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Financial and Monetary Affairs
preparatory work for the IIA to take over the functions of the Office of the Commissioner of Insurance (OCI) and the three existing Self-regulatory Organisations during the next stages. The IIA Chairman and members were appointed by the Chief Executive and took office in 2015.
On 1 June, the Financial Secretary appointed members to the two Industry Advisory Committees for a term of two years. The committees are to advise the IIA on the long-term and general business development of the insurance industry respectively.
Risk-based Capital Regime for Insurance Industry
The Insurance Authority (IA) is engaging relevant stakeholders in developing a risk-based capital regime. It started phase 2 of the development of the regime in 2016 and commissioned a consultancy study on the formulation of detailed rules for Hong Kong's insurance industry. It aims at developing guidance for a quantitative impact study to be launched in the second half of 2017 to obtain data on both quantitative and qualitative aspects. Four industry focus groups have been established to engage the industry on technical aspects of the regime.
Resolution Regime for Financial Institutions
The Financial Institutions (Resolution) Ordinance provides for a cross-sectoral resolution regime for financial institutions in Hong Kong to meet international standards set by the Financial Stability Board in its 'Key Attributes of Effective Resolution Regimes for Financial Institutions. The ordinance was enacted by LegCo in June and is expected to come into operation on a date to be set by the Secretary for Financial Services and the Treasury, at the same time as subsidiary legislation entitled the Protected Arrangements Regulation, to be made under the ordinance.
Recovery and resolution planning frameworks have been, and will continue to be, developed for banks both locally and internationally to support the operation of the ordinance and contribute to financial stability.
Investor Education Centre
The Investor Education Centre seeks to raise financial literacy by providing free and impartial tools and resources to help the public make informed financial decisions. Its work is supported by Hong Kong's four financial regulators? and the Education Bureau.
In April, the centre launched a new consumer brand, The Chin Family, to present financial education information in a fun and enjoyable manner. During the year, it organised 230 community events reaching more than 15,520 people, and recorded 618,973 website visitors with more than 1.7 million page views.
The centre is the secretariat for the Hong Kong Strategy for Financial Literacy, which aims to harness the efforts of various sectors to advance financial education and literacy. At the end of 2016, over 100 supporting organisations and 12 ambassadors had committed to improving the public's financial literacy.
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The SFC, the HKMA, the Mandatory Provident Fund Schemes Authority and the OCI.
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