Financial Services Focus Group (FIG) Objectives

OBJECTIVES

Financial Services Focus Group (“FIG”)

Terms of ReferenceThe aim of the Group is to represent and promote the collective interests of the Chamber in the Financial Services Sector, so as to keep Hong Kong at the forefront of this Sector in Asia Pacific.The group’s focus will not be limited and will support all aspects of the Financial Services Sector. The group’s issues-based approach will allow identified issues that are received from the membership to drive any specific focus of the group.Strategy:

To represent the views of the Chamber members on issues of relevance to the Sector.
To actively seek out relevant issues, and to create sub groups to exchange views, comments, and address those specific issues.
To provide advice to the general committee on matters involving the Financial Services Industry
To organise information seminars and events of interest to Chamber members.
To attract high profile speakers in the Sector for Chamber events.
To promote and strengthen business relationships between Chamber members.
To initiate consultation, or respond to consultation requested by government or other agencies, affecting the Sector.

Issues Register

Short Title	Current Status	Priority	Category	Background & Full Description	Author
RMB Deposit Taking	Closed	Medium	Banking	There is an increasing speculation that Hong Kong would become an offshore centre for the RMB. If so, does this mean that China will greatly ease capital account restrictions? The reality is that China’s roadmap of financial deregulation must take into account of various challenges. To bring a growing pool of the RMB into Hong Kong’s banking system is positive for both China’s financial reform and Hong Kong’s economic recovery.	Steve Xu (ICBC)
Consultation on Proposals to Enhance the Regulation of Listing	Closed	High	Stock Exchange	HK Government consultation paper for comment	(Bentley Reid) Bob Bunker
Consultation Paper on the Proposals to : a) Enhance the Oversight of the Public Interest Activities of Auditors and B) Establish a Financial Reporting Review Panel	Closed	High	Auditing	HK Government consultation paper for comment	Robert Gazzi (PWC)
Offshore Funds for exemption from Hong Kong's Profits Tax	Closed	High	Funds	HK Government consultation paper for comment	Debbie Annells (Equity Trust)
Consultation on "Exchange of information provisions" in Comprehensive Double Taxation Agreements	Open	Medium	HK Government	Consultation requested by the Commissioner of Inland Revenue to Chambers of Commerce	CJAH / Commissioner of Inland Revenue
Analysts' Conflicts of Interest	Closed	High	Stock Exchange	The SFC announced plans to address potential conflicts of interest between analysts and investment bankers working for the same firm. This follows the landmark US$1.4bn settlement in the US last year between New York State Attorney General and 10 large investment banks. The SFC has proposed new guidelines including restrictions on analyst trading (banning analysts from trading a stock for 30 days before and one day after a report is published) and a ban on compensating analysts for work on specific transactions. Other proposals include full disclosure of analysts' holdings in companies they cover, full disclosure of the relationship between a company under coverage and the investment bank concerned, prohibiting analysts from taking part in deal marketing such as sales pitches and road shows, and prohibiting analysts from reporting to investment banking, corporate advisory or securities dealing functions. The SFC is also investigating restrictions on "pre-deal" research, which is banned in the US , by underwriting banks. The commission will issue a conclusion to the consultation with its member firms in the third quarter with a view to implementing new rules by the end of the year.	Iain Reid (Economist Corporate Network)
Public Consultation on the Policyholders Protection Funds Scheme	Closed	High	Insurance	HK Government consultation paper for comment	Andrew Eden (Ernest Maude)
HKSA Exposure Draft- Proposed Standards Guidance for Listing Engagements	Closed	Medium	Regulatory	Exposure Draft of proposed Standards and Guidance to HKSA members in performing listing engagements has been released by the Hong Kong Society of Accountants and inviting comments by 14th August 2004	CJAH-Debbie Annells/ Robert Gazzi (PWC)
Fraud occurrences in claiming commissions on insurance policies by brokers - insufficient follow up by appropriate HK authorities?	Closed	High	Insurance	There have been many reports by insurers of fraudulent claims for commissions on policies; brokers who have been involved are still conducting brokerage businesses, or are conducting business through associates. A letter will be drafted to Govt on this matter raising concerns.	FIG Core committee member
Consultation Paper on Review of the Disclosure of Interest Regime under Part XV of the Securities and Futures Ordinance	Closed	High		Proposed amendments to the disclosures on substantial interests in listed bodies, and change to those holdings.	CJAH
Proposals to Enhance the Regulation of Listing	Closed	Medium	HK Government	Further consultation paper for comments in this area.	CJH
Taxation of Offshore Funds	In Progress	High	HK Government	The IRD has recently restarted discussions with interested parties in HK on new proposals as to the mode of taxing funds in Hong Kong	Debbie Annells
Consultation Paper on Legislative proposals to Establish a Financial reporting Council ("FRC")	Closed	Medium		The Government sent out detailed proposals on the Implementation of an FRC, that is an independent statutory body having regulatory oversight of auditors	CJAH
Securities and Futures Ordinance to Give Statutory Backing to Major Listing Requirements	Closed	Medium	HK Government	Supplementary to previous topic HK005	CJAH
Review of Hong Kong Estate Duty Regime- Consultative Document	Closed	medium	HK Government	The Financial Services and Treasury Bureau is seeking comments on whether to abolish, or amend, the current Hong Kong Estate duty regime	CJAH-Debbie Annells
Competition from Government Bodies in Financial Services Sector	Closed	High	HK Government	There have been complaints by members that the Mortgage Corporation is competing for certain types of business with the private sector; and having more advantage are competing unfairly. It is not a level playing field.	Raised by David Dodwell on behalf of others
Review of Stamp Duty	Closed	Medium		KPMG have been asked to prepare a report on the review of Stamp Duty on Stocks and Securities in HK by 12 investment banks	Anson Chan/Patrick lee KPMG
Class Actions	Closed	High	HK Government	New rules allowing legal actions by classes of litigants
Review of Capital Adequacy - Bank Consultation	Closed	High	HKMA	Implementation of Basel II rules in HK	Christopher Page

To access some of the papers submitted to government, please visit our page ‘Articles and Reports’

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