The 2019 Rural Ordinary Election will be held in January next year. The respective polling dates for each Village and Market Town (Cheung Chau and Peng Chau) were published in the Gazette today (October 19). &… read more
The Government published in the Gazette today (October 19) the Financial Institutions (Resolution) (Loss-absorbing Capacity Requirements – Banking Sector) Rules (the Rules) and the Inland Revenue (Amendment) (No. 6) Bill 2018.
Following the commencement of the Financial Institutions (Resolution) Ordinance (Cap. 628) (the Ordinance) in July 2017, the Monetary Authority (MA), as the resolution authority for authorised institutions (AIs), has made the Rules pursuant to section 19(1) of the Ordinance to prescribe minimum loss-absorbing capacity (LAC) requirements for AIs and their group companies. The Rules are closely aligned to international standards on LAC requirements, as set out in the Financial Stability Board’s Total Loss-absorbing Capacity Term Sheet.
“As banks provide important financial services to businesses and the general public, who depend on continuous access to those services, letting them become insolvent may not be an option in reality. The Rules will require banks to maintain sufficient financial resources so that they can be restored to viability by imposing losses on shareholders and creditors (instead of the public purse) should they run into difficulties. Making banks safer protects public funds and depositors, and disincentivises excessive risk-taking. Improved financial stability also facilitates economic growth from which everyone benefits,” a Government spokesman said.
Owing to the loss-absorbing nature of the LAC debt instruments, their profits tax treatment under the Inland Revenue Ordinance (Cap. 112) is uncertain, in particular whether they are eligible for debt-like tax treatment. To facilitate the implementation of the Rules, the Amendment Bill will provide certainty of tax treatment for LAC debt instruments issued by AIs and relevant group companies.
The Hong Kong Monetary Authority conducted a public consultation at the beginning of 2018 on the approach to implementing LAC requirements in Hong Kong, and an industry consultation subsequently on the draft text of the Rules and the Amendment Bill. Respondents were broadly supportive of the proposals and their views have been suitably reflected in the Rules and the Amendment Bill.
The Rules and the Amendment Bill will be tabled before the Legislative Council at its sitting on October 24 and October 31, 2018 respectively. The Rules will come into operation on December 14, 2018, upon negative vetting by the Legislative Council. read more
The 2019 School Care Subsidy Scheme is now accepting applications from schools. The deadline for applications is November 15.
Organised by the Music Office of the Leisure and Cultural Services Department, the scheme aims to encourage music groups from local kindergartens, primary, secondary and special schools and tertiary institutions to care for the community. It is hoped that students will extend their care and good wishes to the beneficiaries of local social welfare organisations through music performances, and thereby enhance social integration and harmony. In addition, students can gain performing experience and serve the community, as well as benefit by building up team spirit and organisational skills through the activities.
Each activity can receive a maximum subsidy of $2,000 to cover costs including transportation, allowances for professionals and other miscellaneous items for each performance.
Successful applicants must complete their performances between January and May next year. Outstanding teams will be invited to perform and share their experiences at the Gala Concert, to be held on July 13. All participating schools will be awarded certificates of commendation at a presentation ceremony during the Gala Concert.
Applications will be evaluated according to the proposed activity’s feasibility, ingenuity and interactive elements, as well as the music group’s prior experience in organising and performing at events for the community. Application forms are now available at all music centres of the Music Office or downloadable from the website: www.lcsd.gov.hk/en/mo/activities/communityprogrammes/2019schoolcaresubsidyscheme.html. Completed forms must be faxed to the Music Office at 2824 1989.
Over 300 school music groups have participated in the School Care Subsidy Scheme since its launch in 2009. The scheme is sponsored by the Sino Group.
For enquiries, please call 2596 0898 or 2582 5264. read more
The Government proposes to commence the relevant provisions in the Merchant Shipping (Seafarers) Ordinance (Cap 478) and its subsidiary legislation on December 20, 2018, to implement the requirements under the 2006 Maritime Labour Convention (MLC), which will be officially extended to Hong Kong on the same day.
Promulgated by the International Labour Organization (ILO), the MLC sets out a comprehensive set of global standards for the working and living conditions of seafarers and seeks to protect the welfare of seafarers. To prepare for the extension of the MLC to Hong Kong, various amendments to the Ordinance and its subsidiary legislations were enacted previously to incorporate the requirements of the MLC into the local legislation. With the ILO having announced that the MLC will come into force in Hong Kong on December 20, the relevant provisions in the local legislation to implement the MLC requirements have to be brought into operation.
“Implementation of the MLC’s requirements, which are already in force globally, not only helps ensure that the working and living conditions of seafarers on board Hong Kong ships are up to standard, but also helps assure overseas port state control that our fleet fully complies with the relevant international conventions,” a spokesperson for the Transport and Housing Bureau said.
The trade has already been notified of the date of extension of the MLC to Hong Kong and the commencement of the relevant local legislation. All relevant ships should have already complied with the requirements of the MLC.
The legislative proposal was gazetted today (October 19) and will be tabled at the Legislative Council for negative vetting on October 24. read more
The 2018 final register for the Rural Representative Election (RRE) is available for public inspection from today (October 19). The register includes particulars of registered electors of Existing Villages, Indigenous Villages and Composite Indigenous Villages and Market Towns.
A full copy of the register for the RRE is available for inspection at the Electoral Registration Officer’s office at the Home Affairs Department, 30/F, Southorn Centre, 130 Hennessy Road, Wan Chai, while the copy of the relevant divisions of the register for a rural area are available for inspection at the offices of the Assistant Electoral Registration Officers in the respective New Territories District Offices.
Members of the public can inspect the register for the RRE during ordinary business hours from 9am to 1pm and 2pm to 6pm, from Monday to Friday (except public holidays).
For enquiries, please call 2152 1521. read more