Tag Archives: China

     The Prevention of Bribery Ordinance (Amendment of Schedule 1) Order 2021 was gazetted today (January 15) to subject two wholly owned subsidiaries of the Hong Kong Mortgage Corporation Limited (HKMC), namely the HKMC Annuity Limited (HKMCA) and the HKMC Insurance Limited (HKMCI), to the relevant control against bribery and malpractice under the Prevention of Bribery Ordinance (Cap. 201).
 
     The Order specifies the HKMCA and the HKMCI as public bodies such that members and employees of the two bodies will become public servants, who are subject to various controls under the Ordinance, including prohibition from soliciting or accepting any advantage relating to their work in the public body concerned. Furthermore, persons having dealings with the two bodies are subject to the relevant sections of the Ordinance which make bribery and corrupt dealings in connection with public bodies and public servants under various circumstances an offence.
 
     A spokesperson for the Financial Services and the Treasury Bureau said, “The HKMCA and the HKMCI, carrying on annuity business and mortgage insurance business respectively, serve the important function of furthering the HKMC’s missions to promote stability of the banking sector, wider home ownership, and the development of the local debt and retirement planning market. Given the important role of the HKMCA and the HKMCI in Hong Kong’s financial system, it is in the public interest to regulate them as public bodies under the Ordinance.”
 
     The Order will be tabled before the Legislative Council (LegCo) at its sitting of January 20, 2021 (Wednesday). Subject to negative vetting by LegCo, the Order will commence operation from April 1, 2021. read more

     The Government announced today (January 15) the appointments to the Board of Directors of the Financial Services Development Council (FSDC) for a term of two years from January 17, 2021, to January 16, 2023.
 
     The Chief Executive has re-appointed the incumbent Chairman, Mr Laurence Li Lu-jen, SC, and 12 incumbent members, and also appointed three new members to the Board of Directors of the FSDC.
 
     Announcing the appointments, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “Under the leadership of the Chairman, the FSDC has made great achievements in conducting research, promoting market development and nurturing talents for the betterment of the Hong Kong’s financial services industry. The re-appointed members and new appointees are all seasoned practitioners with expertise in the financial services industry. I am confident that the Board will continue to direct the FSDC in accomplishing its work objectives.” Mr Hui also expressed his heartfelt gratitude to the outgoing members, Mr Mark Dickens and Mr Joe Ngai, for their contributions to the FSDC over the past years.
 
     The FSDC was established in 2013 by the Hong Kong Special Administrative Region Government as a high-level, cross-sectoral advisory body to engage the industry in formulating proposals to promote the further development of Hong Kong’s financial services industry and to map out the strategic direction for development. The FSDC was incorporated as a company limited by guarantee in September 2018 to allow it to better discharge its functions with more flexibility. 
 
     The membership list of the Board of Directors of the FSDC with effect from January 17, 2021, is as follows:
 
Chairman
———–
Mr Laurence Li Lu-jen, SC
 
Members (16)
———–
Dr Au King-lun
Ms Diana Cesar
Ms Lena Chan
Ms Ding Chen
Mr Henry Fan Hung-ling
Mr Glenn Fok
Dr Hu Zhanghong
Mr Donald Perry Kanak*
Mr Jimmy Lai Chi-ming
Mr Jeremy Dinshaw Lam*
Mr Brian Li Man-bun
Dr Lin Yong
Ms Amy Lo Choi-wan*
Mr Andrew Walter Bougourd Ross Weir
Ms Winnie Wong Chi-shun
Mr Stephen Wong Yuen-shan
 
Ex-officio member
———————–
Mr Christopher Hui (in the capacity as Secretary for Financial Services and the Treasury)
 
* newly-appointed members read more

     In view of the COVID-19 pandemic, the 2021 Lunar New Year Fireworks Display and Lantern Carnivals have been cancelled. read more

     The “Solar Harvest – Solar Energy Support Scheme for Schools and Welfare Non-Governmental Organisations” (Solar Harvest) opened for a new round of applications today (January 15).
 
     Solar Harvest aims to promote the development of local renewable energy (RE). It provides non-government and non-profit-making schools, as well as welfare non-governmental organisations (NGOs) receiving recurrent subvention from the Social Welfare Department, with a one-stop service to install solar energy generation systems at their premises free of charge. Solar Harvest also assists participating schools and organisations in joining the Feed-in Tariff (FiT) Scheme of the two power companies. As well, the schools can integrate the solar energy generation system into teaching to enhance students’ environmental awareness and their interest in science.
 
     A Government spokesman said that Solar Harvest has received an enthusiastic response since its launch in 2019. As at December 2020, the Electrical and Mechanical Services Department (EMSD) had received more than 350 applications, with more than 90 per cent from schools. The EMSD has also installed solar energy generation systems at more than 110 schools and welfare NGOs. It is estimated that this batch of systems can generate more than 880 000 kilowatt-hours of electricity each year, equivalent to the monthly electricity consumption of about 3 200 families.
 
     “The Chief Executive had announced in the 2020 Policy Address that the Hong Kong Special Administrative Region would strive to achieve carbon neutrality before 2050. To mitigate climate change, the Government is committed to promoting the development of local RE. Apart from introducing the FiT Scheme and Solar Harvest, a series of measures has also been implemented to support the development of RE by the public, including relaxing restrictions on the installation of solar energy generation systems on the rooftops of New Territories Exempted Houses (also known as ‘village houses’), introducing legislative amendments so that individuals who have installed RE systems on their residential premises need not apply for business registrations or file profits tax returns for the FiT payments they receive, revamping the ‘HK RE Net’ to provide information on RE and installation of RE systems, etc,” the spokesman said.
 
     The deadline for the new round of applications for Solar Harvest is July 30, 2021. Applications submitted on or before April 30, 2021, will be given priority, such that works may commence in July 2021 at the earliest. Applicants can download the application form from the EMSD’s website (re.emsd.gov.hk) and call the EMSD at 3155 3977 for enquiries. read more

     The Government gazetted today (January 15) subsidiary legislation to implement the new profits tax concessions for insurance-related businesses on March 19, 2021.        Enacted in July 2020, the Inland Revenue… read more