Tag Archives: China

     The Financial Secretary has appointed three new members, Mr Jack Chan Hoi, Ms Wendy Kam Mei-ha and Mr Ernest Lee Chun-ho, to the Standing Committee on Company Law Reform (SCCLR). Five incumbent members, namely Mr Paul Chow Koon-ying, Ms Julianne Pearl Doe, Ms Sabrina Ho Shuk-ying, Mr Jason Karas, and Ms Tiffany Wong Wing-sze, have been reappointed.
 
     The appointments and reappointments are for a term of two years starting from February 1, 2024.
 
     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said today (January 31), “With the professional knowledge of its members, the SCCLR has provided valuable advice on modernising our company law to strengthen Hong Kong’s status as an international commercial and financial centre.”
 
     He added, “We are grateful to the outgoing members, Mr Albert Ng Kong-ping, Mr Joe Wan Pui-lun, Ms Rachel Lam Yan-kay, SC and Ms Fion Ng Siu-mui, for their valuable contributions to the SCCLR.”
 
     The SCCLR was set up in 1984. It advises the Financial Secretary on amendments to the Companies Ordinance and the Companies (Winding Up and Miscellaneous Provisions) Ordinance, as well as amendments to the Securities and Futures Ordinance on matters relating to corporate governance and shareholders’ protection, as and when necessary.
 
     As from February 1, 2024, the membership list of the SCCLR will be as follows:
 
Mr Johnny Mok Shiu-luen, SC (Chairman)
Mr Jack Chan Hoi
Ms Ivy Cheung Wing-han
Mr Paul Chow Koon-ying
Ms Christine Chung Wai-yin
Ms Julianne Pearl Doe
Mr Dennis Ho Chiu-ping
Ms Sabrina Ho Shuk-ying
Ms Wendy Kam Mei-ha
Mr Geoffrey Edward Kao
Mr Jason Karas
Mr Ernest Lee Chun-ho
Mr Low Chee-keong
Mr David John Simmonds
Ms Jacqueline Walsh
Ms Tiffany Wong Wing-sze
 
Ex-officio members
———————
Ms Katherine Ng Kit-shuen
Head of Listing
Hong Kong Exchanges and Clearing Limited
 
Mr Stefan Gannon
Special Adviser to Chief Executive
Hong Kong Monetary Authority
 
Ms Annabel Lee Tung-mei
Deputy Chief Counsel, Legal Services Division
Securities and Futures Commission
 
Registrar of Companies
 
Official Receiver
 
Deputy Secretary for Financial Services and the Treasury (Financial Services)
Financial Services and the Treasury Bureau
 
Senior Assistant Law Officer (Civil Law)
Department of Justice read more

     The Financial Secretary has appointed three new members, Mr Jack Chan Hoi, Ms Wendy Kam Mei-ha and Mr Ernest Lee Chun-ho, to the Standing Committee on Company Law Reform (SCCLR). Five incumbent members, namely Mr Paul Chow Koon-ying, Ms Julianne Pearl Doe, Ms Sabrina Ho Shuk-ying, Mr Jason Karas, and Ms Tiffany Wong Wing-sze, have been reappointed.
 
     The appointments and reappointments are for a term of two years starting from February 1, 2024.
 
     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said today (January 31), “With the professional knowledge of its members, the SCCLR has provided valuable advice on modernising our company law to strengthen Hong Kong’s status as an international commercial and financial centre.”
 
     He added, “We are grateful to the outgoing members, Mr Albert Ng Kong-ping, Mr Joe Wan Pui-lun, Ms Rachel Lam Yan-kay, SC and Ms Fion Ng Siu-mui, for their valuable contributions to the SCCLR.”
 
     The SCCLR was set up in 1984. It advises the Financial Secretary on amendments to the Companies Ordinance and the Companies (Winding Up and Miscellaneous Provisions) Ordinance, as well as amendments to the Securities and Futures Ordinance on matters relating to corporate governance and shareholders’ protection, as and when necessary.
 
     As from February 1, 2024, the membership list of the SCCLR will be as follows:
 
Mr Johnny Mok Shiu-luen, SC (Chairman)
Mr Jack Chan Hoi
Ms Ivy Cheung Wing-han
Mr Paul Chow Koon-ying
Ms Christine Chung Wai-yin
Ms Julianne Pearl Doe
Mr Dennis Ho Chiu-ping
Ms Sabrina Ho Shuk-ying
Ms Wendy Kam Mei-ha
Mr Geoffrey Edward Kao
Mr Jason Karas
Mr Ernest Lee Chun-ho
Mr Low Chee-keong
Mr David John Simmonds
Ms Jacqueline Walsh
Ms Tiffany Wong Wing-sze
 
Ex-officio members
———————
Ms Katherine Ng Kit-shuen
Head of Listing
Hong Kong Exchanges and Clearing Limited
 
Mr Stefan Gannon
Special Adviser to Chief Executive
Hong Kong Monetary Authority
 
Ms Annabel Lee Tung-mei
Deputy Chief Counsel, Legal Services Division
Securities and Futures Commission
 
Registrar of Companies
 
Official Receiver
 
Deputy Secretary for Financial Services and the Treasury (Financial Services)
Financial Services and the Treasury Bureau
 
Senior Assistant Law Officer (Civil Law)
Department of Justice read more

     Hong Kong Customs yesterday (January 30) raided a suspected illicit cigarette storage centre in Kwun Tong and seized about 74 000 suspected illicit cigarettes with an estimated market value of about $270,000 and a duty potential of about $190,000.
      
     During an anti-illicit cigarette operation conducted in Kwun Tong last night, Customs officers intercepted a suspicious man who was moving goods in an industrial building on King Yip Street. Upon inspection, the batch of suspected illicit cigarettes was seized from a mini-storage unit at the industrial building, and the 63-year-old man who claimed to be unemployed and was suspected to be connected with the case was arrested.

     An initial investigation revealed that the man rented the mini-storage unit and used it as an illicit cigarette storage centre that was mainly used to supply illicit cigarettes to residents in the East Kowloon district. Customs will continue to trace the source of the illicit cigarettes, and the likelihood of further arrests is not ruled out.
      
     The arrested male was charged with “dealing with goods to which the Dutiable Commodities Ordinance applies” and will appear at the Kwun Tong Magistrates’ Courts on March 7.
      
     Customs will continue its risk assessment and intelligence analysis for interception at source as well as through its multipronged enforcement strategy targeting storage, distribution and peddling to spare no effort in combating illicit cigarette activities.
      
     Customs stresses that it is an offence to buy or sell illicit cigarettes. Under the Dutiable Commodities Ordinance, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.
     â€‹
     Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

  

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

     The Hong Kong Monetary Authority (HKMA) released today (January 31) the analytical data on the Hong Kong Special Administrative Region’s foreign currency reserves and foreign currency liquidity as at the end of December 2023 (Annex). These data are published monthly in the Template on International Reserves and Foreign Currency Liquidity in accordance with the International Monetary Fund’s Special Data Dissemination Standard (SDDS).
 
****************************************************************
 
     At present, four press releases relating to the Exchange Fund’s data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund’s SDDS. The fourth press release, on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA’s policy of maintaining a high level of transparency. For the month of January 2024, the scheduled dates for issuing the press releases are as follows:
 

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

     The Hong Kong Monetary Authority (HKMA) released today (January 31) the analytical data on the Hong Kong Special Administrative Region’s foreign currency reserves and foreign currency liquidity as at the end of December 2023 (Annex). These data are published monthly in the Template on International Reserves and Foreign Currency Liquidity in accordance with the International Monetary Fund’s Special Data Dissemination Standard (SDDS).
 
****************************************************************
 
     At present, four press releases relating to the Exchange Fund’s data are issued by the HKMA each month. Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund’s SDDS. The fourth press release, on the Exchange Fund’s Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA’s policy of maintaining a high level of transparency. For the month of January 2024, the scheduled dates for issuing the press releases are as follows: