|2021/03/19||Consultation Paper on Real-name Registration Programme for SIM Cards|
The Chamber agrees with the Government that there is the need to address the abuse of SIM Cards for criminal purposes, but suggests that consideration should also be given to attendant issues such as data privacy implications and efficacy of a mandatory registration system. In light of the social impact that such regulatory changes may bring, the Chamber recommends that efforts be made to better define the rights and responsibilities of stakeholders, namely, users, operators, and regulators under the proposed programme.
|2021/03/16||Consultation Paper on Outcome Related Fee Structures for Arbitration|
The Chamber agrees with the Law Reform Commission’s proposals to relax the current prohibition of outcome-related fee structures for arbitration to enhance Hong Kong’s competitiveness as an arbitration centre, but suggests that a phased approach be adopted to the implementation of flexible fee structures. Due consideration should also be given to the protection of the interests of smaller businesses opting for such a means of dispute resolution.
|2021/02/03||Protecting Businesses and Livelihoods in the Food and Beverage (F&B) Industry|
The Chamber has called on the Government to take into account the economic implications of extended social-distancing restrictions on Hong Kong in particular sectors that have been hardest hit such as F&B operators. If the existing government guidelines on reduced dine-in capacity and evening ban were to continue, further financial assistance should be provided to offset the resultant loss in revenue and to prevent job losses.
|2021/01/28||Consultation Paper on the Main Board Profit Requirement|
The Chamber does not agree with the HKEX’s proposal to increase the profit requirement for a Main Board listing mainly because such a requirement would not be in the interests of smaller businesses in particular those outside of the New Economy. Rather, a comprehensive review of the existing listing requirements for both the Growth Enterprise and Main Boards including those on the transfer from the former to the latter should be carried out to address any intrinsic inefficiencies and promote Hong Kong’s attractiveness as a place to list.
|2021/01/27||Consultation Paper on Legislative Proposals to Enhance Anti-Money Laundering and Counter-Terrorist Financing Regulation in Hong Kong|
In response to the Government’s proposals to expand the scope of the Anti-Money Laundering Ordinance to include virtual asset services providers and dealers of precious metals and stones in Hong Kong, the Chamber has called for greater clarity on such issues as the uneven approach to regulating the two sectors in question, and rationale behind the prescribed penalties, among others. It also raised the issue of whether the Securities and Futures Commission should share regulatory responsibilities with its counterparts such as the Hong Kong Monetary Authority.
|2021/01/12||HKGCC Budget Proposals for 2021-2022|
The Chamber has called on the Financial Secretary Paul Chan to implement near-term measures to help businesses hurt by the prolonged pandemic. In its submission to the Government’s 2021-2022 Budget, the Chamber also suggested, among other measures, issuing government debt to preserve fiscal strength, promoting Hong Kong as a leader in green finance and conducting a comprehensive review of the MPF system.
|2021/01/04||Statement of Support for a Municipal Solid Waste (MSW) Charging Scheme|
The Chamber is pleased to note that a Legislative Council’s Bills Committee was formed on 16 October 2020 to again study a bill to implement a charging scheme for the purpose of reducing MSW following a previous attempt to do so during the previous legislative term. The Chamber believes that such a charging scheme would lay a useful foundation for Hong Kong to manage waste in a more responsible and effective manner.
|2020/12/17||Response to the Government's Revised Amendment Proposal on Raising Penalties of Occupational Safety and Health Legislation|
The Chamber submitted a letter to the Labour and Welfare Bureau in response to the Government’s Revised Amendment Proposal on the Occupational Safety and Health Legislation. The Chamber disagreed with the substantial increase in penalties as it might lead to drastic consequences during the present dismayed economic situation. Instead, the Government should tackle the problem at source and focus on education and prevention instead of punishment.
|2020/12/14||Securities and Futures Commission’s Consultation Paper on Proposed Amendments to its Anti- Money Laundering and Counter-Terrorist Financing Guideline (the Guideline) September 2020|
The Chamber does not object to the Commission's proposal to amend its guidelines under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, but suggests that any additional compliance requirements should be facilitative and reasonably practicable to achieve.
|2020/09/30||Consultation Paper on Proposals to Introduce a Paperless Listing & Subscription Regime, Online Display of Documents and Reduction of the Types of Documents on Display|
The Chamber supports the HKEX’s proposals to go paperless although, in the process of doing so, consideration should be given to maintaining paper-based options so that some degree of flexibility is provided to the investing public.