The Chief Executive in Council has authorised the scheme for the sewerage works in Kwu Tung North New Development Area under the Remaining Phase of Site Formation and Engineering Infrastructure Works at Kwu Tung North New … read more
The Chief Executive in Council has authorised the scheme for the sewerage works in Fanling Highway and Castle Peak Road (Kwu Tung Section), Tai Tau Leng Roundabout and Po Shek Wu Road under the Remaining Phase of Site Form… read more
The Banking (Capital) (Amendment) Rules 2023 (BCAR), the Banking (Disclosure) (Amendment) Rules 2023 (BDAR), the Banking (Exposure Limits) (Amendment) Rules 2023 (BELAR), and the Banking (Liquidity) (Amendment) Rules 2023 (BLAR) were gazetted today (December 29) to implement the latest capital standards and associated disclosure requirements promulgated by the Basel Committee on Banking Supervision (BCBS) under the Basel III reforms, together with other related updates for the prudential regulation of banks in Hong Kong.
The BCAR and the BDAR mainly implement the final phase of the Basel III reforms to enhance the capital framework in terms of robustness, risk sensitivity and consistency in banks’ capital computation, thereby strengthening banks’ resilience against possible financial shocks and contagion. The BELAR and the BLAR incorporate consequential updates and related changes of the large exposures and liquidity frameworks.
The opportunity is also taken to include amendments in the BCAR to better address risk exposures of banks, and to introduce the option of a positive neutral countercyclical capital buffer (CCyB) to ensure that the banking system has sufficient releasable buffer against possible system-wide shocks.
A Government spokesperson said, “The amendment rules will complete the implementation of the requirements under the Basel III reforms in Hong Kong. Compliance with the international regulatory standards promulgated by the BCBS will further bolster the resilience of our banking system and reinforce Hong Kong’s status as an international financial centre.”
A Hong Kong Monetary Authority spokesperson added, “In formulating the amendment rules, we have undertaken extensive consultations with the industry and made reference to the implementation approaches adopted by other major jurisdictions. The amendments will strengthen the regulatory regime for banks, with local circumstances taken into account.”
The amendment rules will be tabled at the Legislative Council on January 10, 2024. They will take effect on April 1, 2024, and January 1, 2025, respectively. read more
The Government announced today (December 29) that the Chief Executive has reappointed Mr Ma Ho-fai as the Chairperson of the Travel Industry Authority (TIA) and its 26 incumbent members, and has appointed Mr Leonard Chan Tik-yuen and Mr Ng Hi-on as its new members, for a period of two years with effect from January 1, 2024.
On the appointments, the spokesman of the Culture, Sports and Tourism Bureau said, “The Government welcomes the two new members joining the TIA, and looks forward to the continued leadership of the Chairperson, and members continuing to make use of their professional knowledge and experience to actively contribute to the TIA’s full and smooth operation under the new regulatory regime of the travel industry. We would also like to express our gratitude to the outgoing members, Mr Fred Li Wah-ming and Mr Tommy Tam Kwong-shun, for their dedicated service and valuable advice rendered to the TIA during their tenure.”
The TIA is a statutory regulatory body of the travel industry established under the Travel Industry Ordinance. It is primarily responsible for the licensing and regulation of travel agents, tourist guides and tour escorts.
The membership of the TIA for the new term from January 1, 2024, is as follows:
Chairperson
————-
Mr Ma Ho-fai
Vice Chairperson
————-
Commissioner for Tourism
Ordinary Members
——————–
Trade members
Mr Kenneth King Yue-kin
Ms Lanny Leung Kong-lan
Mr Paul Leung Yiu-lam
Mr Roy Lo Kai-pong
Mr Martin Ma Yuk-man
Mr Ng Hi-on
Dr Priscilla Poon Chau-min
Mrs Ann Tang Yu Li-hua
Mr Ricky Tse Kam-shan
Mr Tse Yun-sang
Mr Wong Ka-ngai
Ms Gianna Wong Mei-kiu
Mr Yiu Pak-leung
Non-trade members
Mr Leonard Chan Tik-yuen
Ms Dilys Chau Suet-fung
Ms Kerry Ching Kim-wai
Ms Agnes Choi Heung-kwan
Mr Alex Fan Hoi-kit
Mr Chris Ip Ngo-tung
Mr Victor Lam Hoi-cheung
Mr Kevin Lam Sze-cay
Mr Johnny Leung Ka-kui
Dr Barry Mak Lui-ming
Mr James Tong Wai-pong
Mr Wilfred Wong Kam-pui
Mr Adrian Wong Koon-man
Ms Annie Wong Pak-yan
Mr Charles Yang Chuen-liang read more
The Government today (December 29) announced the appointment of two members to the Cantonese Opera Development Fund (CODF) Advisory Committee (AC) through the Member Self-recommendation Scheme for Youth (MSSY) from January 1, 2024, to July 31, 2025.
The two new members are Ms Ng Man-ting and Mr Ho Chi-wa. Ms Ng holds a Bachelor of Fine Arts degree in Chinese Opera, and is a Cantonese opera performer. Mr Ho holds a Master of Arts in Chinese History and Culture, and engages in promotion activities of Chinese history and culture.
The CODF was established in 2005 to support and fund projects and activities that study, preserve, promote and sustain the development of Cantonese opera. The CODFAC advises the Government on matters relating to the administration and management of the CODF. Furthermore, the Government regularly recruits young persons aged between 18 and 35 who are eager to serve the community to join the Government’s advisory committees through the MSSY with a view to providing more opportunities for young people to participate in policy discussion. read more