Author Archives: hksar gov

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) launched a public consultation today (December 5) on proposed enhancements to the Banking Ordinance (Cap. 155).
      
     The Hong Kong banking system is robust, resilient and well regulated. However, given the rapid developments in the banking sector and the evolving domestic and international regulatory and supervisory landscape, it is important that the HKMA reviews and assesses the policy and legal framework for banking regulation and supervision in Hong Kong from time to time, so as to enable the Monetary Authority (MA) to effectively discharge his functions under the Banking Ordinance, especially in promoting the general stability and effective working of the banking system. 
      
     Against this backdrop, the HKMA has recently conducted a review of the Banking Ordinance to: (i) reflect developments in banking industry practices, and regulatory and supervisory approaches, both globally and domestically; (ii) address specific issues identified from Hong Kong’s supervisory experience in the past; and (iii) continue the process of aligning the system of regulation in Hong Kong with that of other major financial centres. 
      
     The Banking Ordinance review focuses specifically on six priority areas where amendments and enhancements to the Banking Ordinance are considered timely and necessary. The aim is to enable the MA and the Hong Kong banking industry to better meet risks and challenges in times ahead. 
      
     The HKMA has earlier concluded public consultations on two enhancement proposals, in relation to: simplification of the three-tier banking system into two-tier, and information sharing among authorized institutions (AIs) on customers, accounts and transactions for the purpose of preventing and detecting financial crime. Relevant consultation conclusions were published on August 5, 2024 and September 30, 2024, respectively. In addition, the HKMA is reviewing the MA’s enforcement powers, and an industry consultation is being conducted.
      
     The public consultation paper issued today sets out the enhancement proposals in three other aspects, which are: establishing a statutory regime for the regulation and supervision of designated locally incorporated holding companies of locally incorporated AIs; allowing flexibility for the MA to engage skilled persons for assisting the MA in the performance of his functions under the Banking Ordinance; and introducing a number of technical amendments.
      
     This consultation paper also includes proposed amendments to two other ordinances which have particular relevance for the banking sector, namely the Financial Institutions (Resolution) Ordinance (Cap. 628) and the Hong Kong Association of Banks Ordinance (Cap. 364). 
      
     The public consultation commences today and will last until January 28, 2025. The consultation paper is available on the HKMA website. Interested parties are invited to submit their comments by email to bo_review_consult@hkma.gov.hk or by post on or before the deadline. read more

     The Hong Kong Special Administrative Region (HKSAR) Government has launched the Civil Service Exchange Programme in collaboration with Beijing, Shanghai, Chongqing, Wuhan and Hangzhou, as well as Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Starting from the beginning of this month, the programme is hosting 30 Mainland officials in Hong Kong for an exchange in the HKSAR Government, lasting from four weeks to three months.

     The Secretary for the Civil Service, Mrs Ingrid Yeung, attended the orientation programme for Mainland officials participating in the exchange programme today (December 5) and met with the participants. The Permanent Secretary for the Civil Service, Mr Clement Leung, and the Head of the Civil Service College, Mr Oscar Kwok, were also present.

     Addressing the meeting, Mrs Yeung said that civil servants from both sides play a crucial role as the backbone of their governments in promoting collaboration between the Mainland and Hong Kong. Apart from broadening the horizons and experiences of civil servants, the HKSAR Government aims to provide opportunities for civil servants from both sides to understand each other’s government operations and public administration principles through attaching to each other’s side under the Civil Service Exchange Programme. This initiative enhances mutual understanding and lays a solid foundation for closer co-operation in the future. Mrs Yeung expressed hope that participants would engage with colleagues in Hong Kong and other cities, sharing valuable insights and experiences to deepen mutual trust and co-operation, thereby embodying the spirit of win-win collaboration to contribute to national development. She expressed her gratitude to the Hong Kong and Macao Affairs Office (HKMAO) of the State Council and the participating cities for their ongoing support for the programme.

     The 30 participating Mainland civil servants, mostly at division director or deputy division director level, come from Beijing, Shanghai, Chongqing, Wuhan, Hangzhou and Shenzhen. Ten are from Shenzhen, while each of the other cities has four representatives. They will first attend a one-week orientation programme at the Civil Service College. Afterwards, they will be assigned to various departments of the HKSAR Government, including the Constitutional and Mainland Affairs Bureau, the Digital Policy Office, the Environmental Protection Department, the Highways Department, the Hong Kong Monetary Authority, the Innovation and Technology Commission, Invest Hong Kong, the Planning Department, the Trade and Industry Department, and the Transport Department. The exchange will cover important areas such as trade and finance, innovation and technology, town planning, environmental protection, transport management and the GBA development. Participants will attend departmental briefings, working meetings, industry forums and site visits, and engage in specialised projects, which allow them to exchange professional knowledge and experience with Hong Kong civil servants. This aims to promote continuous improvement in public services and foster integration and development between Hong Kong and the Mainland.

     Under the co-ordination of the HKMAO of the State Council, the Civil Service Bureau has organised the Civil Service Exchange Programme jointly with a number of Mainland municipalities since 2002. Through the programme, officers from Hong Kong and the Mainland are attached to each other’s side to better understand each other’s structures, regulations, policies, operations and more to foster co-operation and communication and gain first-hand experience of the host city’s latest developments.

                

The following is issued on behalf of the Hong Kong Monetary Authority:      The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced t… read more

The following is issued on behalf of the Hong Kong Monetary Authority:      The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced t… read more

     In response to the Japanese Government’s plan to discharge nuclear-contaminated water at the Fukushima Nuclear Power Station, the Director of Food and Environmental Hygiene issued a Food Safety Order which prohibits all aquatic products, sea salt and seaweeds originating from the 10 metropolis/prefectures, namely Tokyo, Fukushima, Ibaraki, Miyagi, Chiba, Gunma, Tochigi, Niigata, Nagano and Saitama, from being imported into and supplied in Hong Kong.
 
     For other Japanese aquatic products, sea salt and seaweeds that are not prohibited from being imported into Hong Kong, the Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department will conduct comprehensive radiological tests to verify that the radiation levels of these products do not exceed the guideline levels before they are allowed to be supplied in the market.
 
     As the discharge of nuclear-contaminated water is unprecedented and will continue for 30 years or more, the Government will closely monitor and step up the testing arrangements. Should anomalies be detected, the Government does not preclude further tightening the scope of the import ban.
 
     From noon on December 4 to noon today (December 5), the CFS conducted tests on the radiological levels of 91 food samples imported from Japan, which were of the “aquatic and related products, seaweeds and sea salt” category. No sample was found to have exceeded the safety limit. Details can be found on the CFS’s thematic website titled “Control Measures on Foods Imported from Japan” (www.cfs.gov.hk/english/programme/programme_rafs/programme_rafs_fc_01_30_Nuclear_Event_and_Food_Safety.html).

     In parallel, the Agriculture, Fisheries and Conservation Department (AFCD) has also tested 50 samples of local catch for radiological levels. All the samples passed the tests. Details can be found on the AFCD’s website (www.afcd.gov.hk/english/fisheries/Radiological_testing/Radiological_Test.html).
 
     The Hong Kong Observatory (HKO) has also enhanced the environmental monitoring of the local waters. No anomaly has been detected so far. For details, please refer to the HKO’s website
(www.hko.gov.hk/en/radiation/monitoring/seawater.html).
 
     From August 24, 2023, to noon today, the CFS and the AFCD have conducted tests on the radiological levels of 103 637 samples of food imported from Japan (including 66 823 samples of aquatic and related products, seaweeds and sea salt) and 23 364 samples of local catch respectively. All the samples passed the tests. read more