90 | Financial and Monetary Affairs
2008. The Companies Bill will be issued for public consultation in the form of a white bill in mid-2009.
On the other hand, the Government attaches great importance to enhancing the quality of the equity market. In this regard, the Government has proposed giving statutory backing to major listing requirements to improve the regulation of listing. The Government will continue to work closely with stakeholders, including the SFC and the HKEX, to ensure that the legislative proposal to give statutory backing to major listing requirements can effectively enhance market quality and increase investor protection without stifling market development or imposing an undue compliance burden.
Review of the Trustee Ordinance
The Government commenced a review of the Trustee Ordinance in late 2007 to strengthen the competitiveness of Hong Kong's trust services industry and enhance its position as an international financial centre. Relevant professional bodies and stakeholders will be consulted during the review process.
Enhancement of the Financial Infrastructure
The HKMA continues to pursue the goal of building a safe and efficient financial infrastructure based on a multi-currency, multi-dimensional platform, and developing Hong Kong into a payment and settlement centre in the region.
Major projects completed in 2007 include:
a Renminbi RTGS System;
• a link between the securities settlement system in Malaysia and the US dollar RTGS system in Hong Kong; and
• an electronic trading platform for the Exchange Fund Bills and Notes.
The HKMA has established a comprehensive marketing programme to explore opportunities to link the various RTGS systems and the CMU with similar systems in the region, and to promote the use of the clearing and settlement systems in Hong Kong.
Development of the Bond Market
The Government has boosted the development of the bond market in recent years by providing the necessary financial infrastructure, simplifying the issuance process, removing regulatory impediments, offering tax incentives and encouraging public corporations to issue bonds. Investor education on bond investment has also been strengthened.
The HKMA continues to implement the recommendations of the review of the Exchange Fund Bills and Notes (EFBN) Programme conducted in 2006. Following the refinements to the market-making arrangements and the publication of the league table related to the EFBN Programme, the benchmark yield curve has been extended to 15 years after the inaugural issue of 15-year Exchange Fund Notes in August 2007.
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