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Following is the speech by the Permanent Secretary for Financial Services and the Treasury (Financial Services), Miss Au King-chi, at the cocktail reception hosted by the Association of Certified International Investment Analysts (ACIIA), the Securities Association of China and the Hong Kong Securities and Investment Institute (HKSI) this evening (November 14):
Dr Lin (ACIIA Chairman, Dr Yixiang Lin), Council Members, Craig (HKSI Chairman, Mr Craig Lindsay), distinguished guests, ladies and gentlemen,
It is my great pleasure to join you all this evening to mark the successful conclusion of the 26th Council meeting of the Association of Certified International Investment Analysts. I would like to extend my warmest welcome to those of you who have travelled across the miles to our city.
Government policy initiatives
Financial services is one of the four pillar industries in Hong Kong, employing 6 per cent of our workforce and accounting for 16 per cent of our GDP. With Hong Kong being an international financial centre and regional wealth management hub, our financial services industry is not only intricately linked to the people here, but also to our neighbours and virtually all other parts of the world. With this in mind, the Hong Kong Government is committed to making the city an even better financial platform, building on our fundamental strengths including the rule of law, free flow of information and capital, large pool of talent with international and China perspectives, world-class infrastructure, as well as a simple tax system. Recent policy initiatives to strengthen our financial services industry include:
* providing for the introduction of Open-ended Investment Companies;
* promoting bond market and Islamic finance;
* modernising our companies law and trust law;
* offering tax incentives for offshore funds and captive insurers;
* working with the Mainland authorities on mutual recognition of funds;
* pursuing with the Central Government further Renminbi liberalisation using Hong Kong as the testing ground to serve investors, corporates and financial intermediaries from around the world; and, more importantly,
* improving our regulatory regimes for the banking, securities and insurance sectors to enhance market quality and facilitate systemic risk management.
Latest industry developments
The sustainable development of our financial services industry has to be underpinned by a stable supply of quality professionals with extensive expertise and knowledge. And this requires the continued, concerted efforts of the Government, regulators, professional bodies and training institutes like the Hong Kong Securities and Investment Institute.
In this regard, I am delighted to note two recent developments:
First, the Securities and Futures Commission has pledged to offer financial support for the development of training courses in asset management, with a view to promoting the service quality and enlarging the service scope of our securities industry practitioners. It is working closely with the HKSI on the details; and
Second, with support from the Hong Kong Monetary Authority and the industry, the Private Wealth Management Association was established in September 2013. One of its objectives is to promote the quality of private wealth management practitioners. The Association has been working with the industry to launch an enhanced competency framework for private wealth management practitioners early next year. Under this framework, industry practitioners can take different accredited courses provided by professional bodies and training institutes like the HKSI, and ultimately acquire a professional qualification.
Ladies and gentlemen, I am most honoured to join you all on this special occasion. It has provided a valuable industry forum for the exchange of knowledge and ideas. May I wish you an enjoyable evening after a day's hard work, and, for our visitors, a wonderful stay in Hong Kong. Thank you.
Ends/Thursday, November 14, 2013
Issued at HKT 19:03
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