ENG-2020 — Page 113

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Financial and Monetary Affairs

Financial Services Development Council

The Financial Services Development Council is a high-level, cross-sectoral advisory body that collects industry views to formulate strategic proposals for the development of the industry. The council published nine reports and consultation responses in 2020, and organised local and overseas market promotion and human capital activities to strengthen Hong Kong's status as an international financial centre.

Money Lenders

The government closely monitors money lenders' compliance with the Money Lenders Ordinance and the licensing conditions imposed by the licensing court. Public education activities are conducted to promote prudent borrowing.

Talent Training

A pilot programme to train talent for the insurance and asset and wealth management sectors has been extended until 2022-23. It is intended to help the community, particularly students, understand career prospects in these sectors, attract new blood and enhance the professional competency. Educational and promotional activities, summer internships for undergraduates and financial incentives for practitioners to undergo training were provided.

The HKMA works closely with the banking industry and professional bodies to develop modules under the Enhanced Competency Framework for capacity building and talent development. In December, a new module on operational risk management was launched, in addition to the six existing modules covering private wealth management, anti-money laundering and counter- terrorist financing, cybersecurity, treasury management, retail wealth management and credit risk management.

Asian Financial Forum

The government co-organises the annual Asian Financial Forum with the Hong Kong Trade Development Council to facilitate high-level exchanges over financial and economic issues and to showcase Hong Kong's unique advantages in financial services. In 2020, the event attracted over 3,500 participants from 48 jurisdictions.

Company Registration

The Companies Registry administers and enforces the Companies Ordinance. It registers local and non-Hong Kong companies and statutory returns, deregisters defunct solvent companies and provides the public with services and facilities for inspecting and obtaining company information kept by the registry. The registry is also the licensing authority for trust and company service providers.

The registry provides electronic filing and search services round the clock. Electronic Certificates of Incorporation and Business Registration Certificates are normally issued together in less than an hour after receipt of the applications for company incorporation via the e-Registry portal.

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