Tag Archives: China

     The Government published the Insurance (Amendment) (No. 2) Bill 2020 (the Bill) in the Gazette today (March 20).
 
     The Bill seeks to amend the Insurance Ordinance (Cap. 41) (IO) to enhance the regulatory framework for the regulation and supervision of insurance groups where a holding company for the group is incorporated in Hong Kong.
 
     “The Bill will help align Hong Kong’s insurance regulatory regime with international standards and practices, reinforce Hong Kong’s status as an international financial centre and establish Hong Kong as a preferred base for large insurance groups in Asia Pacific. Our target is to strive for early passage of the Bill so as to highlight Hong Kong’s sustained efforts in enhancing its regulatory framework and competitiveness amidst challenging times,” a spokesman for the Financial Services and the Treasury Bureau said.
 
     The International Association of Insurance Supervisors requires insurance regulators not just to regulate insurers on a “solo” basis but also to co-operate and co-ordinate with each other to ensure insurance groups are regulated on a “group-wide” basis. Like other jurisdictions such as the United Kingdom, Australia, Bermuda and Singapore which have implemented group-wide regulation, Hong Kong should formulate and implement a clear and comprehensive regulatory regime for insurance groups under the IO. 
 
     At present, the Insurance Authority (IA) is the group supervisor of three international insurance groups. The IA performs this function using an indirect approach based on its existing “solo” regulatory powers, i.e. using its regulatory powers in relation to the authorised insurers which the IA directly regulates to influence the holding companies of the insurance groups. The IA does not have direct regulatory powers at the holding company level of these insurance groups, even though such holding company is incorporated in Hong Kong. It is necessary to enable the IA to exercise direct regulatory powers over Hong Kong-incorporated holding companies of insurance groups.
 
     The Bill will be introduced into the Legislative Council for first reading on March 25. read more

     The Government published in the Gazette today (March 20) the Limited Partnership Fund Bill to provide for a new registration regime to enable funds to be constituted in the form of limited partnerships in Hong Kong.
 
     A Government spokesperson said, “The Bill seeks to attract investment funds (including private equity and venture capital funds) to set up and operate in Hong Kong. This would help strengthen Hong Kong’s position as an international asset and wealth management centre and drive demand for the related professional services in Hong Kong.
 
     “In recent years, private equity funds have been playing a pivotal role in channelling capital into corporates, especially start-ups in the innovation and technology field. Hong Kong, as the second largest private equity market in Asia, is well-placed to expand its private equity business.”
 
     “The new limited partnership fund regime will be an opt-in registration scheme administered by the Companies Registry. It will cater for the operational needs of investment funds with elements of investor protection built in,” the spokesperson added. 
 
     A limited partnership is a common constitution form for private funds such as private equity funds. In a limited partnership, the general partner (i.e. operating person) with unlimited liability in respect of the debts and liabilities of the fund and the limited partner(s), who are essentially investors with limited liability, will have freedom of contract in respect of the operation of the partnership. 
 
     The Bill will be introduced into the Legislative Council for first reading on March 25. read more

     The Government has proposed to allow China Telecom Global Limited to install a submarine optical fibre cable of approximately 34.6 kilometres in length and 40 millimetres in diameter from Chung Hom Kok to the eastern bound… read more

     The 2020-21 Award Scheme for Learning Experiences under the Qualifications Framework (QF) will be open for application from today (March 20) until May 29. Practitioners from 23 industries implementing the QF (see Annex) are welcome to apply.
 
     Two new slogans, “Achieve One’s Goal Step by Step” and “Broaden One’s Horizon to Achieve Goal”, are being used for this year’s Award Scheme. These slogans tie in with the objectives of the Award Scheme for encouraging outstanding or emerging practitioners to engage in learning activities held locally or around the world with a view to broadening their horizons, keeping abreast of the latest developments of the industry and extending networks. Through participating in the Award Scheme, practitioners can achieve their personal and career goals.
 
     A spokesman for the Education Bureau said that the Award Scheme was launched in 2013-14. In the past seven years, the Award Scheme attracted more than 1 400 applicants from different industries, of which over 420 were awarded. More than 60 per cent of the awardees participated in overseas learning activities, while some 30 per cent were engaged in local learning activities. The Award Scheme helped reinforce practitioners’ conviction on lifelong learning. Through pursuit of continuous learning, they are able to upgrade themselves, become role models for their respective industries and help promote the QF.
 
     The spokesman added that the learning activities in which practitioners can participate under the Award Scheme include competitions, seminars, sharing sessions and study tours. Awardees engaging in local learning activities will receive an award of $10,000 while those engaging in learning activities outside Hong Kong will receive an award of $30,000. Applicants may visit the website www.hkqf.gov.hk/AwardScheme for more details of the Award Scheme. read more

     The Government announced today (March 20) the reappointment of two serving members and the appointment of two new members to the Hospital Authority (HA) with effect from April 1, 2020.      Two serving members, Pro… read more