ENG-2019 — Page 121

4

Financial and Monetary Affairs

The resolution authorities will continue to develop resolution planning and the associated standards for financial institutions in order to improve the resolvability of financial institutions such that, in the event of a financial institution's non-viability, resolution may take place in an orderly manner. This work would support the operation of the resolution regime in Hong Kong, which would in turn contribute to financial stability.

Professional Accountancy

The HKICPA, established under the Professional Accountants Ordinance, registers certified public accountants (CPAs); carries out practice reviews and regulates the professional conduct and standards of members; sets and maintains financial reporting, auditing and ethical standards for the profession; and conducts training and qualifying examinations.

Statistics on CPAs, CPA Firms and Corporate Practices

Total number of CPAs

Number of practising CPAs

Number of practising CPA firms

Number of corporate practices

2017

2018

2019

42,237

43,585

44,794

4,735

4,869

4,991

1,292

1,288

1,270

555

591

611

The institute issues the Hong Kong Financial Reporting Standards, which apply the International Financial Reporting Standards. This is beneficial to Hong Kong because international investors and financial analysts are well acquainted with these standards.

Websites

Companies Registry: www.cr.gov.hk

Financial Reporting Council: www.frc.org.hk

Financial Services and the Treasury Bureau: www.fstb.gov.hk Financial Services Development Council: www.fsdc.org.hk

Hong Kong Deposit Protection Board: www.dps.org.hk

Hong Kong Exchanges and Clearing Limited: www.hkex.com.hk Hong Kong Monetary Authority: www.hkma.gov.hk

Insurance Authority: www.ia.org.hk

Investor and Financial Education Council: www.ifec.org.hk

Investor Compensation Company Limited: www.hkicc.org.hk

Mandatory Provident Fund Schemes Authority: www.mpfa.org.hk Official Receiver's Office: www.oro.gov.hk

Securities and Futures Commission: www.sfc.hk

83