Submissions and Reports

In its response, the Chamber welcomed the proposal to promote wider options for customers and foster innovation in Hong Kong but also called for clarification in certain areas to ensure a level playing field for virtual and conventional banks.

In its response to the Company Registry on the consultation on the Guideline on the Keeping of Significant Controllers Register by Companies, the Chamber supports for the publication of the Guideline to provide clarity and certainty to businesses in complying with the relevant legal requirements but has cautioned against giving statutory backing to the Guideline.

The Chamber supports the Government’s efforts to comply with the Financial Action Task Force’s recommendations on countering money laundering and terrorist financing activities but also reiterates the need to ensure that such undertakings do not affect our ability to compete.

In its response to the Hong Kong Stock Exchange’s consultations on the New Board and Review of the Growth Enterprise Market and Main Board Listing Rules, the Chamber has extended qualified support to the proposals for attracting more companies to list in Hong Kong.

The Chamber has submitted its views to a government consultation on proposals to reinforce legislation and regulate certain non-financial businesses and occupations for combating money laundering and terrorist financing in Hong Kong. In its submission of 3 March, the Chamber agrees in principle with the spirit to promote business compliance but points to questions regarding the practicality, reasonableness and proportionality of the Government’s approach to achieving such goals.

The Chamber generally supports the FDRC’s proposals to enhance the service features of the current Financial Dispute Resolution Scheme. The Chamber has also flagged a number of issues that the FDCR should pay attention to if and when its proposals are implemented.

The Chamber does not support the proposals as set out in the consultation paper mainly because there is insufficient evidence to show that there will be net gains from doing so.

The Chamber’s proposals for Hong Kong to capitalise on the national initiative of Belt and Road by leveraging on its competencies in the field of financial services are set out in the attached.