Financial and Monetary Affairs | 75
During the year, the Government led a promotion campaign in London to showcase Hong Kong's status as China's global financial centre and help promote Hong Kong as a premier asset management hub in the region.
Developing Islamic Finance
In 2010, the Government continued its efforts to create an environment conducive to development of Islamic finance in Hong Kong in collaboration with the financial regulators and the private sector. Efforts focused on four broad areas: establishing necessary market infrastructure, enhancing Hong Kong's international profile and linkages, promoting market knowledge of Islamic finance, and encouraging product development.
Proposed Establishment of an Independent Insurance Authority
The Government has been looking into the establishment of an independent Insurance Authority (IA) to enable it to operate more flexibly to meet regulatory challenges and to better prepare Hong Kong for a risk-based capital regulatory regime.
A public consultation to gauge views on the proposed establishment of an Independent IA, as well as its governance structure, organisation framework, functions, powers and funding mechanism ended in the fourth quarter of 2010. The Government is examining the comments received and will continue to engage the industry and stakeholders in drawing up detailed proposals.
Proposed Establishment of a Policyholders' Protection Fund
To maintain market stability and better protect the interests of policyholders in the event of an insurer's insolvency, the Government has proposed the establishment of a Policyholders' Protection Fund (PPF) in Hong Kong and a public consultation on the detailed proposals of PPF will be conducted in early 2011.
Modernising the Companies Ordinance
The Standing Committee on Company Law Reform (SCCLR) advises the Government on reviews and reforms of Hong Kong's company law and on enhancing corporate governance.
Two phases of public consultation on the draft Companies Bill were completed in March 2010 and August 2010. The Companies Bill, which aims to enhance further Hong Kong's status as a major international business and financial centre, was being finalised in the light of the consultation feedback. The Government plans to introduce the bill into the Legislative Council in early 2011.
Trust Law Reform
The Government issued the consultation conclusions on the review of the Trustee Ordinance and related matters in February 2010. Based on the consultation conclusions, legislative amendments will be introduced to provide a better framework for the operation of trusts in Hong Kong, strengthen the competitiveness of Hong Kong's trust services industry and enhance Hong Kong's position as a major asset management centre.
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