate on new mortgage loans approved in a certain month using data concerning authorized institutions covered in the monthly Residential Mortgage Survey. The table below sets out the average interest rates on new mortgage loans approved between 2007 and 2021: Year Average Mortgage Interest Rate (%) 2007 5.08 2008 3.03 2009 1.92 2010 1.18 2011 1.83 2012 2.36 2013 2.27 2014 2.00 2015 1.95 2016 1.89 2017 1.92 2018 2.27 2019 2.45 2020 2.08 2021 1.51 Note: The HKMA does not collect information on the highest and lowest mortgage interest rates. Under the Linked Exchange Rate System, the levels of the Hong Kong dollar interest rates will generally follow those of their US dollar counterparts, alongside the US interest rate hike-cycle. However, considering that the pace of monetary policy tightening by the US Federal Reserve and the outlook for the US interest rates are still subject to uncertainties, and the fact that the levels of domestic interest rates are subject to changes in the supply of and demand for Hong Kong dollar in the local markets, the HKMA does not have specific estimates of the local mortgage interest rates for the coming three years. At a macro level, a large proportion of the residential mortgage loans are currently priced with reference to the Hong Kong dollar interbank interest rates. In view of the ample liquidity of the Hong Kong banking system with the Aggregate Balance of around HK$350 billion, it is expected that the Hong Kong dollar interbank rates will not increase at a rapid pace.
Opening remarks by SFST at press conference on launch of retail green bond under Government Green Bond Programme (with photo/video)
15.2.2022

Following are the opening remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the press conference on the launch of the inaugural retail green bond under the Government Green Bond Programme today (February 15): The subscription period will start from March 1 until March 11. Hong Kong residents, i.e. holders of a valid HKID card, may apply through specified placing banks, securities brokers or the Hong Kong Securities Clearing Company Limited. To align with the overarching message of environmental awareness, and also take into account the COVID-19 situation, we encourage investors to make use of electronic application channels. The proceeds of Government green bonds will be credited to the Capital Works Reserve Fund to finance or refinance green projects with environmental benefits. The Steering Committee on the Government Green Bond Programme, chaired by the Financial Secretary, has been overseeing the implementation of the Programme including the use and management of proceeds, selection of eligible projects and the publication of Green Bond Reports to provide information on the allocation of proceeds and expected environmental benefits of green projects on an annual basis. Now, I would like to invite the Hong Kong Monetary Authority (HKMA) colleague, Edmond (Deputy Chief Executive of the HKMA Mr Edmond Lau) as well as the representatives from our co-arrangers to further elaborate on the details of the offering. Edmond, over to you please. (Please also refer to the Chinese portion of the opening remarks.)
FSTB and financial regulators to implement "vaccine bubble"
25.1.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (January 25) said that in line with the "vaccine bubble" arrangement for government employees to be implemented at government buildings and offices from February 16, the Financial Services and the Treasury Bureau has issued a circular memorandum to all bureaux/departments (B/Ds) to direct them that suitable clauses should be incorporated in all service contracts awarded on or after February 16, requiring the contractors, their agents and subcontractors to follow the relevant "vaccine bubble" arrangement. Same as the "vaccine bubble" arrangement for government employees, save for those who are medically unfit for COVID-19 vaccination as supported by a valid medical certificate or pregnant staff with prior exemption granted on a case-by-case basis, all employees of the service contractors, their agents and subcontractors will be required to present a vaccination record of at least the first dose of a COVID-19 vaccine when they enter indoor government premises for work-related purposes. Mr Hui said, "Extending the 'vaccine bubble' arrangement at government buildings and offices from government employees to service contractors could further fortify the protective barrier, reduce the risk of the spread of mutant strains of COVID-19, and safeguard the health of government employees and members of the public." Moreover, financial regulators, namely the Insurance Authority, the Mandatory Provident Fund Schemes Authority (including the eMPF Platform Company Limited, a wholly-owned subsidiary of the Authority) and the Financial Reporting Council will from February 16 implement the "vaccine bubble" arrangement same with that to be adopted at government buildings and offices for their own employees, as well as extending the arrangement to employees of their service contractors. The aforesaid financial regulators will formulate the implementation details at their office buildings and premises according to their actual situations. Mr Hui said, "The vaccination rate of the employees under various financial regulators is over 90 per cent at present. I strongly believe that as long as everyone works together to set a good example to all walks of life by trying their best to implement the 'vaccine bubble' arrangement, it will surely be conducive to steady economic recovery and resumption of the normal operation of society."
SFST's statement
7.1.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (January 7), said, "I and the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, briefly stayed at a birthday gathering on January 3 evening. There were participants of the gathering tested positive or tested preliminarily positive for SARS-CoV-2 virus involving mutant strains, we therefore will proceed to undergo quarantine at the Penny's Bay Quarantine Centre in accordance with the arrangement of the Centre for Health Protection." "Hong Kong is currently facing severe epidemic situation. I and Joseph apologise to the community for the additional burden to the anti-epidemic work caused by the incident. We will attach utmost importance to fighting virus and step up vigilance in the future."
SFST continues his visit to Vietnam (with photos)
14.12.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (December 14) continued his visit to Vietnam. The Vice Chairman of the State Securities Commission of Vietnam, Mr Luong Hai Sinh, met Mr Hui in Hanoi on behalf of the Ministry of Finance of Vietnam. They discussed topics that both are interested in, including stock market reforms, Renminbi (RMB) internationalisation, green and sustainable finance, fintech and nurturing of financial talents, as well as the potential for co-operation in these areas. When meeting with the Deputy Minister of Industry and Trade of Vietnam, Ms Phan Thi Thang, in Hanoi, Mr Hui hoped that the two places could enhance their trading partnership, given that Vietnam is one of the fastest-growing economies in Southeast Asia with a large and young population as well as a diverse industrial base. Vietnam was Hong Kong's seventh-largest trading partner in trade in goods last year, amounting to US$32.7 billion. Mr Hui called on the Chinese Ambassador to Vietnam, Mr Xiong Bo, to update him on Hong Kong's latest initiatives to strengthen the competitiveness of the stock market as announced in "The Chief Executive's 2023 Policy Address", including reducing stamp duty on stock transfer, reviewing stock trading spread and reducing market data fees. He also briefed Mr Xiong on other measures for reinforcing Hong Kong's competitiveness as an international financial centre such as strengthening the offshore RMB business and deepening financial co-operation in the Guangdong-Hong Kong-Macao Greater Bay Area. Mr Hui also met with the chief executive officers of several multinational Vietnam IT companies interested in raising funds in Hong Kong. Mr Hui informed them of the city's vibrant fintech ecosystem with a presence of over 1 000 fintech companies. He introduced to them as well Hong Kong's listing reform in recent years, facilitating new economy companies to list and raise funds. Before concluding his visit to Vietnam tomorrow (December 15), Mr Hui will meet with the Deputy Governor of the State Bank of Vietnam, Mr Pham Thanh Ha. Mr Hui will return to Hong Kong tomorrow night.
SFST and SCED to visit Indochina Peninsula
9.12.2023

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Secretary for Commerce and Economic Development, Mr Algernon Yau, will depart for a visit to the Indochina Peninsula tomorrow afternoon (December 10). On December 11, Mr Hui and Mr Yau will visit Vientiane of Laos. Mr Hui will then continue his visit to Ho Chi Minh City and Hanoi, Vietnam, from December 12 to 15. The visit aims to update the Laotian and Vietnamese business communities on opportunities in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, and promote Hong Kong's financial, commercial and professional services, as well as enhancing collaboration with the two countries in the areas of finance and trade. Mr Hui and Mr Yau will meet with senior officials, and representatives from major financial institutes and business chambers during the visit. In Vietnam, Mr Hui will address the business luncheon co-organised by the Hong Kong Economic and Trade Office in Singapore and the Vietnam Chamber of Commerce and Industry, as well as a gala dinner of the Hong Kong Business Association Vietnam. Mr Yau will return to Hong Kong on December 12, and Mr Hui will return on December 15. During their absence, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, and the Under Secretary for Commerce and Economic Development, Dr Bernard Chan, will act as the Secretary for Financial Services and the Treasury and the Secretary for Commerce and Economic Development respectively.
FSTB, Department of Commerce of Guangdong Province and Zhuhai Municipal Government jointly hold Hong Kong Sub-forum of GBA Fair for Trade in Services (with photos)
7.12.2023

The Financial Services and the Treasury Bureau (FSTB), the Department of Commerce of Guangdong Province and the People's Government of Zhuhai Municipality today (December 7) jointly held the Hong Kong Sub-forum of the 2023 Guangdong-Hong Kong-Macao Greater Bay Area Fair for Trade in Services. The Sub-forum facilitated exchange of views on promoting high-quality development of the financial services industry in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). With "High-quality Development of Finance in the GBA" as the theme, the Sub-forum covered keynote speeches and a round-table discussion. The Secretary for Financial Services and the Treasury, Mr Christopher Hui; the Director-General of the Department of Commerce of Guangdong Province, Mr Zhang Jinsong; the Mayor of the Zhuhai Municipal Government, Mr Huang Zhihao; and the Director General of the Guangdong Financial Supervisory Authority, Mr Yu Haiping, delivered speeches. Speaking at the Sub-forum, Mr Hui said that Hong Kong's financial services industry has been receiving strong support from the country. "As an international financial centre of our country, Hong Kong can play a leading role in the arena of finance in the GBA, and strengthen complementary and mutually beneficial co-operation with other GBA cities, thereby enhancing the efficiency and ease of capital flow within the GBA. This is conducive to facilitating our country's efforts in enhancing the capability of finance to serve the real economy, internationalising Renminbi, and deepening the reform and opening up of the financial markets," he said. The Department of Commerce of Guangdong Province and the People's Government of Zhuhai Municipality collaborated with the Commerce and Economic Development Bureau of the Hong Kong Special Administrative Region Government and the Macao Trade and Investment Promotion Institute to host the 2023 Guangdong-Hong Kong-Macao Greater Bay Area Fair for Trade in Services from December 6 to 8. The Fair included events held in three places (with the main venue in Zhuhai and sub-forums in Hong Kong and Macao). About 150 participants from the financial regulatory bodies, industry organisations and the financial sector of the Mainland, Hong Kong and Macao attended the Hong Kong Sub-forum held at AsiaWorld-Expo.