Upcoming Consultation Exercises

 

 

Introducing a licensing regime for trust or company service providers (“TCSPs”)

Tentative Consultation Period:

4th Quarter of 2017
Bureau / Department: Companies Registry
Brief Description :

In an effort to meet prevailing international standards to combat money laundering and terrorist financing, the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615) will be amended to introduce a licensing regime for TCSPs and require TCSPs to observe statutory customer due diligence and record-keeping requirements. The Companies Registry will be the authority to supervise and regulate TCSPs.  Guidelines on the licensing and the relevant statutory requirements for TCSPs will be issued by the Companies Registry.  A stakeholder consultation on the guidelines will be conducted.

(Note: Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Bill 2017 was gazetted on 23 June 2017.)

Major Affected Business Group(s) * :

The trust or company service providers in Hong Kong.

  Ref No.: 10152

* The list of "Major Affected Business Group(s)" may not be exhaustive. Please contact us if you consider that other business group(s) will also be affected.

 

 

Enhancing Transparency of Beneficial Ownership of Hong Kong Companies

Tentative Consultation Period:

4th Quarter of 2017
Bureau / Department: Companies Registry
Brief Description :

In an effort to meet prevailing international standards to combat money laundering and terrorist financing, the Companies Ordinance (Cap. 622) will be amended to require companies incorporated in Hong Kong to maintain beneficial ownership information. Guidelines on the relevant disclosure requirement will be issued by the Companies of Registry.  A stakeholder consultation on the guidelines will be conducted.

(Note: The Companies (Amendment) Bill 2017 was gazetted on 23 June 2017.)

Major Affected Business Group(s) * :

All companies incorporated in Hong Kong under the Companies Ordinance, including companies limited by shares (except listed companies), companies limited by guarantee, and unlimited companies.

 Ref No.: 10137

* The list of "Major Affected Business Group(s)" may not be exhaustive. Please contact us if you consider that other business group(s) will also be affected.

 

 

Amendment to Harmful Substances in Food Regulation (Cap. 132AF)
Tentative Consultation Period: 2nd half of 2017 (Tentative)
Bureau / Department: Food and Environmental Hygiene Department
Brief Description : To better protect health, enhance regulatory control and keep the local regulation abreast of the international standards, it is necessary to review and strengthen the regulatory control of harmful substances, including mycotoxins in food. It is therefore proposed to amend the current Harmful Substances in Food Regulation, Cap 132AF. A public consultation exercise on this issue will be conducted.
Major Affected Business Group(s) * : Food importer, manufacturers, retailers and food service providers.

Ref No.: 10140

* The list of "Major Affected Business Group(s)" may not be exhaustive. Please contact us if you consider that other business group(s) will also be affected.

  

 

Introduction of a Mandatory Pre-market Safety Assessment Scheme for Genetically Modified (GM) Food
Tentative Consultation Period: To be confirmed (Pending FHB consideration and advice on draft consultation document)
Bureau / Department: Food and Health Bureau / Food and Environmental Hygiene Department
Brief Description : The Administration considers regulating GM food by introducing a mandatory pre-market safety assessment scheme (PMSAS) in Hong Kong. Under the proposed scheme, a GM food developer who intends to place a GM food on the local market would be required to submit an application for approval. Food importers are required to ensure that their products contain only approved GM food.
Major Affected Business Group(s) * : Biotechnology companies that develop GM food, food importers
The B/Ds concerned would like to seek specific views from SMEs on the proposed regulatory requirement/administrative measures and procedures: Food importers are prohibited to import and sell GM food or its products that are not approved.

Ref No.: 10142

* The list of "Major Affected Business Group(s)" may not be exhaustive. Please contact us if you consider that other business group(s) will also be affected.

 

Last revision date: September 2017