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New harbourfront space opens

The Development Bureau announced that the Pierside Precinct near Wan Chai Ferry Pier further opened today, providing a nostalgic harbourfront leisure space with a panoramic view of Victoria Harbour for the public.   Being the 12th harbourfront leisure space that opened since October last year, the newly opened area is located to the east of the ferry pier on a harbour site reclaimed for the construction of the Central-Wan Chai Bypass.   The bureau said under the incremental approach, a 180-metre-long promenade of the precinct opened earlier in March, followed by the opening of a further 80m in October.   With an area of about 4,600 sq m, the newly opened part has almost doubled the precinct's original space.   In contrast to the colourful cartoon style adopted at other harbourfront sites opened earlier in Western District and Wan Chai, the precinct mainly comprises simple fair-faced concrete and wooden structures.   It features a stylish touch with its clear and rectiline

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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