Author Archives: hksar gov

     The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (July 25) that a fresh beef sample was found to contain sulphur dioxide, a preservative which is not permitted to be used in fresh meat. The CFS is following up on the case.
      
     A spokesman for the CFS said, “Following up on a food complaint, the CFS took the fresh beef sample from a fresh provision shop in Wong Tai Sin for testing. The test result showed that the sample contained sulphur dioxide at a level of 310 parts per million.”
      
     According to the Preservatives in Food Regulation (Cap 132BD), it is an offence to add sulphur dioxide to fresh or chilled meat. The maximum penalty is a $50,000 fine and six months’ imprisonment.
      
     The CFS has informed the vendor concerned of the above-mentioned irregularity. Prosecution will be instituted should there be sufficient evidence.
      
     Sulphur dioxide is a commonly used preservative in a variety of foods including dried fruits, pickled vegetables and meat products such as sausages and grilled burgers, but under the Regulation it is not permitted in fresh or chilled meat. Nonetheless, individual meat traders have been found illegally using sulphur dioxide to make meat look fresher. This preservative is of low toxicity. As it is water soluble, most of it can be removed through washing and cooking. However, susceptible individuals who are allergic to this preservative may experience breathing difficulties, headache and nausea.
      
     The spokesman reminded the food trade to comply with the law and not to sell fresh or chilled meat adulterated with sulphur dioxide. Members of the public should purchase meat from reliable market stalls or fresh provision shops. They should avoid buying or consuming meat which is unnaturally red and maintain a balanced diet to avoid malnutrition or excessive exposure to chemicals from a small range of food items.
      
     The CFS will continue to follow up on the case and take appropriate action. read more

     The Sales of First-hand Residential Properties Authority (SRPA) today (July 25) reminded prospective purchasers that owners of residential units with open kitchens must comply with fire safety regulations for the fire service instal… read more

     The effective exchange rate index for the Hong Kong dollar on Wednesday, July 25, 2018 is 103.7 (down 0.4 against yesterday’s index). read more

Attention TV/radio announcers: Please broadcast the following as soon as possible:      Here is an item of interest to swimmers.      The Leisure and Cultural Services Department announced today (Ju… read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) today (July 25) released the consultation conclusion on the public consultation relating to rules prescribing loss-absorbing capacity (LAC) requirements for authorized institutions (Rules) proposed to be made as subsidiary legislation under section 19(1) of the Financial Institutions (Resolution) Ordinance (Cap 628) (Ordinance). 

     The core of the HKMA’s LAC policy proposal is that authorized institutions whose failure could pose a risk to the financial system in Hong Kong should be required to have sufficient LAC in order to facilitate the orderly failure of such entities, should they reach the point of non-viability. To this end, requiring authorized institutions to maintain sufficient LAC is a pre-requisite to enabling the Monetary Authority, as resolution authority for the banking sector, to use the powers under the resolution regime established by the Ordinance to manage any future failure of an authorized institution in an orderly manner that avoids disruption to financial stability and minimises the risk to public funds.

     At the end of the consultation period (January 17 to March 16), a total of ten submissions had been received, including from industry associations (both domestic and international), authorized institutions and financial market infrastructures.  

     Respondents provided constructive comments on the proposals set out in the consultation paper. While some sought additional clarity on the details of the proposals in the consultation paper, no respondents challenged the basic principle of the policy proposal.

     The HKMA has carefully reviewed all comments, and the Monetary Authority’s responses are set out in the consultation conclusion, with appropriate changes adopted in developing the draft Rules. The intention is to consult industry on the text of the draft Rules before introducing the Rules as subsidiary legislation under the Ordinance into the Legislative Council for negative vetting later in 2018. 

     The Ordinance was enacted by the Legislative Council on June 22, 2016. The main provisions of the Ordinance came into operation on July 7, 2017. 

     The consultation conclusion can be downloaded from the HKMA’s website (www.hkma.gov.hk/eng/key-functions/banking-stability/resolution/resolution-publications). read more