IFAA News and Updates

May 10,2007 Seminar:
Overview on Government Initiatives in Promoting Financial Services

Mr. Kevin Ho and Dr. Sidney Sze

On Thursday, 10 May 2007, over 80 members of the IFA community in Hong Kong attended a seminar organized by the IFAA at which Mr. Kevin Ho Chi-Ming, Permanent Secretary for Financial Services and the Treasury (Financial Services) of the Hong Kong SAR spoke about “Overview on Government Initiatives in Promoting Financial Services”. Mr. Ho spoke about the reasons underpinning Hong Kong’s pre-eminent position in Asia and world financial markets and touched upon the interesting topic of regulatory arbitrage as a means to maintain competitive edge. Mr. Ho also examined Hong Kong’s role as a capital formation centre and global investment platform for Mainland China, citing the importance of FX convertibility, a solid regulatory framework coupled with strict compliance standards, strong market infrastructure and the rule of law. When asked his opinion on the recent undertaking by the IFAA to draft a Corporate Practice Manual, Mr. Ho responded that it was “a good idea – and laudable undertaking – for any professional body to establish common standards and practices.” He concluded his presentation stating that Hong Kong regulators are trying to level the playing field between the insurance, banking and broker sectors, but that it is not an easy task as each sector has its own way of going about selling the same products.

Click here to download the presentation slides.