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Xia Baolong begins HK visit

CPC Central Committee Hong Kong & Macao Work Office Director and State Council Hong Kong & Macao Affairs Office Director Xia Baolong today arrived in Hong Kong for a seven-day inspection visit.   Upon his arrival at Hong Kong International Airport this morning, Mr Xia toured the Integrated Airport Centre in the company of Chief Executive John Lee, Chief Secretary Chan Kwok-ki and Airport Authority Hong Kong (AAHK) Chairman Jack So.   Mr Xia was updated by Secretary for Transport & Logistics Lam Sai-hung and AAHK Chief Executive Officer Fred Lam, on the developments of the aviation industry and the latest situation of Hong Kong's development as an international aviation and cargo hub. Mr Xia also inspected the operation of autonomous vehicles at the airport.   In the afternoon, he had an engagement session with Principal Officials and Permanent Secretaries of the Hong Kong Special Administrative Region Government led by Mr Lee.   At another engagement ses

Accounting body to add functions

Secretary for Financial Services & the Treasury Christopher Hui today welcomed the passage of the Financial Reporting Council (Amendment) Bill 2021 by the Legislative Council.   The amended ordinance, which expands the Financial Reporting Council (FRC)’s statutory functions, would enhance the regulatory regime of Hong Kong’s accounting profession, the Government noted.   Becoming a full-fledged independent regulatory body for the accounting profession, the FRC will, in the new name of Accounting & Financial Reporting Council under the new regime, perform more duties, including the issuance of practising certificates to certified public accountants, registration of accounting practice units and public interest entities auditors, and inspection, investigation and discipline work of the accounting profession. It will also oversee the Institute of Certified Public Accountants’ performance in its statutory professional functions.   Mr Hui said: “The amended ordinance brings Hong Kong’s regulatory regime of the accounting profession more in line with international developments and with increased coherence and efficiency, hence reinforcing our status as an international financial centre and business hub, and facilitating the long-term development of the profession.”   The Government will draw up the subsidiary legislation to provide for the transitional arrangements of the new regulatory regime, he added.   Meanwhile, the FRC will prepare guidelines and administrative documents in relation to its expanded powers, with the accounting profession and other stakeholders engaged in the process.   After the preparatory work has been completed, the Secretary for Financial Services & the Treasury will announce in the Gazette the amended ordinance’s commencement date.
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